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