Venminder secures $5 million investment to accelerate growth of leading third party risk management solution
ELIZABETHTOWN, KY (July 18, 2018) — Venminder, the financial services industry’s leading solution for third party risk management, announced today that it completed a $5 million Series B follow-on financing round led by MissionOG, with participation by existing investors, including Bain Capital Ventures. The company will use the funds to further its growth, as well as advance the development of its robust compliance platform.
The new investment follows the company’s rapid acceleration in the market. Over the past two years, Venminder has tripled revenue. Earlier this year, the company added its 500th customer, and has expanded its solution set to serve the broader financial services industry, which includes banks, credit unions, brokerage and securities firms, non-bank lenders and payments companies.
“Venminder has achieved impressive results in all levels of the financial services industry and beyond. We’re especially excited about the attention our solution has garnered from the top-tier enterprise market,” said Dana Bowers, founder and CEO of Venminder. “Regulatory demands are the same no matter the size of the client; however there’s no doubt the larger the enterprise, the larger the risk and the more challenging and expensive it becomes to solve with a purely internal model. With this investment from MissionOG and Bain Capital Ventures, we have an experienced group of investors that can provide not only capital, but deep industry knowledge and networks to help facilitate our continued growth.”
Venminder’s SaaS-based software platform provides the perfect solution for all things vendor-related and will guide users through critical processes such as contract management, risk assessments, due diligence requirements, questionnaires and task management. The firm’s suite of outsourced due diligence services significantly reduces workloads by addressing the tactical challenges such as collecting documents and then assessing them for risk in cybersecurity, information security, business continuity/disaster recovery and financial health.
“Recognizing the increased compliance challenges that financial services and technology companies face with third party risk management, we evaluated the leading solutions in this market,” remarked George Krautzel, managing partner of MissionOG. “Venminder’s software and technology-driven services solution solves specific pain points for any company that is either highly regulated or has significant customer facing risk. We are excited to support the best-in-class solution in this rapidly growing market.”
“We are proud to be a continued supporter of Venminder, as they have blazed a trail in this emerging market,” stated Mike Krupka, managing partner of Bain Capital Ventures. “Dana and team have done an excellent job building a platform that provides high value and compelling ROI to their growing customer base.”
Venminder works with clients to manage vendors, mitigate risk and reduce the huge workload associated with third party risk management. Tactical challenges can be outsourced to the firm including: collecting compliance documentation, analyzing a vendor’s financial health, deploying paralegals to assist and review with vendor contracts, reviewing a vendor’s SOC reports, monitoring the vendor’s cybersecurity posture and much more.
Venminder also has a dedicated third party risk management software solution that can automate the process. The SaaS based software can guide users through critical processes such as risk assessments, questionnaires, due diligence requirements as well as providing extensive analytics and reporting for management reviews. It is a “must have” answer to meeting increasing regulatory requirements and mitigating vendor risk.
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. Headquartered in Philadelphia, MissionOG is managed by operators who have effectively built early to growth stage businesses and guided them through successful acquisitions. For more information visit http://www.missionog.com.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize more than 200 companies since 1984, including DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, Rent the Runway, SendGrid, SurveyMonkey, Taleo, Turbonomics and TellApart. Bain Capital Ventures has approximately $3.9 billion in assets under management with offices in San Francisco, Palo Alto, New York and Boston. Follow the firm via LinkedIn or Twitter.