US-based fundraising software producer Classy completed an $118m series D round yesterday that included Salesforce Ventures, the corporate venture capital vehicle for enterprise software producer Salesforce.
The round was led by Norwest Venture Partners and also featured fellow venture capital firm Hinge Capital. It boosted the company’s funding to at least $199m since it was founded in 2006.
Classy provides a range of software tools which help non-profit organisations strengthen their fundraising and engage with current and prospective donors more effectively.
The series D proceeds will be allocated to product development, geographic growth and the expansion of Classy’s product and engineering teams, in addition to an immediate repayment of the Paycheck Protection Program loan it took out during the coronavirus pandemic.
Scot Chisholm, Classy’s co-founder and chief executive, is transitioning to a chairman role and will be succeeded by the company’s current chief operating officer, Christopher Himes.
Himes said: “We know that great technology equates to more revenue for nonprofits, which means they have the resources to tackle complex social challenges.
“Our goal is to build the best technology possible for our customers and lead the industry in [return on investment] by providing more efficient, streamlined and effective solutions that build sustainable income streams for nonprofits, so they can focus on the real issues.”
Mithril Capital led an $18m round for the company in 2015 that also featured Salesforce Ventures, Rethink Education’s Rethink Impact fund, Bullpen Capital, Venture51 and Galileo Partners.
Classy added $30m the following year in a round led by JMI Equity and backed by Salesforce Ventures, Bullpen Capital, Galileo Partners and Mithril Capital. Undisclosed investors then provided $17.5m in series C funding in June 2019, according to a regulatory filing.
