Nonprofit crowdfunding platform Funraise has closed a $9.7m Series A round led by Toba Capital.
Blaine Vess founder Student Brands also participated in the Series A funding round. As part of the transaction, Toba Capital will add a second member to the Funraise board of directors.
Founded in 2016, the company is a fundraising platform for non-profit organisations, providing access to international donations and donor management tools. One of the company’s offerings is a donation reader which can be accessed on a phone or a specially designed device. The reader enables nonprofits to accept donations anywhere, and access live donation feeds and management tools.
The company helps to support a range of non-profit organisations including Comic Relief, Liberty in North Korea, and Mercy for Animals, among others.
Equity from this round will be used to expand its product and technology teams, as well as boosting its sales and marketing efforts to reach more nonprofits.
Funraise CEO and co-founder Justin Wheeler said, “As donors sharpen their interests, join movements and increasingly give online, organizations need the best technology and the smartest tools to connect with them.
“Funraise offers complete solutions for nonprofits, including a CRM, donation forms, payment app, campaign sites, and peer-to-peer functionality, enabling organizations to do everything in one place – and within a delightful platform.”
Following this investment, it brings Funraise’s total funding efforts to $13m. The company raised a $3m Seed round last year, which was also led by Toba Capital.
Last week, fellow nonprofit crowdfunding platform GiveGab acquired Rand Capital-backed Kimbia. Through the acquisition, GiveGab hopes to boost its presence in the market and support more nonprofits.
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