£1.25m boost for tech firm to grow charity donor platform
A WEST Midlands firm which has developed a charity fundraising platform has secured £1.25 million in new investment to enhance its technology and expand its client base.
Stourbridge-based GivePenny’s platform enables charities to create digital fundraising experiences for their supporters that can be linked to popular apps like Strava, YouTube and Spotify.
Unique features designed for charities, fundraisers and donors helps to increase donations and engagement with users.
The company was founded in 2015 by Lee Clark after an illness prevented him from taking part in a 100-mile bike ride for charity and he realised that none of the time he spent during training counted towards the donations made by his friends.
The platform allows users to share data and base donations on different metrics, such as the amount of miles covered, milestones achieved or by adding songs to playlists.
GivePenny counts household names such as Mind, Cancer Research UK and Help for Heroes among its clients and has raised more than £3.5 million in total for charities.
Mr Clark said: “Engaging the public to encourage fundraising is key for charities and GivePenny makes it easy for them to achieve this.The pandemic accelerated the move toward digital fundraising experiences and increased the need for innovation.
“As big rises in the cost of living create greater need for charity services against a tougher fundraising landscape, GivePenny’s mission has never been more important. This investment will enable us to further enhance the platform and help more charities - big and small - to continue their valuable work.”
The new capital has come from the Proof of Concept & Early
Stage Fund, part of the Midlands Engine Investment Fund, which is managed by Henley-in-Arden firm Mercia along with backing from Mercia’s EIS funds and private investors.
Mercia’s investment manager Kiran Mehta added: “The growth in virtual fundraising events has created a gap in the market for a platform such as GivePenny.
“Lee and the team have created a strong product that sets itself apart from the competition in the way it integrates with other apps to increase engagement and donation size.”