Toronto-based FlipGive has raised $5 million CAD in Series B funding as it expands its fundraising software platform for youth sports teams, allowing other companies to launch their own fundraising initiatives.
Leveraging the existing model of its direct-to-consumer platform, FlipGive now wants to help tech companies in the sports, education, and charitable sectors seamlessly embed a fundraising-via-cash-back model into their offerings. It launched its embedded cashback rewards shopping platform this month, designed to provide its partners with a new source of revenue.
BDC Capital’s Thrive Venture Fund participated in the round, as well as Framework Venture Partners, which previously invested $3 million into FlipGive as part of the startup’s $5-million Series A round in 2019.
Other investors that contributed in this Series B round include iGan Partners, Fontainebleau Investments, and MaRS IAF.
A spokesperson for FlipGive told BetaKit that this round brings the startup’s total funding raised to $20 million.
44 percent of parents say they struggle to fund their kids’ sports and activities.
Launched in 2016, FlipGive offers an online platform that connects merchants to consumers through community fundraisers. Teams can raise money by receiving cash back through shopping with over 800 stores that FlipGive has partnered with. The startup describes this model as a “modern take” on fundraising that lowers cost for youth sports.
“Everybody shops. With FlipGive, everyday shopping delivers reliable, recurring online donations year-round via cashback rewards that are donated to the supported cause,” said FlipGive CEO Amy Halpenny.
Halpenny also noted that youth sports have become more expensive as families feel the pressures of rising inflation rates. She said that 44 percent of parents say they struggle to fund their kids’ sports and activities. To date, FlipGive claims over $50 million has been raised through its platform.
RELATED: FlipGive raises $5 million Series A to help reinvent how youth sports teams fundraise
Saskatoon-based TeamLinkt, which provides sports-management and team apps to help coaches and managers organize leagues and clubs, has become the first user of FlipGive’s embedded cashback fundraising platform.
FlipGive has made several enhancements to its platform as part of its mission to make it easy to fundraise for youth sport teams.
In April last year, FlipGive launched a suite of financial tools for its platform. These are meant to help team managers, parents, and volunteers with budget planning, fee collection, tracking, and transparency.
Featured image courtesy Unsplash.