Crowdfunding firm GoFundMe has bought CrowdRise, a fundraising firm focused on nonprofits and charities, including the American Cancer Society and UNICEF, TechCrunch reported Tuesday (Jan. 10).
Financial terms of the transaction were not disclosed. CrowdRise also, the site said, serves events, such as the Boston Marathon and the New York City Marathon.
As noted by TechCrunch, GoFundMe has helped raise $3 billion over 2 million campaigns through the past several years.
CrowdRise has raised $25 million in funding, according to CrunchBase, while PitchBook said that the firm has raised as much as $31 million. The latest valuation for the company stood at $91 million, said PitchBook.
TechCrunch reported that the latest deal comes amid acquisitions within crowdfunding, as other notable transactions included Kickstarter’s buy of Drip. The site also noted that GoFundMe, which has been growing in triple-digit percentages, had itself been a possible acquisition target for PayPal.
In an interview with TechCrunch, investor Fred Wilson stated: “I think it’s a really smart combination, pairing GoFundMe, the leader in charitable crowdfunding, with CrowdRise, the leader in providing philanthropic crowdfunding tools to charities, events and corporations. I believe that putting CrowdRise tools on top of GoFundMe’s network is going to supercharge what CrowdRise customers, present and future, can do in terms of fundraising.”