The Stripes Group said Wednesday that it has invested in GoFundMe. Investors including Technology Crossover Ventures, Accel Partners, Greylock Partners, ICONiQ Capital and Meritech also participated. San Diego-based GoFundMe is a crowdfunding site for personal causes.
Stripes Group is pleased to announce that we have invested in GoFundMe, a leading crowdfunding site for personal causes. Stripes is participating with a syndicate of leading investors, including Technology Crossover Ventures, Accel Partners, Greylock Partners, ICONiQ Capital and Meritech. As part of the transaction, a team of accomplished executives from technology firms including LinkedIn, Intuit, Yahoo and Groupon will be joining the Company during its next chapter of growth.
GoFundMe (“GFM”), founded in 2010 by Brad Damphousse and Andy Ballester, has seen tremendous growth since its inception, and has become a trusted leader in global crowdfunding for personal causes while remaining bootstrapped until this investment. The Company recently surpassed $100 million in monthly donation volume, and continues to grow quickly and profitably as the power of its platform becomes increasingly evident to both campaigners and donors everywhere. As the scope of the opportunity ahead of the Company became clearer, the founders decided it was the right time to find investment partners, announcing, “GoFundMe [has] decided to accept an investment from top-notch venture capital and growth equity firms. Their collective experience building global, world-class companies can help further elevate GoFundMe to its full potential so that even more people can raise money online for the things that matter to them most.”
“I think we can become the giving layer of the Internet,” said Rob Solomon, new CEO of GoFundMe. “In North America alone, nonprofits are a $300 billion-a-year industry. There’s a lot of fat in there. If we do our jobs well, we can remove friction as it relates to giving.” Solomon, who was formerly an executive at Yahoo and Sidestep (Kayak), most recently served as President & COO of Groupon. Alongside Solomon, David Hahn, formerly Vice President of Product Management at LinkedIn, and Hoang Vuong, formerly Vice President & GM of Demandforce (Inuit), will also be joining the executive team.
Ken Fox, Managing Partner of Stripes Group, said “GoFundMe is a truly special example of how the power of technology can be harnessed to transform people’s lives in previously unimaginable ways. By connecting campaigners with the funds they need to fund everything from educational fees to critical travel costs to medical expenses, GoFundMe is leading the way in transforming how money will be raised in the decades ahead. We believe we are in the earliest innings of this change, and that further investments in the GFM service will help put the power of the platform in the hands of even more users around the world. We are very excited to be working with the founders, new executive team and fellow investors at GoFundMe on the journey ahead.”
GoFundMe is a leading global crowdfunding platform focused on social giving. Since its founding in 2010, the Company has helped its campaigners raise over $1.2 billion from over 13 million donors globally. The Company’s easy-to-use platform, flexible campaign set-up, best-in-class customer support and social integrations have allowed it to quickly become a Top 200 website as it continues to help connect campaigners and donors from around the world to achieve their personal fundraising goals. For more information, visit www.gofundme.com.
About Stripes Group
Based in New York City, Stripes Group is a leading growth equity firm that invests in Internet, Digital Media, Software and Branded Consumer Products businesses around the world. For over a decade, Stripes Group has been partnering with market-leading companies with proven business models that are generating exceptional growth. For more information on Stripes Group, visitwww.stripesgroup.com.