- Elizabethtown, Kentucky-based market-leading third party risk management solutions company Venminder has raised $5 million
Venminder — an Elizabethtown, Kentucky-based market-leading third party risk management solutions company — announced it raised $5 million in funding led by existing investors Bain Capital Ventures and MissionOG. With this round of funding, the company is going to accelerate the development of enhancements for large enterprises with complex programs.
The company has been experiencing rapid growth especially with large enterprise-grade companies looking for an “all-in-one” partner to help optimize and streamline processes.
Venminder has brought to the market a unique offering including a comprehensive SaaS software built with the capabilities to drive entire third party risk management programs as well as experienced in-house teams to identify and risk assess vendor documentation and data for oversight analytics or insights. Plus Venminder is due to sign its 700th customer.
“When it comes to the Venminder product roadmap, we operate a highly collaborative approach with our clients in conjunction with carefully monitoring regulatory updates and keeping an ear to the ground on any industry challenges or concerns,” said Venminder CEO James Hyde in a statement. “With this approach, our platform, vendor risk assessments, and service offerings continue to stay ahead of the game. This investment from Bain Capital Ventures and MissionOG is exciting as it allows us to propel forward with enhancements our large enterprise-grade clients would benefit from, especially those with complex and deep programs.”
Through Venminder’s online education and training programs, the company also has a strong reputation as the “go-to” place for best practices on how to run a successful third party risk management program and for keeping up with current news.
“Since originally investing in Venminder, we have seen an acceleration of risk in the market and a strain on corporate resources to properly manage their vendors,” added George Krautzel — the managing partner of MissionOG. “Companies need to find solutions to increase efficiency and preserve effectiveness while reducing workload. Venminder has emerged as the market leader in third-party risk management.”
Venminder’s experienced team provides the market with a host of content (often free), including eBooks, infographics, podcasts, videos, CPE eligible webinars, etc.
“Venminder continues to be the leading provider of third-party risk management, offering a unique combination of software, information and thought leadership,” noted Mike Krupka — a partner at Bain Capital Ventures. “We are excited to support the company’s continued growth, as it serves not just financial institutions but businesses of all sizes across all industries.”
