Benevity, a global leader in corporate social responsibility and one of the largest startups in the Prairies, has raised $40 million in a Series C round of funding.
The new capital comes from previous investors JMI Equity and General Atlantic. JMI has invested in Benevity since its Series A,
when the Baltimore-based growth equity firm put forward the entire $38
million round. General Atlantic, a New-York-based growth equity firm,
first invested in Benevity in January 2018 with an undisclosed
nine-figure amount, buying a majority stake from early investors,
according to The Globe and Mail.
According to The Globe
the latest funding round puts the companies value close to $400 million
USD. The Globe also noted that Benevity generates around $100 million
in annual revenue, which would make it one of Canada’s largest
early-stage tech companies.
The $40 million will be used to help scale the Calgary-based
company’s “corporate goodness” platform, which helps companies engage
with their employees in giving and volunteering initiatives.
Sponsor
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Sponsor
myCareBase™ is a platform for seniors and their families to find, evaluate, hire and manage home support services, to improve the seniors’ ability to remain living safely in their current home for as long as possible. The caregiver marketplace currently offers candidates in Greater Toronto and Greater Vancouver.
To compliment this platform the company also offers an innovative care management app that centralizes communication and task management among family members and the caregiver, along with a Care Concierge service to help family members with administrative, navigational or organizational tasks.
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Benevity was founded in 2008 by current CEO Bryan de Lottinville as a
platform that enables companies to engage their employees and customers
around social responsibility and community investment, hoping to create
better business and social impacts. Since its early days, Benevity has
grown to more than 600 employees and built out a customer base of more
than 600 clients spanning large, global enterprises like Microsoft,
Coca-Cola, Google, and Honda.
The Prairies startup has made a lot of moves over the past year.
Outside of its early 2018 funding from General Atlantic, Benevity also
brought in new executive hires with CFO Kelly Schmitt and Eve Stacey as
president. Benevity also acquired two companies. In February, the
company acquired UK-based TrustCSR, a corporate social responsibility
consultancy that helped Benevity increase its reach into international
markets, and less than a month later Benevity announced the acquisition
of US-based Versaic, a grants, donation, and sponsorship management
solution provider to more than 100 of the world’s largest companies.
Benevity also signed on 50 new large enterprises to its client base in
the first half of 2019.
“With so many of our institutions at an impasse over how to address a
multitude of global crises and societal challenges, progressive
companies are stepping in to fill the void, and we are passionately
helping them do that,” said Lottinville. “Benevity isn’t just building
software, we’re building an entirely new category and ecosystem for
purpose-driven businesses.”
Lottinville added that the latest investment will help Benevity scale
into a sizeable company that can meet the growing needs of the market.
Benevity will also use the funding to grow its team over the next year,
with plans to hire 200 employees across technology, sales, client
success, and operational roles.
“As corporate purpose, CSR [corporate social responsibility] and employee engagement increasingly become business imperatives, more and more companies are seeking enterprise-grade solutions that are inclusive, personalized, easy-to-deploy across their global teams and flexible enough to scale with their evolving requirements,” said Alex Crisses, managing director in General Atlantic’s technology sector. “We believe Benevity is well positioned to continue leading the market in this area, and we are a proud partner in this endeavour.”
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“As corporate purpose, CSR [corporate social responsibility] and employee engagement increasingly become business imperatives, more and more companies are seeking enterprise-grade solutions that are inclusive, personalized, easy-to-deploy across their global teams and flexible enough to scale with their evolving requirements,” said Alex Crisses, managing director in General Atlantic’s technology sector. “We believe Benevity is well positioned to continue leading the market in this area, and we are a proud partner in this endeavour.”
Source. BetaKit, , Megan Simpson October 22, 2019
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This post was brought to you by Woewoda Communications, your partner in the venture capital, private equity and startup markets; offering strategic communications, public relations & investor relation services to Canadian VCs, PEs, Angels, Endowments/Trusts, Family Offices, and Canadian startups involved in ICT, IoT, blockchain, life sciences, healthcare, agribusiness, clean energy, fintech, AI and robotics.
Are you a Canadian GP/LP/CI or a Canadian startup that needs to grow or scale? Give us a call! One of our representatives would love to explain how we vertically design, and then systematically layer each of our communication platforms to effectively reach niche target audiences for our clients. WC offers a unique synergistic approach to effectively communicate our client's message to their target audience.
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