General Atlantic, a leading growth equity firm, has acquired undisclosed stake in Benevity, Inc., a global provider of corporate social responsibility and employee engagement software.
General Atlantic joins JMI Equity which invested CDN $38 million in “Series A” funding in 2015.
Benevity intends to use new funds to continue to innovate its products and services, expand its charitable network of almost two million charities and nonprofits, and scale its operations to maximize efficiencies and reach new markets.
photo credit: Benevity
Benevity and General Atlantic Announce Strategic Partnership
Leading Provider of “Corporate Goodness” Software Set to Scale Globally
CALGARY, AB – January 24, 2018 – Benevity, Inc., a global provider of corporate social responsibility and employee engagement software, announced today that General Atlantic, a leading global growth equity firm, has made a strategic investment in the company. This investment comes as Benevity achieves record client growth with its workplace giving, volunteering and community investment technology, which revitalizes traditional corporate philanthropy by helping businesses infuse purpose and meaning into their corporate cultures and consumer-facing brands. In its next phase of growth, Benevity expects to continue to innovate its products and services, expand its charitable network of almost two million charities and nonprofits, and scale its operations to maximize efficiencies and reach new markets.
“The pursuit of purpose has become a corporate imperative that requires more than the traditional top-down, annual fundraising approach,” said Bryan de Lottinville, Benevity Founder and CEO. “It requires a holistic orientation that leverages platform technology, user-centricity, and automation efficiencies on a global scale that enables companies to help their people become their best selves at work and in life.”
Today, Benevity’s client base is comprised of more than 300 global brands, who are taking advantage of the company’s award-winning cloud solutions to support the causes and initiatives they care about to make a difference in the world.
“The corporate social responsibility space is at an inflection point, with more businesses thinking about how their strategies foster employee engagement, development, and purpose in the workplace,” said Alex Crisses of General Atlantic, who will be joining Benevity’s board of directors. “We believe Benevity’s social mission, combined with its market-leading technology, puts the company at the forefront of this evolution.”
As part of Benevity’s social mission, this past year, the company achieved a major milestone: 87 percent of funds donated and granted via Benevity’s proprietary disbursement platform were sent electronically, providing global enterprises, donors and recipient charities with greater accuracy, scale, timeliness and efficiency in donation processing and distribution.
“We believe CSR will continue to grow in relevance as businesses cultivate purpose-driven cultures to retain and engage the next generation of talent,” added David George of General Atlantic, who is also joining Benevity’s board of directors. “We believe Benevity is well positioned for continued growth and we look forward to supporting the company as it continues to expand in the US and globally.”
Benevity, Inc., a B Corporation, is a global leader in online workplace giving, matching, volunteering and community investment software. Many global 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 more than four million users around the world, Benevity will process over a billion dollars in donations and 10 million hours of volunteering time this fiscal year to more than 100,000 charities worldwide.
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 110 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. www.generalatlantic.com.
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