Bloomerang

Neither. Bloomerang is an operating company — a vertical SaaS business selling donor-management software to nonprofits. It is privately held and its capital structure includes a majority growth-equity investment from JMI Equity made in 2016 (per JMI Equity, 2016). Any institutional interest in Bloomerang would be as a direct private-company investment, not as a fund commitment or co-investment platform.

Ross Hendrickson and Jay Love co-founded the company in 2012. Love previously founded eTapestry, another nonprofit CRM, which he grew and sold to Blackbaud in 2007. His deep domain expertise shaped Bloomerang's product focus on donor retention and its fundraising-native database design, rather than adapting a generic sales CRM.

Bloomerang competes in the mid-market specifically by offering a database built for fundraising workflows from the start, rather than layering nonprofit functionality onto a general-purpose CRM. It targets smaller development teams — typical customers have 1–5 fundraisers — and emphasizes donor retention analytics as its core value proposition.

Bloomerang has made three known acquisitions: Kindful (2020), a fundraising CRM with integration and data-sync strengths; InitLive (2022), a volunteer-management platform; and Qgiv (2023), a digital fundraising and events platform adding auctions and peer-to-peer capabilities. These acquisitions broadened its product suite beyond core donor management.

There is no public signal of near-term IPO intentions. The company has been majority-owned by growth-equity firm JMI Equity since 2016 and has grown through acquisitions. Its scale and vertical focus make it a candidate for eventual private sale to a larger software consolidator, but management has not disclosed exit plans.