SOURCE: SocialVest


June 16, 2011 00:00 ET

SocialVest Raises Money to Enhance Cause-Based Shopping Platform

Online Service Uses Social Media to Mobilize Consumers, Accelerate Donations

ATLANTA, GA--(Marketwire - Jun 16, 2011) - SocialVest, the leading cause-based shopping platform, has raised over one million dollars in a Series A financing round led by Bluff Point Associates. The funds will be used to further develop the SocialVest platform, a free service that rewards users with cash back for purchases from online and brick-and-mortar retailers. Money earned by SocialVest users can be donated to registered nonprofits, and donations are promoted via social media. SocialVest, which launched in September, previously raised a half-million dollars.

"SocialVest is capitalizing on the intersection of three extraordinarily powerful forces: shopping, consumer consciousness and social media," said Adam Ross, founder and CEO for SocialVest. "Our goal is to create a new paradigm for retail that enables consumers to spend as they would, while simultaneously supporting their favorite causes and motivating their friends to join them. We think the notion of shopping-based 'social giving' is going to be extremely popular."

"Social giving is a fast-growing, incredibly important industry, and SocialVest is the leader," said Bluff Point Associates Managing Director, Neil Gabriele who will join the SocialVest board of directors. "Adam and his team have developed a feature-rich platform that is far more mature than any similar service. The company has aligned itself with top retailers and a wide and growing range of nonprofits. We think this market and the SocialVest business are poised for rapid growth in 2011 and beyond."

Research has shown that 86 percent of consumers believe companies need to focus on their businesses and the community equally. Another study noted that 83 percent of consumers would be willing to modify their purchasing habits to make the world a better place. Respondents identified peer recommendations and authentic corporate social responsibility as top motivating factors when making purchases.

SocialVest has responded by empowering consumers to shop and earn with over 600 leading retailers, including Target, Macy's, Home Depot, Best Buy, Saks Fifth Avenue and Bloomingdales. Consumers simply sign up at the SocialVest website and begin shopping at its online mall, or at physical stores with whom SocialVest has partnered. To make online shopping ultra-simple, a SocialVest toolbar is also available.

SocialVest users can earn back between two and 10 percent of their total purchase from SocialVest merchant partners. The earned funds are automatically deposited into SocialVest users' online Giving Accounts, and the amount received -- and the retailer's participation -- can be broadcast to users' friends via Facebook, Twitter and other social channels. Donations made by SocialVest users to their favorite nonprofits can also be publicized via social media, raising awareness for important causes and motivating users' friends to get involved. SocialVest allows members to donate to over 1.5 million nonprofits in the United States.

About Bluff Point Associates
Bluff Point Associates is a private equity and venture capital firm based in Westport, Connecticut. Bluff Point actively invests in information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry. Bluff Point and its affiliates hold direct investments in Aplifi, Administrative Systems Imc. (ASI), InvestLink Technologies, Innovest Systems and Wealth Management Systems.

About SocialVest
SocialVest is the fastest growing cause-based online and offline shopping platform benefiting worthy non-profit organizations. With over 600 top retailers to choose from, U.S. shoppers earn money that accrues in their Giving Account and can be donated to any combination of registered non-profit (approx. 1.5 million) at any time at no additional cost to the consumer. SocialVest users earn money through, shopping with participating retailers in-store or through the SocialVest toolbar, and may leverage their cause interests through a variety of social networking elements. SocialVest offers an opportunity to turn everyday shopping into extraordinary change by creating an easy fundraising channel for important causes close to home and around the world. SocialVest is a privately funded social enterprise founded by social entrepreneur Adam Ross. For more information, visit

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