SAN FRANCISCO, March 8, 2017 /PRNewswire/ -- Fluxx, a leading vertical-cloud software company focused on grants management, today announced the closing of a $16 million Series B financing led by Canvas Ventures, with participation from Kresge Foundation and Felicis Ventures. The new funding will be used to accelerate its growth and develop new products for the philanthropic community.
Fluxx is used by hundreds of family foundations, community funds, corporate philanthropy arms, and government agencies. Its mission-critical, cloud-based software and flexible data platform serves customers of all sizes -- ranging from $1 million to $10 billion in endowments. Some of Fluxx's customers include Ford Foundation, MacArthur Foundation, and Knight Foundation.
Thousands of grantmaking professionals using Fluxx daily have collected, evaluated, distributed, and tracked more than $12 billion to grant-seekers worldwide. These grant-seekers are using the funds for social programs, investments, and scholarships that impact more than 100 countries.
"Fluxx's mission is to enable the philanthropic community to do their important work easier, faster, and more collaboratively," said Paul Hsiao, general partner at Canvas Ventures. "With total giving from foundations and corporations globally exceeding $150 billion in 2016, we see the potential that Fluxx can unlock through their innovative software and search technology. This is impact investing at its best, and we are delighted to be a part of the Fluxx family."
"We are fusing leading-edge technology with tried and true philanthropy," said Jason Ricci, co-founder and CEO of Fluxx. "In doing so, we are helping the charitable-giving sector be even more strategic and impactful with their resources. Our platform creates a highly collaborative and transparent cloud-based ecosystem for funders, grant-seekers, partners, and donors. It's extremely rewarding to be empowering people who have dedicated their lives to doing good."
How Fluxx Works
Fluxx's mobile and cloud-based grants management solution seamlessly integrates grants data with the people and organizations that matter. Through automated workflow management and personalized dashboards, every department can readily access critical data to make informed decisions. Robust Open APIs support multiple third-party applications including financial management solutions, analytics and reporting tools, and other integrations, enabling greater levels of operational efficiency.
After switching to Fluxx, clients report increased visibility into the entire grants management process, allowing for greater collaboration across internal teams and with grantee partners. The Knight Foundation was able to reduce the steps in their grantmaking process by 50% and improve their overall grantmaking speed by 60%. Optimized processes enable organizations, like Knight, to concentrate more on program strategies and relationships, and less on burdensome administration.
Fluxx has a mind for technology and a heart for philanthropy. Our vision and innovation are propelled by a deep commitment to transform the grant process and spark lasting good. Fluxx's cloud-based products are differentiated by a unique, intuitive user interface that makes collaboration, clarity and organization of data effortless. Large and small foundations, nonprofits, government agencies and corporations are dramatically shortening their grant cycles and making more strategic decisions with Fluxx. Until there is no further need for philanthropy, we will continue to expand our mission-critical solutions to drive real change. For more information, visit www.fluxx.io.
About Canvas Ventures
Named a "Top VC Firm to Watch" by the 2015 Forbes Midas List, Canvas is an early-stage venture capital firm based in Silicon Valley. Key investment areas include marketplaces, AI/machine learning, digital health, fintech, and "new enterprise." Canvas portfolio companies include: Fluxx, FutureAdvisor (acquired by BlackRock), CrowdFlower, Eden, Everwise, Folloze, HealthLoop, Hustle, Totango, Transfix, Viewics, Vida Health, and Zola. The partners are also known for investments they made prior to Canvas, which include: Lending Club, MuleSoft, Houzz, Evernote, NexTag, Check, Doximity, Upwork, Zenefits, Dropcam, Kabbage, and more. Paul Hsiao, Rebecca Lynn, Gary Little, and Ben Narasin serve as the firm's investing partners. Visit us at http://www.canvas.vc/.
About Kresge Foundation
The Kresge Foundation is a $3.6 billion private, national foundation that works to expand opportunities in America's cities through grantmaking and social investing in arts and culture, education, environment, health, human services, and community development in Detroit. In 2015, the Board of Trustees approved 370 grants totaling $125.2 million, and nine social investment commitments totaling $20.3 million. For more information, visit kresge.org.
About Felicis Ventures
Founded in 2006, Felicis Ventures is a boutique venture capital firm. Felicis invests in iconic companies reinventing core markets (Credit Karma, Adyen, Greenhouse), as well as those creating frontier technologies (Vicarious, Matterport, Pindrop Security). More than 60 Felicis portfolio companies have been acquired or gone public, including Fitbit (IPO), Shopify (IPO), Meraki (acquired by Cisco), Twitch (acquired by Amazon), and Dropcam (acquired by Google). To learn more, please visit www.felicis.com.