Third-party risk management company Venminder has closed its Series B round on $5m.
The investment was led by MissionOG, with participation also coming from Bain Capital Ventures.
Kentucky-based Venminder is a SaaS-based software suite designed to offer support for client’s critical processes such as contract management, risk assessments, due diligence requirements, questionnaires and task management.
The third-party solution helps to reduce workloads by collecting documents and assessing them for risk in cybersecurity, information security, business continuity/disaster recovery and financial health.
Capital from the round will be used to further Venminder’s growth and accelerate the development of its compliance platform.
MissionOG managing partner George Krautzel said, “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.”
This investment comes after a successful couple of years for Venminder. Over the past two years the company’s revenue has tripled, and earlier in the year, it added its 500th customer. Alongside this, Venminder expanded its solution to serve the broader financial service industry, including banks, credit unions, brokerage and securities firms, non-bank lenders and payment companies.
Venminder founder and CEO Dana Bowers said, “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.”
Prior to this investment, the company picked up a $4m financing round supplied by Bain Capital Ventures, and was used to support the expansion of its team and developing its product.
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