Daxco Inc., a Birmingham, Ala.-based provider of on-demand software to nonprofits, has raised $7.75 million new VC funding from Frontier Capital.
DAXKO, Inc., a leading provider of on-demand software to nonprofits, today announced that the Company has received $7.75 million in expansion funding from Frontier Capital. Frontier is a private equity firm providing growth equity to business services companies.
DAXKO provides operations and financial management software for nonprofits, with a particular focus on YMCAs. Customers rely on DAXKO's solutions to service members, raise money, register for programs, manage finances, and process funds. With its proven on-demand solutions, DAXKO has become the leading software provider to the YMCA Movement, servicing a third of the nation's 2,600 YMCAs. Frontier's investment will support expansion of sales and marketing resources and enhancement of the company's proprietary suite of operations and financial management software solutions.
“Our consistent growth over the past five years can be attributed to the value of our solution, the commitment of our team, and the trusted partnership we've formed with our customers,” said David Gray, chief executive officer of DAXKO. “With this funding from Frontier Capital, we will be able to accelerate the development of our innovative technology, build out our operations, and increase the industry leading service levels that have come to define the standards for nonprofit software.”
“We have been very impressed with the progress and evolution of DAXKO as it has become the market leader,” said Andrew Lindner, managing partner of Frontier Capital. “As a result of its customer centric approach and easy-to-use software platform, DAXKO has become an invaluable partner to nonprofits seeking to operate more efficiently, grow healthier organizations, and serve their communities more effectively. We are pleased to partner with DAXKO in accelerating the company's growth trajectory.”
As a leading provider of on-demand software for nonprofits, DAXKO's services help customers realize significant return on investment by achieving operational efficiencies while focusing on growth strategies. DAXKO's services include DAXKO Operations, DAXKO Accounting, and MobileFit.
About Frontier Capital
Frontier Capital is a private equity firm providing growth equity to business service companies. These companies range from traditional to tech-enabled and deliver a differentiated service to their customers. They have a proven solution in the marketplace and need capital to accelerate growth, make acquisitions, or generate shareholder liquidity. The firm is based in