Benevity Inc said Oct. 22 that it raised $40 million in a Series C round from General Atlantic and JMI Equity. Benevity, of Calgary, provides corporate social responsibility and employee engagement software.
Benevity Announces $40M in Series C Funding from General Atlantic and JMI Equity
Investment Will Further Benevity’s Unmatched Reach and Innovation in Burgeoning Corporate Purpose Technology Sector
CALGARY, AB – October 22, 2019 – Benevity, Inc., the global leader in corporate social responsibility (CSR) and employee engagement software, today announced that the company has raised $40M in Series C Funding from General Atlantic and JMI Equity. The investment will support the continued innovation of Benevity’s scalable ‘corporate Goodness’ platform and best-in-class service, which helps many of today’s most iconic companies engage their employees, customers and communities in a host of purpose-driven activities—from giving and volunteering to sustainability initiatives, community grant making, citizen activism, and more.
Benevity’s unmatched reach and domain expertise have fueled significant momentum for the company over the past year, which now has a client community of more than 600. Benevity signed 50 new large enterprises in the first half of 2019 and currently has a 99% client retention rate. The new funding will be invested to further accelerate client and cause support services and product innovation, including the development of more mobile solutions and enhanced public-facing engagement capabilities, as well as additional expansion of Benevity’s team. With just over 600 employees, Benevity plans to fill an additional 200 full-time technology, sales, client success and other operational positions over the next year to support growth.
“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 Bryan de Lottinville, Benevity Founder and CEO. “Benevity isn’t just building software—we’re building an entirely new category and ecosystem for purpose-driven businesses. This latest investment from General Atlantic and JMI Equity will help propel us even closer to our shared vision of providing the size, scale and efficiency this growing market needs and deserves to reach its full potential and deliver the impacts that society requires.”
“Companies with purpose-driven cultures are better positioned to succeed in the new economy, especially as the latest generation of employees seek jobs that provide a sense of meaning and opportunities to make a larger societal impact,” said Bob Nye, General Partner of JMI Equity. “We’ve been a big believer in Benevity’s vision and people since the very beginning and look forward to being a part of the company’s next phase of growth.”
“As corporate purpose, CSR 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 endeavor.”
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 145 businesses in its target markets, successfully completed over 95 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.
Benevity, Inc., a certified B Corporation, is the global leader in corporate social responsibility and employee engagement software, including online giving, matching, volunteering, community investment and purpose driven actions. Many of the world’s most iconic brands rely on Benevity’s award-winning cloud solutions to power corporate “Goodness” programs that attract, retain and engage today’s diverse workforce by connecting people to the causes that matter to them. With software that is available in 17 languages, to an employee base of 12 million users around the world, Benevity has processed almost 4 billion dollars in donations and 23 million hours of volunteering time this year to almost 200,000 charities worldwide.