Pledge It, a sports-based crowdfunding platform, has held the $1.5m first close for its latest funding round.
1855 Capital, a newly launch venture fund headquartered in Pennsylvania, led the round and marks it first investment. The final target for Pledge It’s funding round is $2.5m.
Pledge It is a crowdfunding platform for athletes to raise money for their teams or charities by just playing sports.
It works by a user creating a funding campaign where they pick a sport, a stat (such as number of goals, touchdowns, home-runs), select a fundraising target and then the recipient of the proceeds. Fans can then donate money to the campaign towards each of the stats reached when playing games.
With the equity, Pledge It hopes to expand its team in central Pennsylvania.
1855 Capital managing director Matt Rhodes said, “Pledge It is a company with a tremendous growth prospects and solid Penn State roots. We can’t think of a better inaugural investment for 1855 Capital, and are pleased to become a part of the team.â€
1855 Capital is a $10m venture fund that is looking to invest in seed and early-stage round of startups in Penn State, a university situated in Pennsylvania. The firm aims to help companies that have roots in the university and helps its portfolio by utilising the faculty, students and alumni network.
It focuses on FinTech, EdTech, advanced materials, IT and healthcare, typically investing between $100,000 and $500,000.
Last month, veterinary expenses crowd-sharing platform eusoh closed its seed round on $2m, to support the launch of its platform. The company lets consumers to share the expenses of their vet bills with other owners to help bring down the unexpected costs.
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