Tech for good company Sustainably has reached its crowdfunding goal of £300,000 with a week still to go.
As of this morning (15th February), the charity donation app had received over £302,000 from 251 investors and is now receiving overfunding. The campaign launched on January 18th, having made 80% of its funding by day two.
Sustainably provides a platform to donate money to charity when making cashless transactions by rounding up the cost of transactions and giving the excess to a charity of the user’s choice.
The new funds will go to opening up new markets for the company’s app, along with improving its functionality and launching a new business-orientated platform.
Investors in the funding round will receive shares issued at a future date as part of a convertible round.
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Founded by mother and daughter team Loral and Eishel Quinn, the company was launched in July 2019. It was based on the idea of giving people greater convenience and flexibility over how they donate to charity.
Based in both Edinburgh and London, the company started with links to 10 charities – it now works with at least 40 as part of its mission.
Sustainably has been recognised with several awards, including from Nesta, WeWork, Tech Nation, Finovate, and was a Top 10 Virgin Startup.
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Sustainably Co-founder and CEO Loral Quinn said: “We’ve so far won over 250 investors, who have collectively backed Sustainably’s giving tech with over £302k.
“By providing a continuous new revenue stream for good causes, we’re transforming frictionless giving. This funding will allow us to reach new users and charities, improve our app, and launch a B2B platform.”
The company’s Co-Founder and Chief Product Officer Eishel Quinn added: “Myself and Loral are really thankful to everyone who has joined the Sustainably crowdfunding community so far. It’s been really amazing to see the response.
“We couldn’t be prouder of the diverse team we’ve built at Sustainably, which has now grown to ten other members whose skills include software engineering, data science, marketing, user experience, user interface design and product design. We’re confident that we have a compelling customer proposition that will delight and deliver real value to our customers.
“We can’t wait to bring the roadmap to life – designing multiple ways to give and adding more features to the app. On top of that, we’re also about to start a corporate pilot with one of the largest UK insurers and their 16,000 staff. We recently launched our beta charity platform for causes to fully self serve on Sustainably which will enable us to onboard charities at scale. And finally our plans are underway to launch into international markets by 2023.”