Benevity platform saw 38% year-over-year growth in grants processed
CALGARY, AB / ACCESSWIRE / January 29, 2024 / Benevity Inc., the leading provider of global corporate purpose software, today announced a surge in corporate granting, with 38% year-over-year growth in grants processed on its platform. In 2023, Benevity clients made more than 25,000 grant disbursements worth almost $665 million. Benevity's growing client community has contributed to the increase, with a quarter of new clients in 2023 leveraging Benevity's grants management products as a part of their corporate social responsibility (CSR) programs.
Throughout 2023, Benevity has added 105 companies to its client community consisting of nearly 1,000 purpose-driven brands. Some of the new clients include Levi Strauss Foundation, FirstEnergy Corp, Pinterest and others.
In a year marked by ongoing economic volatility and polarizing social issues, we are inspired by the number of businesses who are putting significant social capital behind their statements and truly exemplifying what it is to be purpose-driven.
- Kelly Schmitt, Benevity CEO
"In a year marked by ongoing economic volatility and polarizing social issues, we are inspired by the number of businesses who are putting significant social capital behind their statements and truly exemplifying what it is to be purpose-driven," said Kelly Schmitt, Benevity's Chief Executive Officer. "These companies are seeing the dual benefit of driving positive social outcomes while achieving brand trust and other measurable business benefits."
The growth in Benevity's client community and spike in corporate granting demonstrate that as brands are being held to a higher bar of trust and accountability, they are seeking ways to ensure they can reliably, consistently and efficiently manage all of their social investments across multiple geographies and nonprofit partners, make data-driven decisions, deliver the impact they want and communicate that impact to their stakeholders. To date, Benevity has managed 1.2 million grants worth $19 billion on its grants management platforms.
Benevity's grants management software has significantly enhanced the Levi Strauss Foundation's capacity to manage and distribute funds to both domestic and international community partners and improved the efficiency and transparency of the foundation's grant-making operations.
- Liz Tellez, Operations Manager at Levi Strauss Foundation
"Benevity's grants management software has significantly enhanced the Levi Strauss Foundation's capacity to manage and distribute funds to both domestic and international community partners and improved the efficiency and transparency of the foundation's grant-making operations," said Liz Tellez, Operations Manager at Levi Strauss Foundation. "We can now better align our philanthropic initiatives with our mission and values, ensuring that the grants we disburse are more targeted and impactful. Benevity also allows for better tracking and reporting of data, enabling our team to make data-driven decisions and optimize our grant-making strategy for the benefit of our community partners."
Volunteering has also continued its upward surge in 2023 as a way for companies to build greater community in a hybrid working environment. The number of unique volunteers grew by 56% in 2023 compared to 2022 and the average monthly volunteering participation rate grew by 59% compared to the previous year. Increasingly, purpose-driven brands are looking to align all of their social impact initiatives - granting, employee giving, volunteering and DEI efforts - in a holistic way to meet their corporate mission and drive strategic impact.
In 2024, Benevity is continuing to invest in reporting and data-driven solutions to help companies truly understand and manage their impact.
To learn more about Benevity and its grants management solutions, visit benevity.com/products/grants.
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About Benevity
Benevity, a certified B Corporation, is the leader in global corporate purpose software, providing the only integrated suite of community investment and employee, customer and nonprofit engagement solutions. Recognized as one of Fortune's Impact 20, Benevity offers cloud solutions that power purpose for many iconic brands in ways that better attract, retain and engage today's diverse workforce, embed social action into their customer experiences and positively impact their communities. With software that is available in 22 languages, Benevity has processed more than $14 billion in donations and 72 million hours of volunteering time to support 450,000 nonprofits worldwide. The company's solutions have also facilitated 1.1 million micro-actions and awarded 1.2 million grants worth $19 billion. For more information, visit benevity.com.
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SOURCE: Benevity