Ministry Brands Announces Investment from Insight Venture Partners and Launches Foundation
KNOXVILLE, Tenn./PRNewswire/ -- Ministry Brands, the leading provider of end-to-end cloud-based technology for faith-based organizations and educational institutions today announced that it has signed an agreement for an investment by Insight Venture Partners, a New York-based venture capital and private equity firm. Details of the transaction were not 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 benefit from a full suite of Ministry Brands services including background checks, church management software, financial accounting software, messaging, coaching programs, 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," said 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 organizations and educational institutions," said 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, added, "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," Hill said.
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 this investment. The closing of the investment is subject to customary conditions, including certain regulatory approvals.
New Foundation to Provide Funding to Ministry Outreach Programs
Ministry Brands and Insight also announced the formation of a new foundation that devotes a portion of Ministry Brands' profits to the work of its church and ministry partners. Building on its existing support of domestic and international ministries, the new foundation will provide a vehicle for Ministry Brands to provide grants to the churches and the ministries they serve.
"We are humbled by the growth Ministry Brands has experienced over the past several years," said Croley. "As our business continues to scale in a sustainable way, the foundation will allow us to give back to our ministry partners with funds they can put directly towards one of the most important functions of the church, ministry and global outreach programs."
About Ministry Brands
Ministry Brands is the country's leading SaaS provider for churches, parachurch ministries and other faith-based organizations in the United States, serving more than 55,000 customers. Under the leadership of a Christian management team, the Knoxville-based company seeks to equip the 21st century churches and faith-based organizations with cutting-edge software solutions that allow pastors and church executives, technology professionals and administrators to carry out their Biblical mission with excellence, relevance and efficiency. Ministry Brands' suite of solutions includes church management, giving and payment processing, background checks, messaging, mobile apps, and website development software. www.ministrybrands.com
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Their mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. insightpartners.com
About Genstar Capital
Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the industrial technology, software, healthcare, and financial services industries. www.gencap.com