Online crowdfunding platform Kimbia has been acquired by Rand Capital-backed GiveGab.
Kimbia is an online fundraising, crowdfunding and event management platform for nonprofits. The Texas-based company offers a P2P solution to help charitable organisations to engage their supporters and use real-time reporting tools to monitor success.
GiveGab is a nonprofits online fundraising platform which allows people to make donations or contribute to crowdsales. The platform offers a range of solutions including, donor management, supporter engagement, event funding, and volunteer management.
The acquisition allows both Kimbia and GiveGab to advance the everyday giving market, which are one day crowdfund raises. Through the acquisition, GiveGab hopes to implement Kimbia’s legacy and experience to develop its own platform and boost customer service.
GiveGab hopes this acquisition will help it to become one of the biggest charitable software platforms, which currently sees it have the support of over 40,000 nonprofits.
Rand Capital president and CEO Allen Grum said, “GiveGab has grown significantly since our initial investment in 2013. It is exciting to see successful advancements of our portfolio companies, from both a financial as well as a market penetration perspective.”
Rand Capital initially invested in to GiveGab in 2013 as a participation to the company’s $15m Series A funding round. The firm was joined by lead investor Cayuga Venture Fund of Ithaca, and other backers Great Oaks Venture Capital, and Excell Partners of Rochester.
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