Fundraise Up, a platform that helps nonprofit find donors and facilitate giving, has done it again for itself. The firm announced it received $70 million for a minority growth investment led by Summit Partners with participation from existing investor Telescope Partners. The deal closed on Dec. 23 and had been rumored for several weeks prior to today’s announcement.
Data from Crunchbase shows it is the sixth round of funding for the platform, based in Brooklyn, N.Y., for a total $80 million. The new money is Series B funding, which is typical with venture funding. Series A is more of start-up capital and Series C is preparation for an entity going public.
The new cash is expected to be used to expand product offerings, accelerate global market reach, and develop AI-powered solutions for fundraising and nonprofits’ impact.
Co-founded in 2017 by Peter Byrnes, Yuriy Smirnov, and Anton Isaykin, Fundraise Up was created to help nonprofits raise more money online. The Fundraise Up platform uses predictive AI in donor experiences and is designed to address complexities of traditional online donation processes, helping to remove donor friction.
Byrnes, Smirnov and Isaykin also founded Campus on Fire, a software development firm creating peer-to-peer marketplaces, also based in Brooklyn, N.Y. Byrnes is the Fundraise Up’s chief executive officer.
According to an announcement from the firm, UNICEF USA, The Salvation Army UK, the Canadian Red Cross and the American Heart Association are among the nonprofits using the Fundraise Up platform.
“We believe increasing demand for digital solutions in the nonprofit sector presents a significant opportunity for Fundraise Up, and we are thrilled to support the company as it enters a new phase of growth,” Michael Medici, a managing director at Summit Partners, said via a statement. “The Fundraise Up platform empowers customers to better engage with current and prospective donors, offering intuitive digital tools designed to increase conversion, enable modern payment methods, and personalize the giving experience. We look forward to working together to help the team drive meaningful impact for nonprofits seeking to leverage technology to enhance their fundraising efforts.”
Said Byrnes via a statement: “We look forward to leveraging Summit’s expertise and resources to help drive even greater impact for nonprofits on a local and global scale.”
