Vantaca, which produces software for managing community associations, received more than $300 million in private-equity funding, the Wilmington-based company said.
The investment by Boston-based private equity firm Cove Hill Partners puts the company’s valuation at $1.25 billion, according to Vantaca, which employs 300 people.
Cove Hill Partners joins Baltimore-based MI Equity, Vantaca’s existing minority investor, in supporting the company’s “vision and next phase of growth,” according to a release.
“It validates the strength of our platform, the trust our customers place in us and the impact we’re driving across the industry every day,” Vantaca CEO Ben Currin told the Greater Wilmington Business Journal. “With this investment, we’ll be able to accelerate innovation, continue to expand and develop our teams and further enhance the customer experience, all while continuing to scale responsibly.”
Vantaca has been on the Inc. 5000 list of fastest-growing privately held companies for five straight years. It has more than 500 management companies and 6 million households, according to the release.
Dave Sweyer founded Vantaca in 2017 as part of his Community Association Management Services firm. Currin has been CEO since 2018 after serving in the U.S. Navy.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.