Classy, a startup company that provides crowdfunding tools for nonprofits, announced Tuesday that it has secured $18 million in an investment round led by entrepreneur and philanthropist Peter Thiel's Mithril Capital Management, writes The San Diego Union-Tribune.
The four-year-old firm's platform has hosted more than 300,000 campaigns that have raised a collective $130 million for causes including the World Food Program, National Geographic, and the Special Olympics.
San Diego-based Classy, which has 80 employees, plans to use some of the new capital to triple its 15-person engineering team. "Eighty million millennials will make up more than 50 percent of the work force in less than five years and their overwhelming preference is to engage online and through mobile," CEO Scot Chisholm said. "Still, only 10 percent of the $360 billion that nonprofits raised in the United States last year was raised online; but this is about to change in a big way."