Fundraising platform TapSimple has raised nearly £1 million (U.S. $1.3 million) in an investment round that will help it to continue to develop fundraising activity in what it describes as an increasingly cashless world.
To date, London-based TapSimple says it has raised £2 million (U.S. $2.6 million) toward its technology development.
Founded in 2018 by Alexander Coleridge and Tom Montague, TapSimple first launched with the Clip, a donation device that facilitates contactless and chip-and-PIN donations when paired with the TapSimple app. Clip has helped charities raise more at a time when TapSimple estimates 73% of charities are finding street giving failing because of the decline of cash.
This year, TapSimple launched a Virtual Events Platform, which includes integrated video conferencing, ticketing and an online donation service designed to help charities engage with stakeholders, volunteers and donors online. Its reporting dashboard can be leveraged to create campaigns, manage teams and volunteers, add Gift Aid and optimize donations.
“This raise confirms that now is the time for charities to embrace technological innovation and make charitable giving more accessible," TapSimple co-founder Coleridge said in a Monday press release. "As the fundraising environment changes, and consumer behavior shifts, charities who adapt now will be in the best position to thrive."
The news comes after TapSimple announced it would support retail giant Lidl with its fundraising efforts for the National Society for Prevention of Cruelty to Children (NSPCC) by supplying its contactless fundraising technology.
The investment arrives following a period of rapid growth for the TapSimple startup, which recently added Cancer Research UK to its portfolio of charity clients, and already supports major UK charities including Macmillan, the NSPCC, Children with Cancer UK and Christian Aid. TapSimple has signed 80 new clients since September and is paving the way for innovation in the voluntary sector.
“We are very excited to be unlocking digital donations so these charities can continue to make hugely positive contributions to society," co-founder Montague said in the release. "It is great to see the sector attracting investment at a time when new technology can make such a major difference for fundraisers.”
Investors in the round included Ecclesiastical, Lord Michael Spencer, Lord Mervyn Davies, Dominic Burke, and Anthony Bolton, joining previous round investors including NCVO chairman Sir Martyn Lewis.
