Non-profit crowdfunding platform GiveGab has raised $1.5m in a venture funding round.
The investment was supplied by New York Ventures, the venture capital division of development agency Empire State Development.
Through this equity, the company will look to grow is sales and engineering teams, and evolve its SaaS platform. Capital will also be used for ‘ordinary working capital requirements.’
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.
Capital from the round will be used to further the development of its technology.
Empire State Development CEO Howard Zemsky said, “New York Ventures is proud to assist companies like GiveGab that are bringing high-skilled jobs and economic activity to Upstate New York. By investing in new and innovative firms, we can encourage the next generation of entrepreneurs to settle and create jobs in the Southern Tier.”
The funding round will bring the company’s Series A round to a total of $9m. GiveGab initially picking up $7.4m for the series earlier in the year, with Cayuga Ventures leading the investment.
Earlier in the year, Give Gab completed the acquisition of fellow online fundraising platform Kimbia for an undisclosed amount. Through the deal, GiveGab hopes to implement Kimbia’s legacy and experience to develop its own platform and boost customer service.
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