Ren Secures Strategic Growth Investment Led by Bain Capital Tech Opportunities
Ren (or the "Company"), the trusted technology partner to top financial institutions and thousands of non-profit organizations, today announced it has received a strategic growth investment from Bain Capital Tech Opportunities and Valeas Capital Partners. The investment, Ren's first institutional capital to date, will be used to fund new product features, rapidly scale the team, support financial advisor and client awareness of donor-advised funds (DAFs), and expand Ren's charity network. Financial terms of the private transaction were not disclosed.
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DAFs are the fastest-growing mechanism for charitable giving in the United States, enabling contributions in a simpler, easier, and more cost-effective manner. DAFs have grown from 7% of annual charitable contributions in 2017 to 15% in 2021, and represent more than $234 billion in Assets Under Administration.1
Based in Indianapolis, Ren is the leading independent partner of choice to power the top national DAF programs at blue-chip financial and non-profit institutions. The Company leverages more than five decades of philanthropic expertise to serve more than 200 customers and has built a network of over 140,000 charities.
"This is a significant inflection point in Ren's growth, but more importantly, in the philanthropic economy. We see a clear opportunity to enhance our best-in-class platform so that we remain the trusted and most sought-after partner in facilitating philanthropic giving," said Joe Fisher, President and CEO at Ren. "Bain Capital Tech Opportunities and Valeas bring deep experience in vertical software and wealth-tech and the resources needed to propel our next phase of growth. We are thrilled to partner o continue to provide a best-in-class technology offering to our customers."
Ren has been a fundamental force for good within charitable giving. Since inception, Ren has processed over 10 million grants representing a total value of over $167 billion contributed to non-profits globally.
"It's exceptionally rare to invest in a business with such strong capital efficiency that sits at the intersection of vertical software and a multi-sided network," said Scott Kirk, a Partner at Bain Capital Tech Opportunities. "The most successful donor-advised fund programs have grown on the back of Ren's technology and customer feedback has been effusive. Institutions that leverage Ren's platform have on average grown their giving programs 45 percent year-over-year, nearly two times faster than the industry average," added David Shaughnessy, a Principal at Bain Capital Tech Opportunities.
Raymond James acted as exclusive financial advisor to Ren.
Ren is a driving force that powers people, ideas, and institutions for good. As the leading independent philanthropic solutions provider in North America, Ren delivers the expertise, standards, and technology necessary to power growth and scale throughout the philanthropic economy. Elite financial services firms, non-profit organizations, and community foundations rely on Ren to manage their planned giving programs, including charitable trusts, donor-advised funds, pooled income funds, endowments, and private foundations. Founded in 1987 and headquartered in Indianapolis, the company holds a SOC 2 Type 1 certification that underscores its commitment to trust, security, compliance, and transparency. Visit www.reninc.com.
About Bain Capital Tech Opportunities
Bain Capital Tech Opportunities (www.baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses-bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments, Healthcare IT, and Internet & Digital Media. We are a business unit of Bain Capital, one of the world's leading private investment firms with approximately $175 billion in assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live.
About Valeas Capital Partners
Valeas Capital Partners is a San Francisco-based private equity firm focused on growth-buyout partnerships with industry leading founders and CEOs. Valeas was founded in 2021 by Rob Little and Ed Woiteshek, former Hellman & Friedman colleagues. Valeas is developing a concentrated portfolio of growth-oriented, tech-enabled businesses in sectors where its team has deep industry expertise. Leveraging the team's experience as both investors and operators, Valeas seeks to prioritize strong collaboration with portfolio company management teams to create lasting market leaders and value for investors. Valeas focuses on three primary sectors: healthcare, financial services, and data & technology. Representative investments include: CINQCare, Sequoia Financial Group, Ren and Well. For more information, visit https://valeas.com/.
1 "The 2022 Donor-Advised Fund Report," National Philanthropic Trust
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