TechSoup Completes $11.5 Million Growth Capital Campaign and Announces $16 Million Donation From MacKenzie Scott and Dan Jewett
Funds to enable TechSoup to grow the services it offers to NGOs, corporations and foundations.
SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ -- TechSoup, the leading nonprofit network facilitating distribution of technology solutions to civil society organizations globally, today announced two significant funding infusions that will help scale the digital infrastructure and technology solutions it provides nonprofits and civil society.
- In September, TechSoup completed a 3-year, $11.5 million capital campaign that included raising $7.5M through loans, recoverable grants and donations, and $4 million through a Direct Public Offering (DPO) of debt securities. TechSoup believes it was the first nonprofit that the Securities and Exchange Commission (SEC) qualified to raise funds nationally through the DPO's Regulation A+ / Tier 2 offering. The DPO structure enabled all members of TechSoup's community to make an impact investment, not just institutional funders. Both accredited and non-accredited individual investors and smaller organizations could participate with investment minimums of $50.
- In June, TechSoup received a $16 million grant from MacKenzie Scott and Dan Jewett to support an array of programs that will help get resources into the hands of people and organizations that need it most. "People struggling against inequities deserve center stage in stories about change they are creating," Scott wrote in announcing the couple's latest round of giving to 286 organizations. "This is equally — perhaps especially — true when their work is funded by wealth. Any wealth is a product of a collective effort that included them. The social structures that inflate wealth present obstacles to them. And despite those obstacles, they are providing solutions that benefit us all."
"We are so grateful for the support that our investors and MacKenzie Scott and Dan Jewett have provided us," said TechSoup CEO Rebecca Masisak. "Their generosity supports building the infrastructure for civil society—connecting organizations to one another, to resources, and accelerating the use of digital solutions to address complex issues."
TechSoup launched its capital campaign in 2018 to finance the scaling of five strategic initiatives and to increase its ability to adapt services to meet new needs and reach new NGOs around the world that are leveraging technology to create, connect, activate and transform their organizations and communities. With the $11.5 million in funding, TechSoup will be able to expand its capacity to deliver needed resources, in addition to increasing the number of nonprofits they support globally.
"The capital campaign, and in particular the DPO, embodies our belief that TechSoup's stakeholders come from a range of economic backgrounds but share a common belief in the importance of a strong infrastructural backbone for civil society," said Masisak. "This was more than just an investment—it was an opportunity to invest side-by-side with TechSoup and civil society organizations everywhere to build a better world."
The support from Scott and Jewett is unrestricted and will be used as general operating support for TechSoup's digital programs and NGOsource, including building the infrastructure to accelerate the useful movement of grants and resources into the hands of organizations. "This gift, given with trust for the value of the work we do, affirms that we are on the right track, and it re-energizes our motivation to innovate new solutions for an ever-changing planet," said Masisak.
About the TechSoup Global Network
The TechSoup Global Network brings together 60+ organizations on six continents that collaborate to support more than 1.3 million NGOs in meeting the world's most pressing needs. The partners, operating in 39 languages, are all united by a dedication to create social impact through access to technology. Together, TechSoup Global Network partners bring impact at scale.
About TechSoup
For nearly 30 years, TechSoup has provided the transformative technology solutions, the digital platforms, and the in-person experiences that enable people to work together toward a more equitable world. TechSoup manages the only global philanthropy program that brings together more than 825 corporations and foundations to provide technology donations to NGOs everywhere. TechSoup's data and validation services enable companies, foundations, and governments to connect their philanthropic resources with vetted NGOs around the world. TechSoup has reached than 1.3 million NGOs and facilitated distribution of technology products and grants valued at more than $16 billion. https://www.techsoup.org/
If you are interested in supporting TechSoup's work, you can donate here and sign up for TechSoup's newsletters here.
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