By Sohini Podder
(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.
"It's been about 10 years, and maybe a couple months, since Classy was founded as a technology company. But the story started several years before that, really, at a personal level," said Chisholm.
The idea for the company was inspired after Chisholm and his friends helped raise funds for the American Cancer Society in San Diego. A few years later, in 2011, Classy was formally launched as a technology venture with a focus on the online space, which makes it easier for non-profit companies to connect with donors.
Classy 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.
(Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)