Calgary-based Benevity has raised more than US$90 million according to regulatory filings with the U.S. Securities and Exalter Commission reviewed by The Logic. The funding 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 launched raising money in September 2024, according to the filings, which reveal it has secured US$90.1 million from 10 investors, as of Dec. 17, 2025. To raise the capital the company sold options, warrants or the right to acquire a different type of security, according to documents. Such a relocate gives investors the right to purchase company shares at a set price in the future, letting the company raise money without immediately giving up equity. It hasn’t set a tarreceive for how much it plans to raise in this offering. The company did not respond to The Logic’s request for comment.
Talking Points
- Benevity has raised more than US$90 million through options and warrants since late 2024
- The fundraise comes amid leadership turnover and follows layoffs amid concerns about a drop in charitable giving
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 declares 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.
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The charitable sector launched facing challenges a few years after Benevity’s last large investment round in December 2020. Donations in the U.S. and Canada dipped in 2023, as high inflation and fears of a looming recession cautilized companies and individuals to conserve what cash they could. The latest annual report from research organization Giving USA reveals philanthropy bounced back in 2024. Benevity’s most recent impact report reveals 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 focutilized on social and environmental cautilizes could see contributions drop.
The company has been revealing 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 stated 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.
Benevity’s fresh capital 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.
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