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Last Trade - 06/05/21

Sector
Technology
Size
Large Cap
Market Cap £144.83bn
Enterprise Value £138.23bn
Revenue £15.31bn
Position in Universe 49th / 6854

Social software start-up Classy raises $118 mln from Norwest, other investors

Tue 20th April, 2021 12:00pm
By Sohini Podder
    April 20 (Reuters) - Classy, a technology company which
builds fundraising software for non-profit institutions, has
raised $118 million in fresh capital from venture capital firm
Norwest Venture Partners and other investors, it said on
Tuesday.
    Classy also said co-founder Scot Chisholm would step down
from his role as chief executive officer and become the
executive chairman, and Chief Operating Officer Christopher
Himes, a former senior Salesforce.com  CRM.N  executive, will
assume the role of CEO.
    Existing investors of the San Diego, California-based
company, including Salesforce Ventures and Hinge Capital, also
participated in the funding round. 
    Classy intends to use the fresh capital to enter new
segments, such as corporate donors, as part of its broader
strategy to match more high-profile donors with non-profit
companies, Scot Chisholm told Reuters.
    The company, which started off as a local fundraising firm
to help raise funds for the American Cancer Society in San
Diego, relaunched as a technology venture in 2011. Classy then
pivoted its focus to the online space which makes it easier for
non-profit companies to connect with donors. 
    The start-up primarily focuses on two initiatives - firstly,
to help non-profits improve their rates of converting more
visitors to donors, and secondly, to retain more donors,
Chisholm said. 
    

 (Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren
Daniel)
 ((sohini.podder@thomsonreuters.com;))
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