MISSOULA, Mont. & SEATTLE--(BUSINESS WIRE)--Submittable, the software company helping thousands of organizations worldwide launch, manage and measure social impact programs, has raised $47M in Series C funding led by Accel-KKR with support from existing investors.
The social impact sector experienced unheard-of growth in recent years as public, private and nonprofit organizations all increased funding and added initiatives in response to crisis and demand. In 2020 alone, 68% of companies increased spending on community investment and 93% allocated more resources for diversity, equity and inclusion (DEI). Funding by independent foundations more than doubled to $4.7 billion and the U.S. government passed $5.3 trillion in stimulus aid to help manage the pandemic and mitigate the economic burden on families and businesses.
“There is a major shift happening in how the world thinks about social impact, as organizations big and small reshape programs in real-time to address global change,” said Thor Culverhouse, Submittable CEO. “Social responsibility is now table stakes, and we are privileged to grow and evolve alongside these organizations in transforming the process of making an impact. This funding is central to our ongoing efforts to expand our product and team to better help our customers make that difference.”
Thousands of corporations, governments and philanthropic organizations use Submittable’s platform to manage social impact programs, from grants and awards to government relief funds and corporate social responsibility (CSR) efforts. Together, these organizations have launched more than 134,000 programs and taken in nearly 22 million applications with the platform. Submittable streamlines program management from first application to final report, with workflow automations, funds distribution services, and reporting tools.
“Our collective experiences of the past few years have dramatically increased the focus on and scale of giving and impact initiatives, accelerating an already large and growing market,” said Joe Porten, Managing Director at Accel-KKR. “Submittable provides top-rated technology that enables organizations to be both highly efficient and effective in their social impact work, and is powered by a mission-driven company culture passionate about making a difference in the world. The combination is powerful, and we are excited to back the company’s vision to lead in its industry.”
Submittable has helped partners such as:
- Corporations tackle the childhood education crises in the COVID era, fund a new generation of Black creators and build bike-friendly communities
- Local and state governments move quickly to deliver billions of dollars in aid to individuals, small businesses and renters in need of financial assistance
- Grantmakers of all sizes—from big foundations to community nonprofits—as they launch programs to address equity, social justice, climate change and more
The funding will allow Submittable to continue expanding its products and features to better address the rapid evolution of social impact programs—especially corporate social responsibility—while growing its team and platform to meet increasing demand. In the three years since its Series B funding, the company has nearly doubled in size and opened a second location in Bellevue, Wash. alongside its headquarters in Missoula, Mont. The company expects to double headcount again and expand its office space in the next 18 months.
The Series C round was also supported by several existing investors, including Next Coast Ventures, True Ventures, Next Frontier Capital, StepStone Group, and Flywheel Ventures.
About Submittable
Submittable is a growing social impact platform used by thousands of companies, governments, and philanthropic organizations to manage their social good programs and maximize their impact.
Submittable has helped big and small organizations worldwide run 134,000 programs and collect nearly 22 million applications to date, and is backed by Accel-KKR, Next Coast Ventures, True Ventures, Next Frontier Capital, StepStone Group, and a few other amazing investors. To learn more about how Submittable is simplifying and accelerating the process of social impact, visit submittable.com.
About AKKR
Accel-KKR is a technology-focused investment firm with $14 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City. Visit accel-kkr.com to learn more.
