Calgary-based Benevity has sold more than US$90 million in equity through a stock-option sale to employees and stakeholders, The Logic has learned. The offering comes after the social impact software firm laid off dozens of staff and replaced its CEO, as the charitable sector feels the effects of economic uncertainty. 

The company began issuing the securities in September 2024, according to the filings, which show it has issued US$90.1 million in equity to 10 shareholders, as of Dec. 17, 2025. Such a move gives recipients the right to buy company shares at a set price in the future and is often used to incentivise employees instead of increasing their salary. The company hasn’t set a target for the option sale.

The company did not initially respond to The Logic’s request for comment. After publication, spokesperson Indrani Ray-Ghosal said the offering represents an amendment “to the company’s stock option plan, which is a standard practice for private companies to align long-term incentives with company performance.”

Founded in 2008, Benevity provides a platform for companies to manage their social impact, allowing employees to donate to charities and find volunteer opportunities. It counts nearly 1,000 companies among its clients, including Visa, Starbucks, Merck and Cisco. The company says it has facilitated more than $34 billion in donations to over 500,000 non-profit organizations. 

In 2020, Benevity joined the ranks of private Canadian tech companies to surpass $1 billion in value, after U.K.-based Hg Capital bought a majority stake in the business. The company’s investors also include San Francisco-based Rise Fund—the impact investing arm of global asset manager TPG—as well as the Canada Pension Plan Investment Board and the Alberta Investment Management Corporation. 

The charitable sector began facing challenges a few years after Benevity’s last big investment round in December 2020. Donations in the U.S. and Canada dipped in 2023, as high inflation and fears of a looming recession caused companies and individuals to conserve what cash they could. The latest annual report from research organization Giving USA shows philanthropy bounced back in 2024. Benevity’s most recent impact report shows its donations from its clients’ grew from $3.2 billion in 2023 to $3.4 billion in 2024. 

However, intensifying backlash to ESG and diversity initiatives from the Trump administration have triggered concerns that charities focused on social and environmental causes could see contributions drop.

Benevity’s option sale comes as Soraya Alexander, the former chief operating officer of GoFundMe, takes the lead at the company. Alexander took over as CEO in November 2025, replacing Christopher Maloof, who was appointed chair of the board after being in the chief executive role for just over a year. Maloof had replaced Kelly Schmitt, who had been CEO for six years before stepping down in 2024.

The company has been showing signs of strain for many months before the leadership turnover. In 2023, it cut 14 per cent of its staff, laying off 137 people after becoming “overbuilt for current market conditions,” Schmitt said at the time. Several other Canadian scaleups slashed their head counts around then, including Hootsuite, Clearco and Lightspeed, following periods of rapid growth during the prolonged low-interest-rate cycle.

Correction: This story has been updated to clarify that the US$90 million represents the value of equity Benevity sold through stock options.