Charity fundraising platform GivePenny has secured £1.25mn in investment to help further enhance its technology and expand its client base.
The investment comes from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds and private investors.
Stourbridge-based GivePenny was founded in 2015 by Lee Clark after an illness prevented him from taking part in a 100-mile bike ride for charity and he realised none of the time spent or miles covered during his training counted towards the donations made by his friends. The platform allows users to share data and base donations on different metrics, such as the amount of miles covered, milestones achieved, or by adding songs to playlists.
GivePenny is used by charities including Mind, Cancer Research UK and Help for Heroes and has raised over £3.5m in total for charities to date, having passed the £2mn milestone just over a year ago.
Lee Clark, CEO of GivePenny, said:
“The pandemic accelerated the move toward digital fundraising experiences and increased the need for innovation. As big rises in the cost of living create greater need for charity services against a tougher fundraising landscape, GivePenny’s mission has never been more important. This investment will enable us to further enhance the platform and help more charities – big and small – to continue their valuable work.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said:
“The MEIF aims to provide financial support to small and medium businesses in the Midlands to support growth. GivePenny is a perfect example of how the MEIF supports innovative ideas with levelling up potential to contribute towards the region’s socio-economic growth.”