Vertical software45% entry signalMarket screen7 sourced figuresOne thing must be trueincumbent vulnerability

Nonprofit & Fundraising Software

Prepared 2026-09-09

The buyer population — Grant-making and giving services

Base industry report for 8132 →
Establishments · CanadaA
3,172
with employees
Under 10 employeesA
74%
most common size: 1–4

Of 3,172 Canadian establishments with employees, 74% have fewer than ten — mostly small operators. Each of those is one potential account, before any filter for size or fit.

Entry signal — what decides who wins here

One thing must be true
Structure decides One thing must be true Execution decides

Entry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.

What you would have to beat

Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.

How it was read
Binding constraintUNVERIFIEDincumbent vulnerability — Executional — a better operator can move it.
Measured inputsUNVERIFIEDnot applied — This is a software market. The industry’s business counts describe its BUYERS, not the market being entered, so they are left out of the signal.
How many new establishments are still tradingA
Other Services (except Public Administration), US · opened 2020
85.2%
1 year
71.8%
3 years
60%
5 years
42.1%
10 years
opened 2015

Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.

This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.

Companies named in this market · 10

The binding constraint — incumbent vulnerability

Blackbaud holds roughly half of mid-to-large deployments and monetises payments on $31B of donation flow — the same payments-attach model that makes the restaurant and salon markets hard. Salesforce serves the long tail free through Power of Us, so the SMB end has a zero price floor and the enterprise end has a payments-subsidised incumbent. Note a data-quality problem: one published source puts the entire 'nonprofit software market' at $0.35B in 2026, which is a third of Blackbaud's own revenue. That forecast is unusable and is recorded here only as a caution about the category's market-sizing literature.

Angel-backed companies1
in the Canadian portfolio dataset
Province mixON 1

Sectors joined: Social Impact

[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.

I

The incumbent

Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.

Incumbent
Blackbaud (NASDAQ: BLKB)
Scale
TTM revenue $1.14B as of 31 March 2026; Q1 2026 GAAP revenue $281.1M, +4.2%. Processes ~$31B in charitable donations annually
Share
~40–50% of US mid-to-large nonprofit CRM deployments; top five hold 40–45% of global revenue
Challengers
Salesforce (Agentforce Nonprofit, ~55,000 nonprofits via Power of Us), Bloomerang (acquired Qgiv, Jan 2024), Neon One, Virtuous, Keela (Canadian)
Lock-in mechanism
Not assessed — screened before diligence
Price movement
Not assessed
Is the buyer consolidating?
No
F

Financials & market size — sourced

Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.

Blackbaud TTM revenue (31 Mar 2026)A $1.14B
Blackbaud Q1 2026 GAAP revenueA $281.1M, +4.2%
Donation volume processed annuallyB ~$31B
Share of US mid-to-large nonprofit CRMB ~40–50%
Top-five share of global nonprofit software revenueB 40–45%
Salesforce nonprofits served (Power of Us)B ~55,000
Published 'market size' that cannot be rightC $0.35B (2026) — smaller than the leader's revenue
$

Market size, derived

Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.

Revenue floor
$1.1B

Disclosed revenue from 1 of 4 named vendors. The market is at least this large.

Implied total — revenue ÷ share
—

No vendor has both a disclosed revenue and a published share.

Published forecast
$350MPublished figure impossibleC

The published figure is smaller than the single vendor known to operate inside this market. It cannot be right and is not used.

Competitor set · 4 named · 1 disclose revenue

NameRevenueShareNote
BlackbaudNASDAQ: BLKBA $1.1B — TTM 31 Mar 2026
Salesforce (Agentforce Nonprofit)B not disclosed — ~55,000 nonprofits via Power of Us; nonprofit revenue not disclosed
BloomerangC not disclosed — Private; acquired Qgiv Jan 2024
Neon One / Virtuous / KeelaC not disclosed — Private; Keela (Canadian) was acquired by Aplos in 2024
S

Startups & challengers

Newer and smaller vendors going at the incumbent — funded challengers first. Named, not researched to the depth of the field above; a company with a page here links to it.

CompanyStageWhat it doesRaised
Daxko Funded challenger Membership, billing and program software for YMCAs, JCCs and health clubs. —
Givebutter Funded challenger Free fundraising platform and donor CRM for nonprofits: forms, events, auctions $50m
Temelio Startup Grant management software for foundations and grantmakers —
Giveffect Scrappy competitor All-in-one CRM, fundraising and volunteer software for nonprofits. —
KarmaSuite Scrappy competitor Grant management software for foundations and grantmakers —

Evidence

Evidence. Incumbent financials and market-share figures on this record ARE sourced (tier A/B, see the financials block). The cut factor and reasoning remain analyst judgment and were not tested against customers.

#

Where the industry talks

The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.

AssociationCanadaC
Imagine Canada
imaginecanada.ca

National umbrella body for Canadian charities and nonprofits, with a Standards accreditation program (April 2026 press release). Blocked automated access.

Checked 2026-09-22
AssociationOntarioA
AFP Greater Toronto Chapter (Association of Fundraising Professionals)
afptoronto.org

Largest AFP chapter; site says AFP represents more than 30,000 fundraisers worldwide. AFP's own site (afpglobal.org) blocked automated access.

Checked 2026-09-22
AssociationUSA
NTEN (Nonprofit Technology Network)
nten.org

Membership community for nonprofit technology practitioners; no member count stated on its About page

Checked 2026-09-22
EventNorth AmericaA
Nonprofit Technology Conference (NTC)
nten.org

NTEN's annual conference; 2027 edition March 23-26 in Portland OR and virtual

Checked 2026-09-22
AssociationOntarioA
Ontario Nonprofit Network (ONN)
theonn.ca

Independent network for Ontario's 64,000 nonprofits (that figure is the sector, not membership); no member count stated

Checked 2026-09-22
PublicationCanadaA
CharityVillage
charityvillage.com

Canadian nonprofit news, jobs and salary-report site; publishes an annual sector salary and benefits report

Checked 2026-09-22
PublicationUSA
The Chronicle of Philanthropy
philanthropy.com

US news and advice publication for nonprofits and foundations

Checked 2026-09-22
SubredditInternationalA
r/nonprofit
reddit.com

RSS feed returned posts dated 21 Sep 2026 on fundraising and operations questions

Checked 2026-09-22

Hilborn Charity eNews (charityinfo.ca) did not respond and is not listed.