New York private equity firm GreyLion Capital has invested growth funding into Webconnex, a Sacramento software company that enables people to accept payments over the internet for ticketing, fundraising and event registration.
The value of the investment wasn't disclosed, but on GreyLion’s website, it says it targets “equity investments between $25 million and $125 million.”
Webconnex recently added 12 new employees, said Ashley Mellott, chief operating officer and chief of staff with the company, which now has 66 employees.
“We feel super fortunate to be able to have found employees at this time” when it is difficult to hire people, she said, adding that some of the hires were referrals from employees, friends and family.
Webconnex was founded in 2008 by John Russell and Eric Knopf. The company says that it's since processed more than $3 billion in payments, and it's currently on track to process about $1 billion annually.
As part of its investment, GreyLion Managing Partner Chip Baird and GrayLion Partner Henry Heinerscheid will join Webconnex’s board of directors, along with Russell and Knopf, GreyLion said in a news release.
GreyLion manages private equity funds with aggregate commitments and assets under management of $1.4 billion, according to its website.
The private equity firm said its investment will help Webconnex scale its business, hire employees, expand sales and marketing and accelerate new product development.
In 2018, the owners of Webconnex and a property investor bought a historic building in Old Sacramento to remodel it into its headquarters. With the pandemic, the company put that work off. It is now starting that remodel, Mellott said.
