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.”
“We are really excited to partner with James, Dana and the entire Venminder team,” said Silversmith’s managing partner Todd MacLean. “At Silversmith, we strive to be thesis-driven in our approach and the case for reducing the risk associated with today’s extended enterprise is compelling. Even more so, however, our decisions are ultimately driven by management teams, and the ability to partner – again – with the team that built iPay into such a success is one we feel extremely fortunate to have.”
Venminder was founded by Dana Bowers in Kentucky in 2003 and has been used by small businesses and Fortune 500 companies alike.