TORONTO, July 23, 2019 /PRNewswire/ -- FlipGive—the Toronto-based company that has reinvented how youth sports teams across North America raise money—and Framework Venture Partners—a software-focused venture capital firm—announced a $5 million Series A that will help FlipGive continue to accelerate how youth sports, member organizations, and clubs fundraise.
With further participation from iGan Partners and FJ Labs, the investment will fund talent growth, the development of enhanced product features, and the addition of brand partners to enrich the value members receive from the platform. Funding will also support increased marketing and provide resources for member acquisition.
"We have only scratched the surface of what is possible in the world of team-sport and club fundraising," said Mark Bachman, FlipGive co-founder and CEO. "With this investment, we will be able to provide our service to a larger, more diverse group of members and give them access to the tools they need to raise funds quicker and easier than ever before."
FlipGive has revolutionized the fundraising space by partnering with hundreds of national brands to provide cash back from purchases made through its platform. Some of these include Apple, Under Armour, Walmart, Home Depot, Nike, and Buffalo Wild Wings. Instead of relying on traditional bottle drives or the awkward candy bar and raffle ticket shakedown, over 35,000 teams and clubs have used FlipGive to raise $20M through everyday purchases at their favorite retailers and restaurants.
FlipGive's Series A round is Framework's first investment from a $150 million fund that will focus on supporting rapidly scaling tech companies in Canada and abroad.
"Framework is incredibly excited about working with Mark, Nicholas, and the rest of the FlipGive team to tackle the tremendous friction associated with fundraising," said Peter Misek, Partner at Framework Venture Partners. "We deeply believe in FlipGive's ability to service a market in dire need of intuitive, user-driven tools that can help families and other groups of people reduce the financial burden related to sporting and other organized activities."
"We are very excited to see FlipGive enter this new era," said Sam Ifergan, Founder and Managing Partner at iGan. "Having been invested in the company from the beginning, it is very fulfilling to see the vision become a reality. We know FlipGive will be an important enabler of youth sports as well as an incredible marketplace."
"FJ Labs invests in high-friction markets that can be improved for both sides by a central platform," said Fabrice Grinda, co-founding Partner at FJ Labs. "FlipGive, lead by stellar CEO Mark and team, is well on its way to transforming the overlooked market of fundraising for team sports. The proof is in the numbers – the growth is phenomenal and we're thrilled to be a part of the journey!"
To learn more about how FlipGive is completely revolutionizing how teams and clubs across North America raise the funds they need to be successful, please visit FlipGive.com.
FlipGive is a free team funding app that makes raising money a breeze. Teams earn cash when they shop with their favourite brands for groceries, gas, clothes, equipment, meals out, travel and more. Over $20M has been raised by groups, simply from their everyday spending. Launched in 2016, FlipGive is headquartered in Toronto. For more information, visit flipgive.com.
ABOUT FRAMEWORK VENTURE PARTNERS
Framework Venture Partners is a software-focused venture capital firm that combines a unique data-driven investment process with a collaborative engagement model with the mission of helping entrepreneurs build and scale world-class companies. Led by co-founders and partners, Peter Misek and Andrew Lugsdin, who combined bring more than 35 years of domestic and international VC experience, Framework Venture Partners invests in software companies with a focus on businesses re-imagining the consumption and delivery of financial services, or applying artificial intelligence solutions to large industry-specific datasets. For more information, visit http://www.framework.vc.
ABOUT IGAN PARTNERS
iGan Partners is the largest healthcare VC investor in Canada with an exceptional track record of successfully building innovative companies. The firm invests in entrepreneurs to commercialize and scale their disruptive technologies. iGan follows a disciplined due diligence process with a focus on creating value as well as leveraging their unique capabilities to help companies succeed. More about iGan Partners: http://www.iganpartners.com/.
ABOUT FJ LABS
FJ Labs is an early-stage venture firm/startup studio focused on online marketplaces and consumer Internet companies. Founded by serial entrepreneurs Fabrice Grinda (OLX, Aucland, Zingy) and Jose Marin (Deremate, IG Expansion), FJ Labs has backed over 500 companies including Alibaba, Betterment, Delivery Hero, Fanduel, and Flexport, and has been directly engaged in building companies such as AdoreMe, Merlin, Letgo, and Rebag. More about FJ Labs: https://www.fjlabs.com.