iDonate Inc, a leading provider in digital giving solutions, today announced the completion of a new $15.2 million Series B financing round to fund business development. The round was led by MissionOG with existing investors, PerformanceEdge Partners and The Miles Foundation, also participating in the round. The company plans 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.
The 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. iDonate customers have embraced and deployed this platform as a standard within their organization leading to average yearly growth of digital giving by 30%. Furthermore, 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. 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 allows customers to easily connect the most popular CRMs and third-party applications including Salesforce, Blackbaud, and Microsoft Dynamics.
iDonate customers have experienced significant increases in digital giving by adopting the iDonate platform which attracts new donors and promotes recurring giving. 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.
"Our mission has always been to help nonprofits stand out by creating incredible giving experiences," said Ray Gary, CEO of iDonate. "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."
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 such as Jefferson University and Oklahoma Baptist University.
"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," said Andy Newcomb, Managing Partner at MissionOG and new iDonate board member. "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."
The company is now poised to scale 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.
For more information on iDonate, visit www.idonate.com.
iDonate is the leading fundraising software provider that exists to grow nonprofits and create a more generous world. Through giving channels such as website, peer-to-peer, text, and events, nonprofits are able to empower donors with the personalized experiences they are accustomed to online. The digital giving system uses integrated payment applications, performance analytics, and success coaching to ensure immediate and enduring growth. Launched in 2012 and headquartered in Plano, Texas, iDonate represents the top nonprofits in faith, education, human services, and healthcare. Through a commitment to generosity and innovation, iDonate has become the world's standard for donation processing technology.
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. MissionOG is headquartered in Philadelphia. For more information visit www.missionog.com.
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