INDIANAPOLIS, IN and CHICAGO, IL--(Marketwired - Dec 13, 2016) - BidPal, the leading mobile fundraising platform helping nonprofits achieve their missions, announced that it has closed $6.0 million of new growth financing to aggressively expand its business. Click to Tweet.
MK Capital and Allos Ventures, current investors in BidPal, led a $3.5 million new equity round and Square 1 Bank, a division of Pacific Western Bank, provided a $2.5 million credit facility.
"We're really just scratching the surface in terms of the opportunities for digital giving. This financing will help us achieve our mission of connecting donors and organizations with affordable, best in class fundraising tools," said Steve Johns, BidPal CEO.
BidPal's suite of digital giving solutions includes online campaigns, event management, mobile bidding, Text2give® and an integrated payment processing platform -- SmartPay® Anywhere.
BidPal plans to use the new funds to significantly accelerate product development for its mobile fundraising platform, integrated payment processing solutions, and analytics suite. The company will also expand marketing and sales efforts and will continue to develop innovative solutions opening up new opportunities in peer-to-peer fundraising for events such as runs, walks, and rides.
"The future of fundraising is mobile and BidPal has built the leading mobile digital giving platform for nonprofits," said Kirk Wolfe, General Partner with MK Capital. "This funding will power the next phase of growth for BidPal."
"BidPal has experienced a tremendous amount of growth in recent years and we are pleased to continue our support of their growing platform," said Jeff Lampe, managing director of Square 1's technology banking practice in the Midwest. "With impressive investor backing from MK Capital and Allos Ventures, we believe the BidPal team is poised for great success and are excited to serve as their banking partner."
BidPal has powered thousands of clients with its year-round software-as-a-service online fundraising solution. In 2016 alone, clients have run over 2,500 campaigns raising hundreds of millions of dollars for their respective causes. As the "point-of-donation" for the $373 billion in U.S. annual giving moves to mobile, BidPal will continue to provide organizations with innovative technology enabling them to focus on their mission.
During 2016, the number of event fundraisers powered by BidPal grew by 33 percent, and the company increased its software subscriber count by 32 percent.
About BidPal, Inc.
BidPal creates mobile fundraising software that helps nonprofits engage donors and raise more money. Our Cloud-based mobile and payment solutions have helped nearly 2,800 organizations raise more than $1 billion through 8,300 events and connect with over one million unique donors. BidPal was ranked #74 on the 2013 Inc. 500 list of Fastest Growing Companies and #1 in Indiana. Connect with us on Facebook at Twitter.
Contact Information:
For information contact:
Linda Muskin
847.432.7300
Mara Conklin
847.816.9411