Newcastle-based affiliate fundraising platform GoRaise has received £600K in backing from angel investor Northstar Ventures, setting the group up for potential international expansion.
Founded in 2015, GoRaise is already working with over 2,500 retailers, including Marks & Spencer, Hotels.com and Virgin Atlantic – typically offering a 3-4% cut of every sale to a customer’s chosen charity.
The investment was split between Northstar Ventures-managed firms Astuta, and Finance for Business North East Accelerator Fund, and marks the platform’s first investment round to date.
According to founder Gary Thompson, the funds will be deployed to raise awareness of the platform and ensure it continues its “incredibly simple and frictionless process” for users, with further plans to expand operation into new markets.
“We’re currently on the lookout for new hires to fill roles in marketing, web development and community management. GoRaise will also be rolled out in the US, Australia, France and Germany,” said Thompson.
There’s no shortage of competition within the charitable cashback space; for example, easyfundraising offers a share of sales made via its platforms to select charities, while Quidco provides the option to donate cashback accrued from a purchase.
With vast experiences in startup consultancy, however, and a former chief executive of digital marketing agency Found, investors were impressed by Thompson’s ability and “undoubtable knowledge” in the performance marketing sector.
“He’s also a great example of an entrepreneur that wants to have a global and social impact,” commented Richard Charnley, investment manager at Northstar Ventures.
In excess of 80,000 charities can be donated to via the GoRaise platform, while users are also able to set up, host and monetise their own fundraising pages on the site.