Elizabethtown, KY - Venminder, an innovative market leader of third party risk management solutions, today announced that it completed a $5 million funding round led by existing investors Bain Capital Ventures and MissionOG. The company will use the funds to accelerate the development of enhancements for large enterprises with complex programs.
Venminder is experiencing rapid growth, most notably with large enterprise-grade companies, that want an “all-in-one” partner to help optimize and streamline processes. The firm has brought to the market a very unique offering including a comprehensive SaaS software built with the capabilities to drive an entire third party risk management program, as well as experienced in-house teams to identify and risk assess vendor documentation and data for oversight analytics or insights. Due to soon sign its 700th customer, Venminder already holds an impressive library of completed assessment data and documentation on thousands of U.S. vendors.
“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 James Hyde, CEO of Venminder. “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 the firm’s online educational and training programs, Venminder has also built 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. The experienced team provides the market with a host of content, often free, that includes eBooks, infographics, podcasts, videos, CPE eligible webinars and more.
“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,” remarked George Krautzel, 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 continues to be the leading provider of third party risk management, offering a unique combination of software, information and thought leadership,” stated Mike Krupka, 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.”
For more information on Venminder, visit www.venminder.com
Venminder is the market leader in third party risk management solutions. Using predictive analytics combined with a SaaS process automation platform, the firm helps third party risk managers identify and mitigate third party risk. The unique combination solves all critical elements of assessing, managing and monitoring a vendor during its lifecycle. Venminder today has 700 customers across the financial services and other highly regulated industries. For more information, visit www.venminder.com.
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. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. Headquartered in Philadelphia, 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 startups driving transformation across industries, from security and cloud infrastructure to logistics and e-commerce to finance and healthcare. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in San Francisco, New York, Boston and Palo Alto. Follow the firm via LinkedIn and Twitter.