Organization Creates B Corp Certified Subsidiary to Deploy Investment and Grow Donations Platform
WASHINGTON, DC (May 20, 2014) - The leading donation platform, Network for Good, announced today that it has raised a $10 million round of funding led by Camden Partners, a Baltimore-based growth equity investor. Network for Good has created a subsidiary, a for-profit technology company NetworkforGood.com, to accept the investment and more rapidly expand its giving platform, services and staff to unleash more generosity for more charities.
The investment includes participation from Jean and Steve Case, Bill Me Later co-founder Vince Talbert, and other investors. Concurrent with the investment, NetworkforGood.com has also acquired Talbert’s startup, GiveCorps, a company with the same giving-based mission that is staffed with former members of his Bill Me Later team. Talbert will join NetworkforGood.com’s Board of Directors as chairman, along with David Warnock, senior partner and managing member at Camden.
“Camden prides itself on investing in transformative companies run by strong management teams,” said Warnock. “Network for Good is no exception. The organization’s 12-year record of superior service for nonprofits, combined with the talent the GiveCorps acquisition brings, bodes well for continued growth.”
NetworkforGood.com provides nonprofits and partners with innovative technology and support services needed to execute modern, results-oriented fundraising campaigns across online, mobile and social channels. The company has already received B Corp certification awarded to companies that use the power of business to solve social problems, while meeting higher standards of performance, transparency and accountability. NetworkforGood.com is led by social entrepreneur and CEO Bill Strathmann.
“Network for Good was created 12 years ago with the sole purpose of unleashing generosity – enabling anyone, anywhere to give to charity. So far, we’ve delivered on that mission with the distribution of $1 billion in donations to more than 100,000 charities,” said Strathmann. “Now, with this funding and our new social enterprise, we are investing in our technology and our people and expanding our capacity to help more charities raise more money… and do good faster.”
Network for Good follows a long line of nonprofits – from Sesame Street to the National Geographic Society – that have created for-profit ventures in response to demand for their services. NetworkforGood.org will remain an owner of NetworkforGood.com as a nonprofit organization focused on unleashing generosity through its donor-advised fund with its same Board of Directors and Chairman Scott Case, co-founder of Priceline.com.
About Network For Good
Network for Good’s nonprofit donor-advised fund uses the Internet and mobile technology to securely and efficiently distribute thousands of donations from donors to their favorite charities. It has distributed $1 billion to over 100,000 charities. Network for Good’s Certified B Corporation offers online fundraising software and coaching for nonprofits. The company also works with corporate partners to implement effective cause initiatives with its proven online giving platform. To find out more, please visit www.networkforgood.com.
About Camden Partners
Camden Partners is a Baltimore-based private equity firm focused on seed and growth stage investments in healthcare, education, technology and business services companies. For more information, please go to: www.camdenpartners.com.