Submittable Secures Largest-Ever Venture Capital Investment in Montana
Submittable, the software company focused on helping nonprofits, governments and corporations accelerate their social impact work, has just secured Montana’s largest-ever venture capital investment.
The Missoula-based company has announced the close of its Series C funding with a successful investment of $47 million in funding. The round was led by Accel-KKR with support from existing investors.
The company’s next steps will see the funding go towards growing their team with the intention of doubling staffing. After doubling revenue in the year prior, the capital will support the much needed labor to effectively scale.
Submittable was founded in 2010 by local entrepreneurs Michael FitzGerald, Bruce Tribbensee and John Brownell. After 9 years of dedicated R&D and commercialization, the company secured $10 million in venture capital.
Thor Culverhouse, CEO of Submittable, said the social impact sector has experienced “unheard-of” growth in recent years as public, private and nonprofit entities have all increased the funding going towards justice, equity, diversity and inclusion.
Submittable’s technology provides a start-to-finish grants management platform to simplify and streamline the process of applying for and tracking grants. The platform allows users to track the entire initiative from the first grant application to the final report using workflow automation, funds distribution services, and reporting tools.
In 2020, the state government of Montana used Submittable’s platform to roll out multiple grants to distribute federal CARES Act funding to businesses and individuals impacted by the pandemic.
This record-breaking funding round could have great implications for the state, bringing more high-paying jobs and investments to the region. It may even inspire local entrepreneurs to maintain their roots and grow their ideas right at home.
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