Vennfi, the financial technology company for tax-exempt payments, announced that it closed a pre-seed funding round of $1.1M, composed of a diverse set of seasoned private investors. It will use the investment to expand the platform’s capabilities and increase its growth.
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The company’s flagship platform Charityvest offers individuals and businesses free tax-deductible charitable giving funds. Users can donate cash or stock to their fund, make donations to any of the 1.4M nonprofits in the U.S., and keep track of all of their giving activity with a single consolidated tax receipt. The experience has been called “Venmo for charitable giving.” Since launching in December 2019, Charityvest has facilitated giving to over 300 nonprofits and received nearly $2M in charitable contributions from donors.
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Charityvest uses donor-advised funds (DAFs), which have traditionally been marketed to wealthy donors. The platform has dramatically reduced the complexity and cost of DAFs and can offer its funds with no fees or minimums.
Unique aspects of Charityvest are that 100% of donated funds go to charities, and any organization can receive funds with no setup or contract.
Charityvest’s mission is to enable generosity through technology. It aims to foster habits of intentional giving among donors, which has been shown in numerous studies to increase positive psychological effects and decrease anxiety and depression.
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