GoodBox Closes £9 Million Funding Round to Help combat cashless crisis
GoodBox, the world’s first consolidated platform for digital giving, announces the closure of its latest funding round, having raised £9 million. The funding will fuel its mission to transform the global non-profit sector by using technology to better connect donors with the causes they care about.
Founded in 2016 on the insight that an increasingly cashless society was having a devastating impact on charitable giving, GoodBox built a suite of award-winning contactless devices for the non-profit sector. Since then, it has partnered with over 1,500 non-profit organisations to modernise their fundraising. In doing so, GoodBox has processed millions in donations and enabled returns on investment of up 85% for the organisations it works with.
While 2020 brought us the heart-warming story of war veteran Captain Sir Tom Moore raising nearly £33 million for the NHS for his 100th birthday, the picture for the wider non-profit sector was a gloomy one. Pro Bono Economics estimate a £10 billion funding shortfall for charities as a result of the pandemic as demand for services soar and funding dries up. GoodBox’ own data showed a staggering decline in donations of 97% from February to April 2020.
Having recently partnered with organisations like Pret A Manger and supermarket chain Sainsbury’s to bolster their philanthropic efforts, GoodBox has enabled some of the UK’s largest fundraising campaigns throughout the pandemic. The closure of its latest funding round, and continued support from existing investors such as tennis champion Andy Murray, will allow the company to continue innovating tech solutions for the third sector, with a number of exciting, industry-first product launches lined up for the year ahead.
David White, GoodBox CEO said: “Despite the obvious challenges of 2020, we have continued to onboard new charities on the GoodBox platform throughout the year; evidence of the huge boom in digital payments and the sector’s appetite to adapt. The closure of this round will solidify our position as a partner in fundraising to the global non-profit sector, enabling us to offer a wider range of solutions that will help non-profits engage more donors and raise vital funds for their causes. We are pleased to see continued investment into technology built for the third sector and look forward to realising our plans for 2021 and beyond.”
Francesca Hodgson, Co-Founder & Managing Director said: “At GoodBox we are acutely aware of the impact of COVID-19 on the non-profit sector; income has been reduced to the tune of billions yet demand for services are up. It is now more vital than ever that non-profits are able to access effective digital fundraising innovation to raise much needed funds and connect with their communities. GoodBox continues to invest heavily in sector specific innovation which includes contactless giving, to improve tools and outcomes for non-profits. Through our work, we strive to amplify the efforts of our incredible non-profits. We look forward to continuing our work to drive much needed technological advancements to one of society’s most valuable sectors.”