With an eye on social impact and $47 million from a new funding round, a Missoula-based software company looks to grow its staffing and add new products, it announced on Monday.
Submittable, founded in 2010 by Michael FitzGerald, Bruce Tribbensee and John Brownwell, successfully raised $47 million in its latest funding round, led by Accel-KKR and existing investors.
“This funding is central to our ongoing efforts to expand our product and team to better help our customers make a difference,” said Thor Culverhouse, the CEO at Submittable. “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.”
Culverhouse said social impact has emerged as its own sector and has experienced rapid growth, attracting revenue from both private and public investors.
Nearly 70% of all companies have directed spending toward community investments and more than 90% allocated resources toward diversity, equity and inclusion – including the City of Missoula.
Culverhouse said thousands of corporations, governments and philanthropic organizations use Submittable’s platform to manage those social impact programs. That includes grants and awards to government relief funds, as well as social responsibility efforts led by corporations.
“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,” Culverhouse said.
The company’s early co-founders had grown Submittable from 26 employees to 72 by 2018, when they began measuring the firm’s revenue in the millions of dollars. That August, they recognized the company’s potential for growth and its own limitations and began seeking experienced executives to move the company into the next phase of growth.
In the three years since Submittable completed its Series B funding, the company has nearly doubled in size and opened a second location in Bellevue, Wash. It maintains its headquarters in Missoula where it employs around 90 of its 167 employees.
The company expects to double its headcount and expand its office space in the next 18 months, it said.
“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 that’s passionate about making a difference in the world,” Joe Porten, the managing director at Accel-KKR, said in a statement. “The combination is powerful, and we are excited to back the company’s vision to lead in its industry.”
The Series C round was also supported by Next Coast Ventures, True Ventures, Next Frontier Capital, StepStone Group, and Flywheel Ventures.