Benevity Secures $40 Million In Funding

Benevity, a provider of corporate social responsibility (CSR) and employee engagement software, raised $40 million in Series C Funding to grow its team by a third, among other objectives.

The Calgary-based firm currently has 600 employees with plans to fill another 200 full-time positions in technology, sales, client success and operations over the next year. New funding via General Atlantic and JMI Equity also will “further accelerate client and cause support services and product innovation,” according to a news release, including development of more mobile solutions and enhanced public-facing engagement capabilities.

Benevity is a privately held, certified B-corporation providing corporate purpose software to more than 600 companies around the world, including Microsoft, Nike and Whole Foods. It signed 50 new large enterprises during the first half of this year and boasts a 99 percent client retention rate.

“We’ve been a big believer in Benevity’s vision and people since the very beginning and look forward to being a part of the company’s next phase of growth,” said Bob Nye, general partner of JMI Equity, a growth equity firm focused on software and services companies, which also was involved in earlier rounds of funding.

Founded in 2008, Benevity completed a $38 million CAD Series A round of funding in 2015 with JMI Equity, a growth equity firm focused software and services companies.

Last year, Benevity acquired Versaic, a grants, donation and scholarship management firm, and TrustCSR, a UK-based corporate social responsibility consultancy that serves enterprise clients, for undisclosed amounts.