Boathouse Capital Partially Exits Network for Good Investment in Sale to Apax-backed Portfolio Company
Boathouse Capital is pleased to announce that it has exited Network for Good (or the “Company”) in a sale to an Apax-backed Social Good Software Platform (or the “Platform”). The Platform is comprised of CyberGrants, EveryAction and Social Solutions.
Network for Good, which helps small and mid-sized nonprofits cultivate donor relationships with a unified donor management and fundraising software platform, will be the first acquisition for the recently formed Platform. A mission-driven, Certified B Corporation, Network for Good has been a pioneer in the digital fundraising space and has enabled thousands of nonprofits to raise billions of dollars.
The acquisition of Network for Good will expand the Platform’s modern software offerings for small and mid-sized nonprofits as it continues its mission to create the leading provider of next-generation Software-as-a-Service (SaaS) solutions for the social good ecosystem. Existing Network for Good customers will have the opportunity to access a broader suite of next-generation solutions that will enable them to increase efficiency and build more support.
“We’ve been on a 20-year mission to make fundraising easy for small and mid-sized nonprofits. I am extremely proud of the work we have accomplished to date, and would like to thank Boathouse for their support,” Bill Strathmann, CEO of Network for Good, commented. “This is a great home for Network for Good, with its kindred focus on impact, and we are excited to leverage the combined Company’s leading software solutions to the benefit of our customers and the sector.”
“Boathouse has been proud to partner with Bill and Network for Good’s senior leadership as they have transformed their Company into a leading software platform to help small nonprofits,” said Chong Moua, Managing Partner at Boathouse. “The impressive work of the team to bring together a market-leading SaaS solution and digital fundraising platform, positions the Company well for its next phase of growth. We wish the Company, management team and new owners continued success.”
In collaboration with Boathouse, the Company modernized its go-to-market strategy by focusing on highest priority segments, while improving their unit economics. The management team further evolved to include a new Chief Marketing Officer. Also, during its partnership with Boathouse, the Company built and launched an events software solution and acquired Cause4Auction to streamline charity auctions for SMB Nonprofits that enabled software subscription revenues to grow at more than a 30% CAGR through 2021.