Posted November 18, 2020
Based in Elizabethtown, Kentucky, Venminder announced it has closed a $33 million Series C round, led by Boston-based Silversmith Capital Partners.
Existing investors Bain Capital Ventures and MissionOG also joined the round. Silversmith’s co-founder Todd MacLean will join Venminder’s board.
Venminder’s SaaS platform helps companies view and track risks their vendors may pose and ensure they comply with strict regulatory guidelines.
Venminder reported that it has tripled its revenue over the past three years, adding that COVID raised the importance of keeping customer data safe with the increased reliance on remote teams.
“Closing a significant Series C round, during these uncertain times, further validates Venminder’s unique approach to managing third-party risk,” said James Hyde, CEO of Venminder, in a statement. “The capital raise places Venminder in an excellent position to continue its path of expansion, as we address the complex and evolving challenges our customers and prospects face when managing vendor relationships.”