Faith-based tech company Gloo raises $110M

BOULDER — A Boulder-based company that specializes in technology services for ministries and faith-based organizations has raised $110 million in financial investment.

Gloo Technologies LLC, which was founded in 2013 by Scott and Theresa Beck and is headquartered at 831 Pearl St., announced last week that the funds will go to an assortment of projects, accelerating development of the “Gloo platform,” which includes free and premium ministry tools and marketplace offerings, and to funnel new investment capital toward ministry-based technology, products and services.

“So often faith-aligned capital leaves the faith ecosystem,” Gloo CEO Scott Beck said in a prepared statement. “That means ministries that need the goods, services and capital to fuel their growth don’t have access to essential resources. Our goal with this investment round, funded by 100% mission-aligned investors, is to reinvest the capital back into the ecosystem in the form of capital investments and continued development of our growing platform that connects the faith community at scale.”

The investment aligns with plans to expand the “Discover” marketplace on Gloo, which offers the faith community a range of free and premium products and services that meet the specific and ongoing needs of ministry leaders.

“Gloo is accelerating our investment in marketplace motions to create uniquely curated experiences tailored to the faith ecosystem,” John Fowle, Gloo’s chief financial officer, said in a news release. “Investing in a marketplace is not just about enhancing our platform; it’s about empowering our users with the tools and resources they need to make a positive impact in their communities.”

The company said it is planning further investments to accelerate artificial intelligence specifically tailored to the faith ecosystem through its “AI and the Church Initiative” and an AI hackathon to be held Sept. 13-15 in Boulder.

The initiatives are geared to encourage responsible use of the technology. Gloo in 2023 partnered with the Barna Group to conduct a survey on Christians’ opinions of AI that found only  22% of respondents saying they believed AI was “good for the Christian Church.” By contrast, 51% disagreed with the statement, and 27% were unsure.

Earlier this year, Gloo launched a new division, Gloo Ventures, focused on investments in and acquisitions of organizations that bring value to the faith community. In July, it acquired ChurchSalary and Church Law & Tax, two sister news sites, from Christianity Today magazine. The deal closed on May 1, but financial terms of the acquisition were not made public.

Gloo Ventures will include investments in AI-based tools to help church leaders responsibly leverage the technology.

“It’s clear to us that the faith community is seeking greater connection,” Beck said. “The Gloo platform is already enabling those connections in a variety of ways including enabling over 25 million text-based ministry interactions, connecting over 400,000 people in need to local ministries and resources, and enabling the exchange of value between thousands of ministry equipping partners and over 70,000 Gloo churches.”

Gloo closed the latest funding round in the first half of this year, which included investments from a diverse group of mission-aligned partners, including a partner in small group content, a global child development ministry, a denominational provider of financial services and a provider of church building and development loans.

“We choose our investors carefully,” Beck said. “Finding close missional alignment, driving great financial outcomes, and guarding against mission drift are key drivers for us. Ultimately, our commitment is to connect the faith community, so every ministry can achieve its mission. We’re committed. We’re resourced. And we’ve never been in a better position to achieve this goal.”

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