iDonate, a startup company that develops fundraising software that connects nonprofits and donors, announced it has secured $15.2 million in a Series B business funding round. The raised capital was led by MissionOG and joined by returning business investors PerformanceEdge Partners and The Miles Foundation.
Rapid Growth Experienced
The startup company will use the fresh leveraged funding to boost sales, invest in marketing, and for its Connected Giving platform. iDonate is a leading developer of donation-processing technology, representing some of the biggest nonprofits across faith, education, human services, and healthcare sectors.
The new business funding round comes on the heels of iDonate’s continued business growth, with the startup company striking a deal with its 500th enterprise customer a few months ago. iDonate claims its platform has helped clients boost their average yearly growth of digital giving by 30%. Similarly, the compound annual growth rate (CAGR) and net revenue retention stood at 55% and 115%, respectively.
iDonate has achieved rapid business growth thanks to its proprietary “Connected Giving” platform. Through the platform, users can make donations using various channels, including web, mobile, event, peer-to-peer, and noncash.
With iDonate, the nonprofit has complete control over the donor experience and it can completely redesign the solution for each campaign. Furthermore, the platform can also integrate with other popular third-party apps and CRMs such as Salesforce and Microsoft Dynamics.
ZOE International, a nonprofit organization that uses iDonate’s solution, said the platform has helped it increase recurring giving by 20% since late last year. In addition, Alabama Baptist Children’s Homes claims that because of iDonate, its online business revenue has almost doubled over the past few years.
“Our mission has always been to help nonprofits stand out by creating incredible giving experiences,” said Ray Gary, CEO of iDonate.
“Today, donors expect an experience much like those at Uber, Amazon, or Netflix. We have sought to eliminate tedious administration tasks and hard-to-understand systems, all for the ease of leveraging data intelligence in a multi-system, multi-tier organization. With this investment from MissionOG, we can now leverage the strength of our core platform to attract, retain, and grow donors in a socially networked world,” he added.
Other iDonate business customers that utilize the startup’s platform include Guide Dog Foundation, Midwest Food Bank, Acts 29, and International Mission Board. Similarly, ROGO Foundation of Sandals Church, Jefferson University, Oklahoma Baptist University, and others also use iDonate’s platform.
Andy Newcomb, a Managing Partner at MissionOG, will be joining iDonate’s board of directors as a result of the latest business funding. Newcomb said there is currently a rapid transition within organizations from offline to online donation management as digital giving continues to gain momentum.
“iDonate’s team, platform, and unique approach will serve them well as they continue to scale their business,” Newcomb said.
The startup company intends to use the newly-raised business funding to scale its operations on a global scale and introduce new applications as well as strike new partnerships.
iDonate announced it has raised $15.2 million in a Series B funding round led by MissionOG, along with participation from existing investors PerformanceEdge Partners and The Miles Foundation.