Ministry Brands, a provider of end-to-end cloud-based technology for faith-based organisations and educational institutions has secured an investment from Insight Venture Partners, a New York-based venture capital and private equity firm.
Details of the transaction have not been released.
Headquartered in Knoxville, Tennessee, Ministry Brands was founded in 2012 by a team of entrepreneurs who built the company to serve churches with content management and online payments tools. Today, over 55,000 churches use Ministry Brands’ background checks, church management software, financial accounting software, messaging, coaching programmes, mobile apps and more.
"Insight Venture Partners has a strong track record of building successful software companies, and we're pleased to partner with them as we embark on our next stage of our growth," says Ross Croley, chief executive officer of Ministry Brands. "With the benefit of Insight's knowledge and domain expertise, Ministry Brands will be able to further expand our solutions to support our customers and the ministries they serve."
"Ministry Brands has created a best-in-class business that delivers great value to faith-based organisations and educational institutions," says Deven Parekh, managing director at Insight Venture Partners. "We look forward to working with the team to serve its loyal customer base and to invest in product innovation."
Brad Hill, chief operating officer of Ministry Brands, adds: "We couldn't be more excited about this next phase for the business. This partnership will allow us to think more holistically about the needs of our church and education partners. We want to solve challenges and help our customers streamline operations, raise funds, and ultimately carry out their vision.”
Genstar Capital, the company's current lead investor, will retain a significant minority investment going forward. Current minority investor Providence Equity will exit as part of the investment.
The closing of the investment is subject to customary conditions, including certain regulatory approvals.
