GoFundMe passes $3bn milestone in crowd donations

Charitable crowdfunding platform GoFundMe is experiencing rapid growth and announcing that the total raised through the platform now exceeds $3bn.

The figure is an increase from the $2bn milestone the company passed only five months ago in May.

The California-based platform launched in 2008 and claims to have attracted a community of more than 25 million donors.

Its growth owes primarily to its leverage of social networks with campaigns regularly going viral and becoming news stories.

GoFundMe reportedly processes more than $100m in donations each month and is monetised through a 5% fee on all transactions made through the platform.

The company raised an undisclosed Series A round in July led by Accel Partners and TCV.

The investment saw the six investors that participated take a majority share and buy out co-founders Brad Damphousse and Andrew Ballester.

Accel partner Rob Solomon was made CEO of GoFundMe as part of the deal that saw it valued at $600m.

Copyright © 2016 FINTECH GLOBAL

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