Virtuous, a fundraising platform for nonprofits, has closed an $18 million Series B raise, which will be used to further support the company’s goal to hire locally and expand the team nationally.
The money will also help support the company’s fast growth trajectory and improve product offerings. The raise was led by Fulcrum Equity Partners, a growth equity fund based in Atlanta.
“Virtuous is a leader in the NPO sector on a mission to innovate the way nonprofits grow generosity and build relationships with donors,” said Fulcrum Partner Jim Douglass in a statement.
Virtuous CEO Gabe Cooper expressed his enthusiasm for the future.
“We’re eager to expand our team with great talent so we can continue to deliver value to our nonprofit customers and empower them to grow global generosity,” Cooper said. “This partnership with Fulcrum Equity Partners and the fresh infusion of capital will better equip us to do so.”
Current investors also participated in the round, including midwest-based MATH Venture Partners, Oregon-based Seven Peaks Ventures and locally-based PHX Venture Partners.
Virtuous claims to be “built by fundraisers for fundraisers.” Cooper founded the Phoenix-based company in 2014. He’s a long-time software developer and entrepreneur who’s worked with some of the biggest charities in the world.
The Virtuous platform is designed to improve the way nonprofits fundraise and build relationships with donors by providing these organizations with useful tools and minimizing time-wasting tasks. The platform’s tools include a robust nonprofit CRM and fundraising platform, process automation, data analytics, a fundraising platform and multichannel marketing campaign help.
Virtuous has seen “significant year-over-year growth” since 2014, according to a statement provided by the company. In the past year, the Virtuous team has more than doubled in size and plans to grow another 40% by the end of the year.
Not only that, the company said it’s already surpassed its 2020 growth. It also recently acquired online fundraising platform RaiseDonors, which allows Virtuous to offer nonprofits flexibility and additional digital transformation help.
“Our accelerated growth over the past year is requiring us to advance our strategic roadmap to meet the growing demand,” Cooper noted.
“Because of their mission-driven focus and vision for changing the way nonprofits engage with donors, Virtuous has experienced strong organic growth, tremendous customer success, and has earned an outstanding reputation,” Douglass added. “We’re looking forward to supporting their continued growth and vision to bring the most innovative technology to nonprofits around the globe.”
The company currently has open roles in areas from customer success and engineering to marketing and sales. More information can be found here.