Social Impact Platform Company Submittable Raises $47 Million

By Annie Baker ● Jun 14, 2022
  • Submittable recently announced that it raised $47 million in funding. These are the details.

Submittable – a software company helping thousands of organizations worldwide launch, manage, and measure social impact programs – recently announced that it has raised $47 million in Series C funding led by Accel-KKR with support from existing investors.

The social impact sector had experienced rapid growth in recent years as public, private, and nonprofit organizations all increased funding and added initiatives in response to crisis and demand. And in 2020 alone, 68% of companies increased spending on community investment and 93% allocated more resources for diversity, equity and inclusion (DEI). Funding by independent foundations more than doubled to $4.7 billion and the U.S. government passed $5.3 trillion in stimulus aid for helping manage the pandemic and mitigate the economic burden on families and businesses.

There are thousands of corporations, governments and philanthropic organizations that use Submittable’s platform to manage social impact programs, from grants and awards to government relief funds and corporate social responsibility (CSR) efforts. And together, these organizations have launched over 134,000 programs and taken in nearly 22 million applications with the platform. Submittable streamlines the program management from first application to final report with workflow automation, funds distribution services, and reporting tools.

This funding round will enable Submittable to continue expanding its products and features to better address the rapid evolution of social impact programs — especially corporate social responsibility — while growing its team and platform to meet increasing demand. In the three years since its Series B funding, the company has nearly doubled in size and opened a second location in Bellevue, Washington alongside its headquarters in Missoula, Montana. And the company expects to double its headcount again and expand its office space in the next 18 months.

The Series C funding round was also supported by several existing investors, including Next Coast Ventures, True Ventures, Next Frontier Capital, StepStone Group, and Flywheel Ventures.

KEY QUOTES:

“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. 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. This funding is central to our ongoing efforts to expand our product and team to better help our customers make that difference.”

— Thor Culverhouse, Submittable CEO

“Our collective experiences of the past few years have dramatically increased the focus on and scale of giving and impact initiatives, accelerating an already large and growing market. 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 passionate about making a difference in the world. The combination is powerful, and we are excited to back the company’s vision to lead in its industry.”

— Joe Porten, Managing Director at Accel-KKR