Hatch, a New York City-based company that offers an AI-based portal for fundraisers, has closed on $3 million in seed funding. The new round of funding was made possible by Differential Ventures, an AI-focused venture capital fund, along with contributions from Character, Howard Morgan, and other investors.
The term AI usually refers to artificial intelligence, but the staff at Hatch have overlaid the term Altruistic Intelligence as a second meaning. The Hatch portfolio of products offers nonprofit fundraising professionals information on individual donors, and the Altruistic Intelligence functions recommend personalized methods of engaging and soliciting these donors. The AI enables nonprofits to identify potential funders most likely to be sympathetic toward the organization’s mission, as opposed to relying solely on wealth-based calculations.
Hatch had announced $1.5 million in pre-seed funding in July 2022 from computer scientist and philanthropist David Magerman, as well as other investors including charity auctions facilitator CharityBids Founder and CEO Israel Schachter and Cark Valberg, co-founder of online whiteboard platform provider InVision. In all the, company had raised $2 million in total funding before securing the most recent $3 million round.
“With this new funding, we’re all set to accelerate user growth and further develop cutting-edge tools for the nonprofit sector―like our new Hatch certification program,” company officials wrote in a statement announcing the newest round of funding. The certification program, which will train power users in the software, has not yet debuted.
Hatch is led by Founder and CEO Moshe Hecht, the former co-owner and CIO of charidy.com, along with Chief Technology Officer and Co-Founder Eyal Beigman.
“It’s not just about identifying the rich people anymore,” Hecht said in a statement accompanying the July 2022 funding round. “We’re moving into a new era of giving, where philanthropy is being driven by the collective power of the many rather than the exclusive power of the few.”
Entities that are either currently using or have previously used Hatch include the American Committee for Shaare Zedek Medical Center in Jerusalem, Elevate Branson, Friendship Circle, Touro University, Tuesday’s Child and Volunteers of America, along with more than 150 others.
