CIBC Innovation Banking acted as lead arranger of a $60 million syndicated debt financing commitment for Indianapolis-based Bloomerang, a complete donor relationship management solution for thousands of small and medium-sized nonprofits. The additional capital further accelerates the company’s ability to deliver its nonprofit relationship management platform.
“Bloomerang provides technology that supports core operations of non-profits looking to expand their initiatives,” Paul Gibson, managing director at CIBC Innovation Banking, said. “Our main goal with expanding the syndicate was to solve financing needs not just for the near term, but long-term as well.”
Bloomerang helps nonprofits acquire new donors, improve donor retention and increase donor engagement through its donor management and fundraising platform. The platform is designed to help small and mid-sized nonprofits become stable and thriving organizations.
“Bloomerang is in an exciting stage of accelerating growth and we’re thrilled to be able to help more nonprofits make a bigger impact,” Steve Isom, CFO of Bloomerang, said. “Our continued relationship with CIBC Innovation Banking enables us to deliver on our promise to help nonprofits thrive. The ability to secure this financing in the current market conditions is a testament to both Bloomerang’s momentum and CIBC Innovation Banking’s confidence in our business.”
“We believe that the syndicate has the ability to scale even further as the company continues to grow. We look forward to continuing to work together for years to come,” Walt Sparks, executive director of CIBC Innovation Banking, said.
Bloomerang’s existing investor is JMI Equity.
