Total amount raised
$183.5 Millions
Latest funding date
06/01/2021
Location
Classy has successfully raised funds through multiple rounds, with the latest being a Series D closed on June 25, 2021. The company has been acquired by GoFundMe, enhancing its capabilities to support nonprofit fundraising.
Classy offers a comprehensive suite of tools for nonprofit fundraising, including donation forms, event ticketing, and peer-to-peer fundraising. Keep reading to explore the intricacies of Classy's fundraising journey and the investors backing this innovative platform.
What Is Classy?
Classy, founded on May 15, 2006, is a social enterprise based in San Diego, California. The company was established by Joe Callahan, Marshall Peden, Pat Walsh, and Scot Chisholm.
Operating in the crowdfunding, events, nonprofit, and software industries, Classy provides an online and mobile platform for nonprofits to raise funds. The company employs between 251-500 people and has powered tens of millions of donations from over 190 countries, raising over $2 billion for social good.
Classy offers a variety of tools and services, including donation forms, event ticketing, and peer-to-peer fundraising, to help organizations create effective campaigns. Acquired by GoFundMe, Classy continues to support nonprofits in maximizing their impact through world-class online fundraising solutions.
How Much Funding Has Classy Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Classy's fundraising platform.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: April 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and reach more nonprofits.
- Series B
- Amount Raised: $18M
- Date: June 2015
- Lead Investors: Mithril Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C
- Amount Raised: $30M
- Date: November 2016
- Lead Investors: JMI Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and support growth initiatives.
- Private Equity Round
- Amount Raised: $17.5M
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and improve technology infrastructure.
- Series D
- Amount Raised: $118M
- Date: April 2021
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development, expand into new markets, and repay the PPP loan.
- Series D
- Amount Raised: Not publicly disclosed
- Date: June 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the platform and support nonprofit fundraising efforts.
Total Amount Raised: $183.5M
Current Valuation: Not publicly disclosed
Key Investors
- Norwest Venture Partners
- Details: Norwest Venture Partners is a leading venture and growth equity investment firm managing over $9.5 billion in capital. They have invested in more than 600 companies and currently partner with over 150 active companies.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products
- Notable Investments: Uber, Spotify, BlueJeans
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies that extend the capabilities of the Salesforce platform. They aim to create the world’s largest ecosystem of enterprise cloud companies.
- Investment Focus Areas: Enterprise cloud companies
- Notable Investments: Zoom, DocuSign, Twilio
- Hinge Capital
- Details: Hinge Capital is a venture capital firm that invests in early-stage technology companies. They focus on innovative solutions and high-growth potential businesses.
- Investment Focus Areas: Technology-driven companies
- Notable Investments: Not specified
- Mithril Capital Management
- Details: Mithril Capital Management is a growth-stage venture firm co-founded by Peter Thiel and Ajay Royan. They focus on long-term investments in technology companies.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Palantir, Adimab, AppDirect
- JMI Equity
- Details: JMI Equity is a growth equity firm focused on investing in leading software companies. They partner with management teams to help build their businesses.
- Investment Focus Areas: Software, healthcare IT, business services
- Notable Investments: ServiceNow, PointClickCare, Seismic
What's Next for Classy?
Classy stands at the cusp of significant growth opportunities, driven by its recent $118 million funding round. The company plans to expand into new segments such as corporate donors and enhance its platform to better match high-profile donors with nonprofits. This strategic move is expected to open up vast new avenues for growth, leveraging the fresh capital to accelerate product development and double the size of its product and engineering teams.
Future fundraising opportunities appear promising as Classy continues to scale its operations and enter new markets. The substantial backing from investors like Norwest Venture Partners and Salesforce Ventures indicates strong confidence in Classy's potential. This financial support will likely pave the way for further investment rounds, enabling the company to innovate and expand its offerings.
However, Classy may face challenges such as competition from other fundraising platforms and the need to maintain service quality while rapidly expanding. The leadership transition with Christopher Himes taking over as CEO also presents a potential hurdle. Despite these challenges, Classy's strategic focus on growth and innovation positions it well for continued success in the nonprofit fundraising sector.
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