OVERLAND PARK, Kansas, May 9, 2023 — Onspring, the automated SaaS GRC software platform that delivers no-code connection across an enterprise, has raised strategic capital from Capital IP. The funding will drive continued investment in platform improvements around AI, integrations, and user experience, in addition to new product development that will accelerate market share growth in the GRC category. Onspring is a founder-owned and led company that originated in 2013 and has consistently outperformed the SaaS Rule of 40. This news comes as Onspring announces hiring for additional engineering, sales development, and customer success team members to further build out its product suite and customer experience.
Onspring has maintained consistent revenue growth and world-class customer retention since its inception and recently expanded into the federal market with its FedRAMP In Process designation. Quarterly software releases of platform enhancements and new functionality contribute to Onspring’s continuous ranking as a top GRC software for information security, risk management, compliance, and internal audit teams. Three new products released in the past year – POA&Ms, ESG, and Regulatory Change Management – deliver solutions that serve market demand and provide necessary connective tissue to manage comprehensive governance, risk, and compliance programs.
As organizations move to consolidate technology and shift preference to self-administering cloud-based software, Onspring is positioned for a tremendous growth trajectory. “Our focus on consistent and responsible growth has fueled our financial strength and ability to deliver ROI for customers,” says Chris Pantaenius, Onspring co-founder. “Our plans to dramatically accelerate Onspring’s growth are now in place, creating opportunities for us to take bigger bets on product development to revolutionize the GRC market,” stated Chad Kreimendahl, Onspring co-founder.
“Onspring’s history of consistent profitable growth and efficient unit economics in an attractive and growing market was a compelling investment thesis and drove our decision to partner with Chris, Chad, and team,” says Capital IP’s Managing Partner Riyad Shahjahan. “At Capital IP, we seek to partner with companies with disruptive technologies and strong market presence. Our capital will help advance the pace of innovation at Onspring and further enhance the incredible customer value being delivered.”
Onspring was advised by Momentum Cybersecurity Group, LLC.