Fundly. Remember that name.
This week the company, intended to help non-profit groups reap the benefits of cloud-sourced fundraising efforts generated through social media, raised a whopping $5 million in capital this week. One of the forces behind Fundly, Mark Goines, has also been a driving force behind Mint.com and WePay, and has made no secret of his belief in the power of cloud-based services.
The fact is, cloud-based services have proven not only their value but their popularity with consumers who have flocked to sites like DropBox, Flickr and Awebber that offer online storage and services to millions of users. Fundly intends to offer similar online based services to non-profit groups, specifically helping them raise money and collect donations via social media networks. This is hardly a new idea. Most organizations, from political campaigns to grassroots efforts to help communities devastated by tornadoes, have already realized the power of social media to mobilize fund raising efforts. Fundly intends to better organize those efforts and offer a more streamlined process.
As a social media marketer I understand the power of social media to motivate people to do things, but I also realize the most benefits are received by those groups that use social media to build a strong relationship with people. Having a service such as Fundly which makes this process simpler is great, but it does not remove the requirement that you build strong relationships with your donors. This requirement remains regardless of what you are doing with social media or how you are doing it.
“Fundly’s mission is to make the best online and social fundraising technology available to all non-profits, no matter their budget”, said Dave Boyce, CEO of Fundly.
Mitch Kapor, partner at Kapor Capital and an early seed investor in Fundly, said, “Fundly leads the social fundraising space with a platform that helps non-profits raise money without spending money. They have a list of customers scheduled to be announced that are big, recognizable names. Their momentum is building and they will continue to distance themselves from the competition.”
Non-profits, large and small, can get started on Fundly for free, paying only a small transaction fee on funds raised. Setting up a new campaign page, which taps into all major social media platforms, takes less than two minutes. This is very different from the legacy fundraising platforms in the non-profit market, which can take months to install.
“Non-profits in the US raise over $300 billion a year. Only 13% of this is being raised online, but large non-profits are growing online fundraising 56% per year. Plus, social media platforms like Fundly enable non-profits to turn donors into fundraisers for their cause, which has the potential to grow this even more,” said Darian Rodriguez Heyman, co-producer of Social Media for Non-Profits.
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