Philanthropi startup raises $4m to power charitable giving legacies of everyday donors
Philanthropi, the company revolutionizing charitable giving by democratizing philanthropy through its "giving-as-a-service" platform, announced it raised $4 million in funding from lead investor Amex Ventures, with participation from Live Oak Ventures and Darco Capital. This funding will help Philanthropi advance its mission to let every individual create their own personal, charitable foundation.
Philanthropi uses bank technology to give any individual access to charitable giving through tax-advantaged, donor-advised funds that are typically reserved for high net-worth individuals. At the same time, the company's technology also gives charities easy, low-cost access to individual donors. In 2020, 69% of charitable donations in the U.S. came from individuals. Reaching and engaging these individuals continues to be a costly expense for charities. Campaigns for charitable donations are also often broad and impersonal and do not take into account the personal interests of the targeted giver.
Keith Leapheart, CEO and Founder, Philanthropi: "We're focused on fundamental improvements to the giving ecosystem by making it easier to connect charities and everyday philanthropists based on the individual's interests. Philanthropi offers individual givers the option to customize and select exactly where their dollars go, receive tax benefits for donations, and create individual or family foundations to track personal gifts over time."
Harshul Sanghi, Global Head and Founder, Amex Ventures: "Philanthropi represents the paradigm shift for charitable giving that donors have been seeking. They enable intentionality of choice based on a donor's interests, regardless of net worth. They also help individuals make giving a part of their daily lives, rather than a series of infrequent occurrences. We look forward to supporting the company as it grows."
Amex Ventures makes investments in companies that are driving forward the future of commerce, lifestyle, and financial services. Since its start in 2011, Amex Ventures has invested in several startups that are now industry pioneers.
Live Oak Bank, Philanthropi partner, client, and affiliate of Live Oak Ventures, reinforces the need to build sustainable charitable infrastructure across local communities especially those in Wilmington, NC. Since launching Philanthropi's platform in December, more than 70 percent of funds granted have directly supported charities in North Carolina.
Huntley Garriott, President, Live Oak: "Live Oak is proud to partner with Philanthropi to offer world class fintech solutions to our employees. We share a digitally focused vision to innovate and we seek to empower non-profit organizations with a simpler way to connect, engage, and empower the everyday giver. Philanthropi is leading the way to ensure community nonprofits have access to a next generation donor engagement giving platform."