OnBoard Funding, Investors & Competitors
OnBoard has raised $105M across 2 funding rounds, most recently a $100M undisclosed-stage round in July 2021.
Last OnBoard funding round
$100M
Undisclosed stage · Jul 2021
Cumulative funding OnBoard raised
$105M
across 2 funding rounds
Key investors in OnBoard
JMI Equity
Five Elms Capital
About OnBoard
OnBoard is a board portal software that streamlines preparation, execution, and follow-up for corporate board and executive meetings. The platform supports secure document sharing, e-signatures, virtual attendance via video conferencing, and post-meeting analytics for organizations worldwide. Trusted by over 5,000 boards including Fortune 500 companies, OnBoard integrates with tools like Microsoft Teams and Zoom. Founded in 2003, the Indianapolis-headquartered company serves sectors from nonprofits to financial services with multilingual support across North America, Europe, and Asia.
Founded
2003
HQ
Indianapolis, INWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
OnBoard Funding History
OnBoard has raised a total of $105M across 2 funding rounds.
OnBoard's first fundraising round was a $5M Series A in September 2018. The most recent completed round was a $100M undisclosed-stage round in July 2021.
OnBoard funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2021 | Undisclosed stage | JMI Equity (lead) | $100M | OnBoard, a leading cloud-based board management solution provider for high-performing boards, secured a $100M strategic growth investment from JMI Equity on July 7, 2021. The funding aims to accelerate product innovation, category leadership, organic market expansions, strategic acquisitions, and brand growth to serve boards and leadership teams across North America, EMEA, and APAC. JMI Equity, a growth equity firm focused on cloud software companies, led the investment, with partners Bob Nye and Principal Mac Williams joining OnBoard's board. The investment underscores OnBoard's strong performance in 2020 and year-to-date 2021, including adding over 1,000 new customers from more than 25 countries and expanding its portfolio to over 600 banks and financial service providers, 700 nonprofits, 250 learning institutions, and 100 health care providers, spanning publicly listed, privately held organizations, nonprofits, and government entities. OnBoard also reported a 40% increase in average in-app user engagement time post-COVID, maintained the highest rating on the Apple App Store for board management platforms, and achieved a G2 rating of 96 out of 100 along with a Net Promoter Score of 79. Founded in 2003 as Passageways by CEO Kiran Chadha, OnBoard operates a platform used by more than 12,000 boards and positions itself as the market leader in board management with solid fundamentals, innovative roadmaps, and high customer satisfaction. The investment also supports operational needs for its sister company, OnSemble, an employee collaboration platform. Subsequent developments include the acquisition of eScribe, a public sector meeting management solution, building on this momentum. |
| Sep 2018 | Series A | Five Elms Capital (lead) | $5M | OnBoard is a leading provider of secure collaboration software for boards of directors and employees. The company received a growth investment from Five Elms Capital, with the investment announced in September 2018. OnBoard was subsequently acquired by JMI Equity in 2021, at which time the company received a $100 million growth investment from JMI. |
Who has invested in OnBoard?
2 investors have backed OnBoard across its funding rounds, including JMI Equity and Five Elms Capital.
Lead investors include JMI Equity and Five Elms Capital.
OnBoard Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 OnBoard investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by OnBoard
OnBoard has acquired 2 companies to date.
Last acquisition by OnBoard was on May 23rd 2024. OnBoard acquired Govenda for undisclosed valuation.
Latest Acquisitions by OnBoard
| Description | Govenda is a Boston-headquartered secure board portal facilitating virtual meetings and document collaboration for corporate boards and executives. Architected for compliance with SOC 2 and GDPR, it offers encrypted file sharing, agenda builders, real-time annotations, and e-signatures used by Fortune 500 companies and private equity firms. The platform supports hybrid board sessions with integrations to Microsoft Teams and Zoom. | eSCRIBE is a cloud-based meeting management platform tailored for public sector organizations in Canada and the United States. Vancouver-headquartered, it offers agenda building, virtual participation via Webex and Zoom integrations, live transcription, and records management for boards, councils, and committees. eSCRIBE handles over 100,000 meetings annually, enabling hybrid formats with accessibility features like closed captioning and multilingual support. |
| HQ Country | |  |
| HQ City | Pittsburgh, PA | Toronto |
| Deal Date | 23 May 2024 | 4 Aug 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all OnBoard acquisitions and their M&A valuation multiples. Start Free Trial | ||
OnBoard Competitors
OnBoard competitors include listed companies like CS Disco and Dye & Durham, and private ones like LinkSquares, Procurement Sciences AI, Rippling and Checkr.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Boston, MA | Private | $20M | - | $800M | 40.0x | |
| Washington, DC | Private | - | - | $146M | - | |
| San Francisco, CA | Private | $570M | - | $17B | 29.5x | |
| San Francisco, CA | Private | $800M | - | $4.6B | 5.8x | |
| United States | Publicly listed | $157M | ($44M) | $273M | 1.0x | |
| Canada | Publicly listed | $316M | $116M | $32M | 3.3x |
OnBoard Public Comps
OnBoard is still privately-owned, but its public comps include Constellation Software, SS&C Technologies, Topicus, Intapp, RWS Holdings, CS Disco, Hibino, Xp Industrial FII, GetBusy and Valtes Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $12B | $2.5B | 4.0x | 3.5x | 18.5x | 12.9x | |||
| $6.3B | $2.1B | 4.2x | 3.9x | 12.4x | 10.0x | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $9M | - | 10.0x | - | - | - | |||
This data is available for Pro users. Sign up to see all OnBoard competitors and their valuation data. Start Free Trial | ||||||||
Common questions about OnBoard
| When was OnBoard founded? | OnBoard was founded in 2003. |
| Where is OnBoard headquartered? | OnBoard is headquartered in Indianapolis, IN, United States. |
| Is OnBoard publicly listed? | No, OnBoard is a private, VC-backed company. |
| How much funding has OnBoard raised? | OnBoard has raised $105M across 2 funding rounds. |
| What was OnBoard's last funding round? | OnBoard's last funding round was a $100M undisclosed-stage round in July 2021, led by JMI Equity. |
| Who are OnBoard's investors? | OnBoard's investors include JMI Equity and Five Elms Capital. |
| Which companies are comparable to OnBoard? | Companies comparable to OnBoard include LinkSquares, Procurement Sciences AI, Rippling, Checkr, CS Disco and Dye & Durham. |
| How many companies has OnBoard acquired? | OnBoard has acquired 2 companies, including Govenda and eSCRIBE. |
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