Indianapolis-based BidPal Inc. says a new $6 million round of funding will help "aggressively expand its business." The mobile fundraising platform received more than half the funding from MK Capital of Chicago and Launch Fishers-based Allos Ventures. Pacific Western Bank division Square 1 Bank is providing $2.5 million in credit.
The company says the funds will "significantly accelerate" platform, integrated payment processing and analytics suite product development, as well as boost marketing and sales efforts and open new opportunities in peer-to-peer fundraising.
CEO Steve Johns says "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."
This year, BidPal says its clients ran more than 2,500 campaigns raising hundreds of millions of dollars for their causes and it says the number of event fundraisers using BidPal technology grew by 33 percent this year. Its software subscribers also grew at a similar rate.
You can connect to more about the funding round by clicking here.