GoFundMe acquires nonprofit fundraising platform Classy

Business News

The crowdfunding platform GoFundMe announced Thursday that it has signed a deal to acquire the nonprofit fundraising company Classy, a move that will help the largest crowdfunding site further increase its influence in the philanthropic sector.

Under the agreement, Classy will become a subsidiary of GoFundMe and the two will operate separately under the leadership of GoFundMe CEO Tim Cadogan, according to a news release from GoFundMe.

The company didn’t disclose details of the deal. But it said the “all-equity” deal was signed earlier this month and is expected to close in the first quarter.

“GoFundMe’s vision is to be the most helpful place in the world and partnering with Classy enables us to do that in a differentiated way,” said Cadogan, adding that the acquisition “can create a uniquely powerful network that connects donors on GoFundMe to nonprofits who use Classy.”

According to Cadogan, $5 billion was raised by both companies last year — with nonprofits garnering $1.1 billion in donations on Classy’s platform.

Classy CEO Christopher Himes said the acquisition will help nonprofits raise more money “so they can increase their programmatic impact.”

“By leveraging the power and scale of the GoFundMe network, we can open doors to connect individuals giving to a GoFundMe campaign with the nonprofit organizations addressing the root cause driving the need,” Himes said in the news release. “This is an opportunity that could change our industry in a way that has never been done before.”


The Associated Press receives support from the Lilly Endowment for coverage of philanthropy and nonprofits. The AP is solely responsible for all content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Business News

More Business News

Political News

More Political News

Technology News

More Technology News

Science News

More Science News

Entertainment News

More Entertainment News

Odd News

More Odd News

Associated Bank Market Outlooks and Thought Leaders

More The Opening Bell