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CRM - Salesforce.Com Inc News Story

$216.5 -1.6  -0.7%

Last Trade - 9:00pm

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

UPDATE 1-Social software start-up Classy raises $118 mln from Norwest, other investors

Wed 21st April, 2021 12:56pm
(Adds comments from CEO, changes date)
    By Sohini Podder
    April 21 (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.
    "It's been about 10 years, and maybe a couple months, since
Classy was founded as a technology company. But the story
started several years before that, really, at a personal level,"
said Chisholm.
    The idea for the company was inspired after Chisholm and his
friends helped raise funds for the American Cancer Society in
San Diego. A few years later, in 2011, Classy was formally
launched as a technology venture with a focus on the online
space, which makes it easier for non-profit companies to connect
with donors. 
    Classy 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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