Socialvest Closes Funding Round, Has Now Secured more than $2 Million Innovative approach to cause-based commerce expanding capabilities
ATLANTA, May 23, 2012 /PRNewswire/ -- Atlanta-based Socialvest, the leading cause-based shopping platform, recently closed their latest round of funding, led by Bluff Point Associates putting Socialvest at over $2 million in funding raised to date.
Socialvest is a free online service that allows users to shop, earn and give to the causes they care about. Socialvest offers consumers the opportunity to shop at hundreds of big brand national stores. Users earn money through these purchases that can then be donated to the nonprofit(s) of their choice via the Socialvest website, giving them the power to turn everyday shopping into extraordinary change.
The funding will be used to help the company continue to expand its product offerings and channel mix, including an upcoming iPhone application, leading to greater capabilities for Socialvest members to shop, earn and give.
"Our long-term goal is to continue to extend the Socialvest platform for users," said Adam Ross, Socialvest founder and CEO. "We're excited that we were able to raise this capital from Bluff Point Associates, and to continue capitalizing on the exciting growth stage of our venture and the overall rise in awareness of cause-based commerce."
Edelman's Good Purpose Report found that 86 percent of consumers believe companies need to place at least equal weight on society's interests as on business' interests. Another study noted that 83 percent of consumers would be willing to modify their purchasing habits to make the world a better place.
In 2010, Socialvest responded to this message by empowering consumers to shop and earn with leading retailers. The company extended its capabilities in 2011 with an optimized mobile website and the introduction of browser applications that allow users to shop and earn without having to go directly through the website. 2012 will see further innovation with the debut of an iPhone application giving cause-conscious shoppers the ability to purchase and give back with just a tap on their phone.
Socialvest users earn back a percentage of their total purchase from merchant partners. The earned funds are automatically deposited into Socialvest users' online Giving Account, and the amount received – and the retailer's participation – can be broadcast to users' friends and followers via social media outlets. Socialvest allows members to donate to more than 1.5 million nonprofits in the United States.
Socialvest is the fastest-growing cause-based online and offline shopping platform that benefits worthy non-profit organizations. With hundreds of top retailers from which to choose, U.S. shoppers can earn money to bank and donate to any combination of the more than 1.5 million registered non-profit organizations in the Socialvest network, at any time and at no additional cost to the consumer. Socialvest users earn money through www.Socialvest.us, shopping with participating retailers online, through the Socialvest browser application or the iPhone application. 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 VC-funded social good service founded by social entrepreneur Adam Ross.