INDIANAPOLIS (Inside INdiana Business) — An Indianapolis-based tech company has received a strategic growth investment from Baltimore-based growth equity firm JMI Equity. Bloomerang, which has created a donor management software platform, says it will use the funding to further help its nonprofit clients generate value from donor relationships.
Financial details of the investment, as well as ownership details as a result, are not being disclosed.
“We started Bloomerang with a vision to improve nonprofit effectiveness through smart, intuitive technology and world-class customer service and support,” Ross Hendrickson, chief executive officer of Bloomerang, said in a news release. “This partnership with JMI allows us to retain our autonomy as a company, while giving us access to resources that will help us continue to grow and further our mission of helping nonprofits do good.”
As a result of the investment JMI General Partner David Greenberg and Partner Vinny Prajka will join the Bloomerang Board of Directors.
The investment comes about a year after Bloomerang announced plans to invest $1 million to nearly double its headquarters by acquiring and renovating a historic building adjacent to its current headquarters at Fort Benjamin Harrison in Indianapolis.