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Virtuous Softwar raises $3M in Fresh Capital to help more Nonprofits raise money

Wednesday, May 1, 2019   (0 Comments)
Posted by: Jennifer Blair
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By   – Reporter, Phoenix Business Journal

Virtuous Software Inc. has raised $3 million in fresh capital to help more nonprofits raise money.

The Phoenix-based customer relationship management and marketing automation software helps nonprofits tailor messages to individual donors, track donors by their passions or geographic location and use big data analytics to see which relationship needs more attention.

The company's Series A financing round was led by Chicago-based Math Ventures, and included participation from Arizona Tech Investors, Desert Angels, Arizona Founders Fund and Maclellan Foundation Inc. from Chattanooga, Tennessee.

The money will be used for sales and marketing, said Virtuous CEO and founder Gabe Cooper.

“We’ve been doubling our revenue and customers year over year, and we would like to ramp that up even faster,” said Cooper, who didn’t disclose revenue or customer numbers. “This gives us the opportunity to serve more nonprofits, help them raise more money and have a bigger impact on the world. We want to help them increase their impact.”

Virtuous said the size of its average customer is increasing. Newer, bigger customers include Harvard Kennedy School, San Diego Comic-Con International, Meals on Wheels, Habitat for Humanity and American Foundation for Suicide Prevention.

“We’re excited to have some bigger names in the market,” Cooper said.

Last fall, Virtuous launched its fastest-growing product line of donation processing, offering online donation forms for nonprofits.

Virtuous has 17 employees and plans to hire up to another 15 people in the next 12 months.

“Now, we’re able to recruit some of the big, top [software-as-a-service] talent to help us in the cause,” said Cooper.

The startup was one of 10 winners in the Arizona Commerce Authority’s Fall 2018 round of the Arizona Innovation Challenge. Once meeting all the milestones Virtuous will receive $150,000. Virtuous also was one of the finalists in the growth category in the Venture Madness conference in February.

The company is based at the Department coworking space in downtown Phoenix. It will move into a dedicated office on the fifth floor this summer in the Department’s new expanded space, Cooper said.

Virtuous began in 2015 as a spin-off from Cooper’s full-service digital agency Brushfire. The company previously raised $2.2 million in a seed round.

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