Vennfi, an Atlanta, GA-based financial technology company for tax-exempt payments, closed a $2.3M seed funding round.
The round was led by Tom Blaisdell, formerly of DCM Ventures, with participation from Teamworthy Ventures, Duro.vc, Sovereign’s Capital, and Promus Ventures, alongside several return backers and new mission-aligned funds and individual investors.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Stephen Kump, Vennfi provides Charityvest, a platform which lets anyone instantly create a tax-deductible charitable giving account, known as a Donor-Advised Fund (DAF), which acts like a personal charitable foundation. Users can make tax deductible contributions of cash, stock, or cryptocurrency to their fund, direct donations at any time to over 1.4M nonprofits in the US from their fund balance, send gifts of charitable money to friends and family, and keep track of all of their giving activity with a single consolidated tax receipt.
Additionally, the platform helps companies automatically match their employees’ charitable giving with smart budgets and compliance tools. The corporate matching offering, called Charityvest for Workplaces, has been adopted by dozens of organizations and thousands of employees since it was publicly announced at Y Combinator’s Summer 2020 demo day in August. Employers can launch a charitable matching program in minutes and employees appreciate the easy to use, flexible interface.
On December 1, 2020, the company will launch zero-fee stock contributions, allowing users to make donations of appreciated publicly-traded stocks and ETFs, directly to their fund, from any brokerage.