Milestone Venture Partners, an early-stage venture capital firm, has led a series B financing in Collections Marketing Center.
Milestone Venture Partners, an early-stage venture capital firm, has led a series B financing in Collections Marketing Center.
Milestone was joined by the Delaware Economic Development Office.
As a result of the financing, Morgan Rodd, general partner of Milestone, will join CMC’s board of directors.
Delaware-based CMC provides a multi-channel collection and loss mitigation platform – web, email, text messaging, voice and letters – that enables creditors to reach and engage borrowers more effectively, thereby increasing payments and decreasing delinquencies and charge offs.
CMC generates revenue through a subscription model based on the number of accounts managed by its platform. Currently, CMC is managing over seven million accounts across its client base.
The investment in CMC marks the 12th investment that Milestone has made out of its current fund, Milestone Venture Partners III. CMC also represents the second financial services technology investment Milestone has made in the past year.
‘We invested in CMC because its multi-channel, self-service approach to debt collections and loan loss mitigation has the opportunity to revolutionize the way creditors engage with their customers, thereby decreasing delinquencies and defaults,’ says Rodd. ‘In fact, CMC’s existing customers are already seeing an improvement in their ability to manage risk, alleviate potential loan losses and strengthen communications and relationships with their account holders.’
‘We are pleased to have Milestone as an investor and delighted to have Morgan Rodd join our board,’ says Vytas Kisielius, chief executive of CMC. ‘Because of Milestone’s deep domain expertise in financial services technology and strong track record of funding successful technology-enabled business services companies, we chose to work with Milestone because we believe they will add significant value to CMC as we continue to build the company.’
