The Future of Fundraising
Announcing Rough Draft Ventures’ investment in Valet.io.
Every day, 10.7 million Americans go to work in the non-profit sector. The non-profit workforce is the 3rd largest of all U.S. industries, behind retail trade and manufacturing. From health to education, from the urban poor to rural farmers, non-profits work day-in and day-out for some of the greatest causes in the world.
Yet it’s an area virtually untouched by technology—“Non-profit? How will they pay for my product?” Nonprofits in the U.S. currently spend $60 billion annually to raise $300 billion. Every dime counts, and it’s not easy to market a product to customers in an industry where one of the main objectives is to maximize social output per dollar input.
The main fundraising vehicle for non-profits is the annual gala. Most organizations will have such an event, bringing in big donors and updating the community on the work done thus far. While donations trickle in throughout the year, the annual gala is structured to touch each large donor and maximize their donation. Large events are incredibly difficult to organize, but ensuring a personal connection to each guest is even more challenging.
Given the immense opportunity in this space, I’m proud to announce Rough Draft Ventures’ investment in Valet.io. The team—Ben Donald, Ben Drucker, and Jake Silberg—are committed to helping non-profits use technology to more effectively fundraise. Their unique solution helps non-profits organize silent auctions and increase engagement with donors during and after an event. It’s an exciting space with stuffy and antiquated competitors, and they’ve already made huge strides.
Cory Booker, now mayor of Newark, New Jersey, is running for U.S. Senate. After beta testing at several other venues earlier this month, Valet.io rolled out its product at one of his fundraisers. How’d they do?
Valet.io raised $5000 in the 30 seconds after Mayor Booker spoke.
What have you done in the last 30 seconds?
Non-profit doesn’t mean no profit. Billions of dollars flow through non-profit fundraising each year, and this team is poised to help that number grow, further benefiting the millions of people who benefit from the work non-profits do. The Booker event is just the beginning—I can’t wait to see what this team does next.
