A 5-year-old cloud-based grant management platform has raised more than $10 million in venture capital funding.
Fluxx announced it has raised its first round of capital — $10.2 million in Series A funding — led by Felicis Ventures with participation from The Kresge Foundation. The funding will accelerate the development and rapid deployment of the Fluxx SaaS (software as a service) platform currently used by five of the top 10 foundations in the United States.
With investment from both the Silicon Valley venture community and its own customer base, Fluxx offers grantmakers technology to make more targeted and impactful gifts. Its SaaS platform enables organizations to visualize, track and analyze the progress of their funds while offering stakeholders complete visibility into how funds are used and the impact they have – available through any device.
The San Francisco-based company was founded in 2010 and launched 20 new implementations in the past quarter at nonprofits nationwide, including The Kresge Foundation. Fluxx was ranked #56 by Forbes in “America’s Most Promising Companies for 2014.”
“With more than $75 billion in assets managed through its platform today, Fluxx is the operating system of the world’s top philanthropic entities.” said Renata Quintini, general partner at Felicis Ventures, a boutique venture capital firm in Palo Alto, Calif. “By reinventing software for the nonprofit world, a previously overlooked but large and growing market, Fluxx enables an unprecedented degree of efficiency and transparency in this sector,” she said in a press release announcing the financing.
With both an enterprise and an out-of-the-box solution, the Fluxx platform was built to accommodate grantmaking and grantseeking organizations of any size and complexity, from foundations and corporations to small nonprofits and government agencies. The platform also has built a community within the grants ecosystem, where organizations at all stages can collaborate in real-time and share best-practices around giving.
“Our mission is to work hand in hand with the grantmaking community to enable a transparent, accessible and more connected grants management ecosystem while maximizing vital resources to the people and organizations working to make the world a better place,” said Jason Ricci, founder and CEO at Fluxx. “And, as today’s business leaders become tomorrow’s leading philanthropists, they will require more data-driven, elegant solutions for giving management. We are excited to have the backing of Felicis and Kresge as we embark on our next stage of rapid growth and modernize philanthropy at an even larger scale,” he said in a statement announcing the transaction.
Among its customers are the David and Lucile Packard Foundation, John D. and Catherine T. MacArthur Foundation and Knight Foundation. Its platform of products includes Fluxx Grantmaker Enterprise, Fluxx Grantmaker Streamline, Fluxx Grantseeker Enterprise, Fluxx Grantseeker Streamline and Fluxx Impact Intelligence.