The round was backed by U.S. giants General Atlantic and JMI Equity. The startup, whose software lets companies donate money and volunteer hours to over 200,000 charities, is now valued at nearly US$400 million, and its $100 million in annual revenue makes it one of the biggest early-stage tech companies in Canada. (Globe and Mail)
Talking point: Benevity says it has a client base of over 600, having signed up 50 new large companies in the first half of this year. Its retention rate is 99 per cent, which both JMI and General Atlantic said was the highest of all the companies they back. Corporate social responsibility (CSR) has become an increasingly important part of businesses’ strategies. An Edelman study from 2018 found that nearly two-thirds of consumers will “buy on belief.” And in 2015, 92 per cent of the world’s largest 250 companies released CSR reports.