Classy, a San Diego, CA-based B Corp Certified social enterprise that creates fundraising software for nonprofits, closed a $118m Series D funding.
The round was led by Norwest Venture Partners with participation from existing backers Salesforce Ventures and Hinge Capital. David Su, Partner at Norwest Venture Partners, will join Classy’s Board of Directors,
The company intends to use use the funds to accelerate product development, double the size of its product and engineering organization over the next two years and to enter new markets, such as corporate giving.
Following the funding and a year of record growth, Classy will immediately repay its Paycheck Protection Program (PPP) loan, which it took from the federal government during the pandemic to keep its staff fully employed and to ensure it could continue to serve the social sector at full capacity during a time of increased need.
Led by newly named CEO Christopher Himes. Classy is a social enterprise that allows nonprofit organizations to maximize their impact through a suite of online fundraising tools. Used by organizations of all sizes, from the fastest-growing nonprofits to some of the world’s largest social organizations, nonprofits use the platform to raise money, engage their communities, and advance their missions. Since 2011, the company has powered tens of millions of donations from over 190 countries, and customers on its platform have raised $3 billion for social good.
Scot Chisholm, Co-founder and CEO of Classy, will step down as CEO and transition into a full-time Executive Chairman role. He will now lead Mergers & Acquisitions and new market expansion for the company while continuing to serve on the Board of Directors.