Amidst Consistent Year-over-Year Growth, Onspring Secures Strategic Capital from Capital IP to Expand Market Share
Funding infusion will accelerate Onspring’s product development and hiring plans for the continued delivery of exceptional software performance and ROI for customers
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.
Onspring is a no-code, cloud-based GRC software that automates critical risk and compliance activities, including mapping policies to controls, findings, regulations, and governance frameworks, triggering workflows for remediation activities and visualizing real-time data for accurate reporting and faster, better decision-making. Onspring ranks as the #1 GRC software in the InfoTech Research Group quadrant, maintains 5-star customer reviews on G2 Crowd and Capterra, is a multi-year Trust Award finalist in Business Continuity & Disaster Recovery, and is consistently recognized as one of the Best Places to Work in Kansas City. To learn more about Onspring software and its GRC products, visit Onspring’s website.
About Capital IP Investment Partners
Capital IP Investment Partners (“Capital IP” or “CapIP”) is a minority co-founded specialty credit firm focused exclusively on investments in technology and technology-enabled businesses. Our collaborative approach to investing, combined with our technology-industry expertise, allows Capital IP to assess the intrinsic value of growing technology businesses and to offer a range of novel, creative financing solutions. The Capital IP team has a long, proven history of providing flexible structured credit to companies in the technology sector, and continues to lead the industry in financial innovation. The principals of CapIP have historically invested over $1.3 billion in innovative, emerging companies. For more information on Capital IP Investment Partners, please visit: www.capitalip.com.