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Home Tech Windfall nabs $21M for AI that aids nonprofit fundraising

Windfall nabs $21M for AI that aids nonprofit fundraising

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Windfall, a startup creating an AI platform to assist nonprofits have interaction donors, right this moment raised $21 million in enterprise capital. The firm says the funds might be used to spend money on product R&D, the enlargement of its crew, and the scaling up of Windfall’s advertising and gross sales operations.

Securing donations stays among the many high challenges philanthropic organizations face regularly. Eight % of nonprofits noticed the variety of philanthropies competing for {dollars} as one of many largest limitations to their charitable impression, a 2019 Statista survey discovered. Crises just like the pandemic threaten to exacerbate this. According to the Association of Fundraising Professionals, greater than half of U.S. nonprofits anticipated to boost much less cash in 2020 than they did in 2019, and an equal share imagine the identical will happen in 2021.

Founded in 2016 by Arup Banerjee, Cory Tucker, and Dan Stevens, Windfall provides estimates of potential donors’ web price on the family degree, leveraging information and machine studying to make projections. The platform additionally delivers contextual evaluation, placing donor databases in a framework that can then be used for information science. 

With Windfall, nonprofits can prioritize donors and apply insights to section the donors and focus outreach. The firm claims its platform can sync thousands and thousands of information with Salesforce, HubSpot, Shopify, and different apps on a weekly foundation.

“With a focus on the affluent, Windfall delivers a precise net worth figure, not a range, and a spectrum of deterministic consumer attributes at the individual household level,” the corporate writes on its website. “Windfall’s proprietary data set is completely rebuilt on a weekly basis, giving customers the best and latest insights on their constituents.”

Windfall’s present spherical follows a seed spherical in 2019 that raised $9 million and allowed the corporate to proceed constructing its shopper monetary information merchandise. Windfalls says it had a 3 instances year-over-year development fee in 2020 and that its buyer base exceeds 500 organizations, together with the Environmental Defense Fund, Make-A-Wish, and the University of Michigan.

“At Windfall, our focus is empowering our customers to access the most reliable data and insights possible, but that’s just the beginning,” CEO Banerjee mentioned. “We’ve built artificial intelligence and machine learning into our platform to drive better decision-making, enable teams to develop comprehensive data-driven strategies and build that into their existing workflows. It’s a truly transformative approach for our customers.”

David Lamond led San Francisco, California-based Windfall’s sequence A with participation from EPIQ Capital Group and present buyers Bonfire Ventures, Bullpen Capital, Cherubic Ventures, and ValueStream Ventures. It brings the corporate’s whole raised thus far to $30 million.

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