Today we begin a new phase of growth.
Rohnert Park, CA (PRWEB) September 27, 2012
NonProfitEasy (NPE), a technology startup and winner of the North Bay Business Plan Competition, today announced a Series A equity funding commitment. The funding group includes significant participation from the North Bay Angels as well as several individual investors. Proceeds from the funding will be used to hire key staff, expand sales and marketing, provide support for its increasing customer base, and drive future product development.
Ninety percent of nonprofits run on multiple data systems that lack the integration needed to allow them to scale. With growing demand and a market estimated at over $1.7 billion, NPE is poised to capture substantial market share. “Today we begin a new phase of growth,” said Lomesh Shah, founder of NonProfitEasy. “We’re grateful to our investor partners for recognizing the strength of our business model and its classic play in compassionate capitalism. This financing allows us to continue with our mission to provide community nonprofits with a viable and affordable technology solution.”
NPE has benefited greatly from the mentoring and business services provided by the North Bay iHub and NPE’s funding success also marks a success for iHub. “Lomesh brought significant experience into NonProfitEasy,” says Ivo Austin, Business Development Manager for the North Bay iHub. “He was able to give back by mentoring other iHub entrepreneurs, while at the same time he benefited from the iHub’s business education programs, affordable office space, network connectivity, and the experience of winning the 2012 Business Plan Competition. NPE represents a success of the iHub’s vision as an incubator and a model start-up within this ecosystem.”
Part of the iHub’s value is in its relationships with outside organizations such as the North Bay Angels. Says Che Voigt, Vice-Chair of the Angels, “NonProfitEasy demonstrates the value a local business incubator brings to investors. Through our partnership with the incubator, the North Bay Angels were able to build a relationship with this local company prior to them looking for funding. When they were ready, we were able to lead funding. This is exactly the kind of relationship that will encourage investment, and we look forward to seeing many more opportunities come through the program.”
Investment in local start-ups shows immediate benefits for the local economy: scaling up NonProfitEasy means, first and foremost, new hiring. “We anticipate making as many as five key new hires in the near term in order to implement our growth strategy,” says Shah.