Third-party risk management solution developer Venminder has scored $33m in its Series C round, which was led by Silversmith Capital Partners.
Other backs to the round included previous investors Bain Capital Ventures and MissionOG.
Proceeds from the round will enable Venminder to continue the development of its product roadmap, capture additional shares in core verticals and expand into new markets.
The RegTech has established a SaaS-based platform that helps businesses of all sizes get an end0to0end view of the risks their vendors pose. Through this, teams can track, automate and report on all vendor activity in a centralised information repository.
Venminder CEO James Hyde said, “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.
“With this investment round, we are also very excited to bring on a new partner in Silversmith Capital Partners and welcome their co-founder Todd MacLean as a new Venminder board member, both of which have deep-rooted knowledge and networks across the technology industry and within our vertical end markets that will help facilitate our continued growth.”
The company claims to have onboarded its 800th customer this year and has nearly tripled revenue over the past three years.
Venminder closed its former funding round on $5m back in 2019 from investors including Bain Capital Ventures and MissionOG. Prior to that, the RegTech netted $5m in its Series B in 2018.
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