Funraise, a Long Beach-based nonprofit fundraising software provider, closed a $9.7m Series A financing.
The round, which brings the total capital raised to $13m, was led by Toba Capital with participation from Blaine Vess, Founder of Student Brands, which was acquired by Barnes & Noble last year for $58 million. In conjunction with the funding, Toba Capital will add former Dell executive Rajan Aggarwal to Funraise’s Board of Directors.
The company intends to use the funds to expand its product and technology teams, and increase sales and marketing to reach more nonprofit organizations.
Led by Justin Wheeler (CEO), Tony Sasso (CPO), Meagan Kirkpatrick (CMO) and Jason Swenski (CTO), Funraise offers complete solutions for nonprofits, including a CRM, donation forms, payment app, campaign sites, and peer-to-peer functionality, enabling organizations to do everything in one place.
The company, which has a team of 28 full-time employees, has signed nearly 400 customers, including the National Wildlife Federation, Action Against Hunger, Dressember and Prostate Cancer Foundation.
Funraise has also developed campaigns for Walgreens and Major League Baseball.