Groundswell Raises $15M for Employee Philanthropy
Groundswell, a Philanthropy-as-a-Service platform that’s empowering employees with their own personal donor-advised funds (DAFs), raised a total of $15M in seed funding. The round was led by GV (formerly Google Ventures), with participation from Human Ventures, Moonshots Capital, Felicis Ventures, and Core Innovation Capital.
“We want to create a new category of service that combines the best aspects of HR tech, fintech, and philanthropy,” says Jake Wood, Co-Founder & CEO, who previously led the highly regarded nonprofit Team Rubicon. “Our Philanthropy-as-a-Service approach is democratizing philanthropy for the masses, by enabling them to give better, smarter, easier, and more intentionally. We’re excited to have found investors who understand this vision, and want to work alongside us as we make it a reality.”
Groundswell provides a SaaS platform for philanthropic giving, which enables companies to fund personal donor-advised funds for each employee. Employee users are also provided with tools such as tax-free investment opportunities, customized giving opportunities, frictionless donation options, and centralized impact reporting.
The company intends to use the funds to add engineers and product staff and expand its commercialization efforts.
Announcement: Groundswell Raises $15M for Employee Philanthropy