The latest funding round is now confirmed for GoFundMe in a blog post this week. The blog post, published June 18 on the company’s site, will give GoFundMe the ability to grow. It will no longer be bootstrapped. The venture capital funding round now puts the startup at a value of $500 million.
GoFundMe has been attracting a lot of attention from investors. In fact, its investments have grown by a whopping 300 percent every year. For its funding campaigns, the startup has now raised an impressive $1.2 billion. And it could increase more in the future, of course.
The goal of the company to reach $100 million came by June. What is GoFundMe? It is a crowdfunding service that has pretty low overhead, and that means it can make a great profit and has good potential to do so.
The latest funding round was led by Technology Crossover Ventures and Accel Partners. Other players were Meritech Capital Partners and Greylock. Now it appears that the board at GoFundMe will include Woody Marshall of Technology Crossover Ventures, Greylock’s James Slavet, and Accel Partners’ John Locke. The powerhouses have built up huge companies such as Netflix, Facebook, and Spotify.
The venture capitalists are the first ones to sit on the startups board. GoFundMe will continue to attract the attention of campaigns that focus on the areas of education and aid. For example, it has been known lately for having campaigns dedicated to earthquake relief efforts for the people of Nepal.
Competitors to the startup GoFundMe include Tilt and Indiegogo. Both of those companies have also had projects focusing on helping survivors of the Nepal earthquake. GoFundMe campaigns have raised funds from donors for everything from volunteer outings to educational fees. With crowdfunding projects, people can raise funds faster online than they may be able to do in offline life.