The venture capital cash continues to roll into the nonprofit tech sector. Online board management platform Boardable completed a $1 million seed round of financing from High Alpha Capital last week. Both firms are based in Indianapolis, Ind.
Boardable previously raised $1.35 million through an early-stage friends and family investment round backed by Indianapolis-area angel investors, according to the firm.
Boardable officials plan to invest the funding into talent, product, marketing, and sales, aiming to double full-time employees, from its current eight, by the end of 2019, the firm. Eric Tobias, partner at High Alpha Capital, will join Boardable’s board of directors.
“Nonprofits have been overlooked from a SaaS perspective for a long time, and now we’re starting to see venture capital coming in, and that’s exciting news for not just Boardable, but for the entire nonprofit tech space. We believe High Alpha Capital’s involvement will be transformative, and we look forward to having Eric join our board and help us accelerate,” Jeb Banner, CEO of Boardable said via a statement.
“The collaboration between Boardable and High Alpha Capital is a natural fit. I have a long history of working with members of the High Alpha team on several projects, so I know and trust them. Boardable had originally planned to do a smaller bridge round, but it didn’t take long for us to see High Alpha Capital’s value as a strategic asset,” said Banner.
“The transfer of wealth in the U.S. over the next 20 to 40 years will be significant, with most experts estimating that $50 to $60 trillion will change hands. We believe a significant portion of this transfer will make its way to nonprofits, making them even bigger operations than they are today and encouraging them to make increased investments in technology,” said Tobias via the same release.
Founded in 2017, Boardable has more than 350 customers in more than 20 countries and eight full-time employees based in Indianapolis, Ind., according to the firm.