Vantaca Receives Funding To Accelerate Growth

By Johanna Cano, posted Sep 27, 2022
Wilmington-based Vantaca has received an investment, which the company said it will use to drive more growth, according to a press release Tuesday.

The community management software company received an undisclosed amount from JMI Equity, a private equity firm based in California and Maryland that is focused on investing in software companies.

Vantaca and JMI officials did not disclose the amount of the investment.

The funding is described as a strategic growth investment and Vantaca will use it to significantly accelerate its growth, invest in top talent and develop product innovations that maintain Vantaca's high customer satisfaction, the press release stated.

With this investment, JMI will be a minority shareholder. Vantaca founders and the management team will maintain majority ownership.

"We have taken a bit of a non-traditional approach to capitalization as a high-growth technology company," Ben Currin, CEO of Vantaca, said in the release. "We patiently waited for the right time, with the right partner, to take on an investment with a very specific set of parameters. In JMI, we have found long-term partners who believe in investing in the community management industry for the long haul.”

This is the second investment Vantaca has received this year. In February, the company raised $5 million in equity from 16 investors, according to a filing with the Securities and Exchange Commission. In 2021, the company announced its plans to double its workforce by investing $5 million, which included local and state incentives.

So far in 2022, the company has hired 59 full-time employees with about half of those in the product and engineering team.

According to Vantaca founder Dave Sweyer, the company was selective in deciding who to partner with when it came to receiving investments leading them to “build a tight list of parameters for an investment, and it has been clear in working with JMI this past year that they are perfectly aligned with our vision," Sweyer said.

Since 1992, JMI has invested in more than 175 businesses in its target markets, completed over 110 exits and raised more than $7.5 billion of committed capital, according to the release.

"Vantaca has quickly become the leader within the community management industry, due to their deep industry domain and commitment to product investment and customer success,” JMI general partner David Greenberg said in the release. “We are thrilled to support this team as they bring their vision for community to life."
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