Venminder, an Elizabethtown, KY-based financial services industry’s solution for third party risk management, completed a $5m Series B follow-on financing round.
The round was led by MissionOG, with participation from existing investors including Bain Capital Ventures.
The company will use the funds to further its growth, as well as advance the development of its 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.
Led by Dana Bowers, founder and CEO, Venminder provides a SaaS-based software platform and managed services that can guide organizations to effectively and efficiently manage vendors throughout the lifecycle of the relationship.
It guide users through critical processes such as contract management, risk assessments, due diligence requirements, questionnaires and task management.