- Leading third-party risk management solutions company Venminder announced it has raised $33 million in Series C funding led by Silversmith Capital Partners
Leading third-party risk management solutions company Venminder announced it has raised $33 million in Series C funding led by new investor Silversmith Capital Partners with participation from existing major institutional investors, Bain Capital Ventures and MissionOG.
With this round of funding, Venminder is planning to use the proceeds of the capital raise to propel forward feature development from its product roadmap, capture additional share in core verticals, and expand further into new markets. And the investment follows Venminder’s continued track record of rapid growth with the company adding its 800th customer earlier this year and nearly tripling its revenue over the past 3 years.
The demand for Venminder’s differentiated vendor risk management solutions has continued to increase through 2020 as the COVID-19 pandemic has heightened awareness of the importance of partnering with vendors that can verifiably provide a safe and secure environment for their customers and customer data.
Launched by Dana Bowers — who is a serial entrepreneur known for also launching iPay Technologies — Venminder has designed a purpose-built SaaS-based software platform that is configurable and designed for growth and scale, flexibly serving customers ranging from small businesses to Fortune 500 companies.
The platform is a unique solution for organizations seeking to build a comprehensive and end-to-end view of the risks their vendors may pose, enabling them to seamlessly track, automate, assess and report on all vendor activity in a centralized information repository.
And as part of its continued platform development efforts, Venminder also launched the Venminder Exchange earlier this year — which is a marketplace that provides professionals a fast and efficient way to search and preview vendor risk assessments completed by qualified professionals like CISSPs, CPAs, and other thought leaders in one easy-to-use, centralized location.
KEY QUOTES:
“Closing a significant Series C round, during these uncertain times, further validates Venminder’s unique approach to managing third-party risk. We combine a comprehensive SaaS platform built with the capabilities to drive an entire third-party risk management program, with experienced in-house thought leaders, who can identify and assess the risk of vendor data by providing key oversight analytics and insights. The capital raise places Venminder in an excellent position to continue its path of expansion, as we address the complex and evolving challenges our customers and prospects face when managing vendor relationships. With this investment round, we are also very excited to bring on a new partner in Silversmith Capital Partners and welcome their co-founder Todd MacLean as a new Venminder board member, both of which have deep-rooted knowledge and networks across the technology industry and within our vertical end markets that will help facilitate our continued growth.”
— James Hyde, CEO of Venminder
“We are really excited to partner with James, Dana and the entire Venminder team. At Silversmith, we strive to be thesis-driven in our approach and the case for reducing the risk associated with today’s extended enterprise is compelling. Even more so, however, our decisions are ultimately driven by management teams, and the ability to partner – again – with the team that built iPay into such a success is one we feel extremely fortunate to have.”
— Todd MacLean, managing partner, Silversmith Capital Partners
