Socialvest operates a free online cause-based shopping service that lets users shop at hundreds of big-brand national stores, earn money from those purchases, and donate the proceeds to nonprofits via its website. The company plans to use the new capital to expand its product offerings and channel mix, including an upcoming iPhone application. The funding round was led by Bluff Point Associates and brought total financing to more than €2m to date. Socialvest is led by founder and CEO Adam Ross and is based in Atlanta, GA. The article notes a prior $1M Series A announced in June 2011. SocialVest operates a free, cause-based shopping platform that enables users to shop and earn with over 600 leading retailers and then donate money to registered nonprofits. Retail partners include Target, Macy’s, Home Depot, Best Buy, Saks Fifth Avenue and Bloomingdales. The service lets users manage their online giving accounts through the platform. Social sharing tools allow users to share the amounts received and donated via Facebook, Twitter and other social channels. Led by founder and CEO Adam Ross, the company aims to use the funds to further develop its platform. In conjunction with the financing, Bluff Point Associates Managing Director Neil Gabriele will join SocialVest’s board of directors. SocialVest operates an online and in-store shopping platform that rewards users with cash rebates for purchases and enables them to pledge accrued funds to charities. Consumers register with their information and credit card, then shop through SocialVest’s online mall or at partnered physical stores. The startup has partnerships with more than 500 retailers, including Target, Macy’s, Home Depot, Best Buy, Saks Fifth Avenue and Bloomingdale’s. Rebates range from 1% to 15% on qualifying purchases and funds are held in users’ SocialVest accounts until pledged. SocialVest is the exclusive registered credit card shopping partner for the Causes community and supports donations to over one million registered non-profits. The company has raised $500,000 in seed funding. It faces competition from CauseOn, Causeworld and Endorse For A Cause.

Total raised

$2M

Funding rounds

3

Latest round

Series A

Latest activity

Jun 2011