GoFundMe, the crowdfunding platform that helps users raise cash for any number of events, has raised an undisclosed amount of money from an investment led by a number of venture capital and equity firms.
The capital raise was confirmed by the company via blog post on Thursday (June 18).
The latest financing round reportedly valued the company at as much as $500 million, according to TechCrunch, which cited an unnamed source who said the valuation could have been even higher than that. Investors have been drawn to GoFundMe as the company has logged growth rates in its funding at as much as 300 percent annually. The company itself has stated that its funding campaigns have raised $1.2 billion. GoFundMe has also said it had been targeting $100 million in funds raised through its platform on a monthly basis, but TechCrunch reported that target had been hit this month.
In reference to the financing round, key leaders included Accel Partners and Technology Crossover Ventures. Other investors included Greylock, Meritech Capital and Stripes Group. The new round also brings new board members to the company, including John Locke from Accel, James Slavet from Greylock and Woody Marshall from Technology Crossover Ventures.
“This investment will allow our team to deliver an even better fundraising experience to a much wider audience,” GoFundMe stated in its post.
TechCrunch noted that recent funding activity has marked crowdfunding startups, including Tilt, which has been backed by Andreessen-Horowitz. Tilt raised a funding round that valued the company at as much as $400 million. Up until this most recent announcement, the site noted, GoFundMe “has been relatively quiet” about its financing activities.
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