Ministry Brands, a Knoxville, Tenn.-based provider of technology for faith-based organizations and educational institutions, received an investment from venture capital and private equity firm Insight Venture Partners.
The details of the transaction – which is subject to customary conditions, including certain regulatory approvals – were not disclosed. It is known that Genstar Capital, the company’s current lead investor, will retain a significant minority investment going forward while current minority investor Providence Equity will exit as part of this investment.
Founded in 2012 and led by Ross Croley, Chief Executive Officer, and Brad Hill, Chief Operating Officer, Ministry Brands provides cloud-based content management and online payments software and services to faith-based organizations and educational institutions. Today, over 55,000 churches use the company’s suite of services including background checks, church management software, financial accounting software, messaging, coaching programs, mobile apps, etc.
In addition to the investment, Ministry Brands and Insight also announced the formation of a new foundation that devotes a portion of Ministry Brands’ profits to the work of its church and ministry partners. Building on its existing support of domestic and international ministries, the new foundation will provide a vehicle for Ministry Brands to provide grants to the churches and the ministries they serve.