Access Ventures Inc. seems to have a thing for tech companies who work with nonprofits.
The Louisville venture capital firm announced it made a big investment this week in Louisville’s MobileServe LLC, whose mobile app helps track volunteering. And now, the firm has invested in Phoenix, Ariz.-based Virtuous Software, whose technology helps charities track and maintain their relationships with donors.
Access Ventures was the lead investor in the roughly $1.5 million round, which the company says will help it launch new key features for its products and increase marketing and sales efforts. All told, Virtuous Software has raised some $2.2 million since 2015.
“A staggering number of nonprofits have been handcuﬀed to antiquated and confusing donor management tools that treat donors as transactions,” CEO Gabe Cooper said in a release. “Virtuous is being enthusiastically embraced by nonprofits because our software introduces data-driven, relationship intelligence and tools that are easy-to-use for everyone at the organization.”
The customer relationship management, or “CRM,” software helps charities build relationships with their donors with automatic messaging, tracking and analytics. Cooper said the company has on-boarded more than 250 users in the past year, and is on track to beat its goals for 2016.
Access’s recent investment in MobileServe, in Louisville, will help the company add staff and bring on its CEO full-time. MobileServe has developed an app for volunteers and their organizations, and now is launching a tool that would help nonprofits track and retain volunteers.
“It is part of Access Ventures’ larger investment goals to find promising technologies designed for social good,” TJ Abood, Access’ director of investments, said in the release. “Virtuous is a perfect market fit, enabling nonprofits of all sizes to focus on what they do best without being held back by outdated technology.”
Source: Louisville Business First, Baylee Pulliam
Photo: TJ Abood, director of investments Access Ventures. (Tim Harris)