FlipGive, the Toronto-based sports team funding app, has raised $5 million in a Series A financing. The round was Canadian venture capital investor Framework Venture Partners, with participation from iGan Partners and FJ Labs.
FlipGive has developed a platform that enables sports teams, clubs and member organisations across North America raise money through everyday shopping. The app has partnered with hundreds of brands including Apple, Home Depot and Nike to allow users to earn cash back from purchases made through its platform.
“We have only scratched the surface of what is possible in the world of team-sport and club fundraising,” said co-founder and CEO Mark Bachman.
“With this investment, we will be able to provide our service to a larger, more diverse group of members and give them access to the tools they need to raise funds quicker and easier than ever before.”
Peter Misek, partner at Framework, added:
“Framework is incredibly excited about working with Mark, Nicholas, and the rest of the FlipGive team to tackle the tremendous friction associated with fundraising.”
The investment will fund talent growth, the development of enhanced product features and the addition of brand partners to enrich the value members receive from the platform.
The money will also go towards increased marketing and provide resources for member acquisition.