Classy, which provides fundraising software for non-profits, has closed a $118m Series D round, which was led by Norwest Venture Partners.
Classy previous backers, Salesforce Ventures and Hinge Capital, also committed capital to the round.
Funds from the Series D will help the FinTech to further its product development efforts and double the size of its product and engineering organisation over the coming years. Furthermore, Classy is hoping to enter new markets, such as corporate giving, over the coming year.
Thanks to the funding round and a year of ?record growth?, Classy will repay its Paycheck Protection Program (PPP) loan, which had been supplied by the federal government during the pandemic to support its staff.
As part of the investment, Classy co-founder and CEO Scot Chisholm will step down from his position and move into a full-time executive chairman role. In this role, Chisholm will lead mergers and acquisitions and new market expansion for the company.
Taking over the role of CEO will be Christopher Himes, the company current COO.
Chisholm said, “As a trusted advisor and partner for the past seven years, Chris and I share a joint vision for how great technology can create meaningful value for organizations and the causes that need it most.
?Chris has already significantly impacted our customers thanks to his invaluable background in cloud technology and his vast knowledge of the social sector, and I have no doubt this impact will continue to grow with him at the helm.”
The FinTech helps non-profit organisations to implement online fundraising tools. Its features help with an array of fundraising processes, including website donations, crowdfunding, donor management, fundraising events, international fundraising, recurring giving and more.
Himes said, “We know that great technology equates to more revenue for non-profits, 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 ROI by providing more efficient, streamlined and effective solutions that build sustainable income streams for nonprofits, so they can focus on the real issues.”
The FinTech is also reincorporating as a public benefit corporation to accelerate its goal of becoming a B Corp Certified.
In line with the investment, Norwest partner David Su will join the Classy board of directors.
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