GoFundMe acquires nonprofit fundraising platform Classy

The crowdfunding platform GoFundMe introduced Thursday that it has signed a deal to amass the nonprofit fundraising firm Classy

The crowdfunding platform GoFundMe introduced Thursday that it has signed a deal to amass the nonprofit fundraising firm Classy, a transfer that may assist the biggest crowdfunding website additional enhance its affect within the philanthropic sector.

Under the settlement, Classy will grow to be a subsidiary of GoFundMe and the 2 will function individually below the management of GoFundMe CEO Tim Cadogan, based on a news launch from GoFundMe.

The firm didn’t disclose particulars of the deal. But it stated the “all-equity” deal was signed earlier this month and is predicted to shut within the first quarter.

“GoFundMe’s imaginative and prescient is to be essentially the most useful place on the earth and partnering with Classy allows us to try this in a differentiated method,” stated Cadogan, including that the acquisition “can create a uniquely highly effective community that connects donors on GoFundMe to nonprofits who use Classy.”

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According to Cadogan, $5 billion was raised by each firms final yr — with nonprofits garnering $1.1 billion in donations on Classy’s platform.

Classy CEO Christopher Himes stated the acquisition will assist nonprofits elevate extra money “to allow them to enhance their programmatic impression.”

“By leveraging the ability and scale of the GoFundMe community, we are able to open doorways to attach people giving to a GoFundMe marketing campaign with the nonprofit organizations addressing the basis trigger driving the necessity,” Himes stated within the news launch. “This is a chance that would change our business in a method that has by no means been completed earlier than.”

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The Associated Press receives assist from the Lilly Endowment for protection of philanthropy and nonprofits. The AP is solely chargeable for all content material. For all of AP’s philanthropy protection, go to https://apnews.com/hub/philanthropy.

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