- iDonate — a leading provider in digital giving solutions — recently announced it completed a new $15.2 million Series B financing round. These are the details.
iDonate — a leading provider in digital giving solutions — recently announced it completed a new $15.2 million Series B financing round to fund business development. This funding round was led by MissionOG with existing investors, PerformanceEdge Partners, and The Miles Foundation, also participating in the round. The company is planning to use the proceeds of the capital raised to accelerate sales, marketing, and support of the company’s Connected Giving platform as well as to propel forward future development from its product roadmap.
This investment follows iDonate’s continued track record of rapid growth, with the company adding its 500th enterprise customer earlier this year – implementations that can include thousands of chapters and donors connected. And iDonate customers have embraced and deployed this platform as a standard within their organization leading to average yearly growth of digital giving by 30%. Plus the company’s compound annual growth rate for adding new customers exceeds 55% and its net revenue retention for retaining and growing customers stands at more than 115%.
This growth and retention is solidified on a proprietary and patented Connected Giving platform that supports web, mobile, event, text, peer-to-peer, and noncash giving. And iDonate gives total control of the donor experience to the nonprofit through its patent-pending Software Developer Kit (SDK), providing full customization of each solution for every campaign. The platform’s rich extensibility and integration layer allow customers to easily connect the most popular CRMs and third-party applications including Salesforce, Blackbaud, and Microsoft Dynamics.
iDonate customers experienced significant increases in digital giving by adopting the iDonate platform which attracts new donors and promotes recurring giving. And examples of iDonate’s impact include ZOE International which has benefitted from a 20% increase in recurring giving since the fall of 2020 and Alabama Baptist Children’s Homes which has nearly doubled online revenue over the past five years.
iDonate’s roster of customers includes organizations such as Guide Dog Foundation and Midwest Food Bank; faith organizations such as Acts 29, ROGO Foundation of Sandals Church, Campus Outreach, and International Mission Board (IMB); Federated organizations including affiliates of United Way and Jewish Federations; and higher education institutions like Jefferson University and Oklahoma Baptist University.
The company is now poised for scaling its business operations globally with plans for additional applications to be added to the giving suite and partnerships to expand services that integrate well into the overall vision.
“Our mission has always been to help nonprofits stand out by creating incredible giving experiences. 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.”
— Ray Gary, CEO of iDonate
“We’re thrilled to partner with and be a part of the journey with the iDonate team to simplify and accelerate giving to so many worthy global causes. With digital giving beginning to generate the kind of momentum that we’ve witnessed in consumer e-commerce, we now see the rapid shift that organizations are making from offline to online donation management. iDonate’s team, platform, and unique approach will serve them well as they continue to scale their business.”
— Andy Newcomb, Managing Partner at MissionOG and new iDonate board member