San Diego-based cloud fundraising software company Classy has closed on $118 million in Series D funding — almost twice what it raised in previous rounds combined. The injection of capital aims to accelerate product development, double the size of its product and engineering organization during the next two years, and enter into new markets such as corporate giving.
Co-founder and CEO Scot Chisholm will transition into a full-time executive chairman role, leading mergers, acquisitions and new market expansion. Chief Operating Officer Christopher Himes, a longtime board member, will take over as CEO.
After seed and Series A funding rounds from angel investors in 2010 and 2012, respectively, Classy raised some $65.5 million in three subsequent rounds of funding before this latest infusion, according to Crunchbase:
The Series D funding is led by Norwest Venture Partners, a venture capital firm based in Palo Alto, Calif., with participation from existing backers, Salesforce Ventures and Hinge Capital. David Su, partner at Norwest Venture Partners, will join Classy’s board of directors. Ford Foundation Chief Operating Officer Depelsha McGruder will also join the board as an independent director.
Classy’s fundraising suite includes crowdfunding, peer-to-peer fundraising, online donations and event management. Almost 20% of total giving on the platform is from donors who pledge to give on a regular basis. Himes is expected to focus on recurring giving and innovation.
Himes spent six years at Salesforce, including as a senior vice president, and was an executive fellow at the Salseforce.com/Foundation. Himes also was chief financial officer at Fair Trade and served on nonprofit boards, including There With Care and the Trust for Public Land.
Since inception a decade ago, Classy has raised some $3 billion for charities and now counts more than 6,000 nonprofits as customers.
Classy also announced plans to reincorporate as a Public Benefit Corporation, accelerating the timeline it initially put forth after becoming a certified B Corp in December. It also announced that it will immediately repay its Paycheck Protection Program (PPP) loan.