Boston-based EverTrue, maker of an education fundraising platform, has closed on a $5.25 million Series A funding round led by Bain Capital Ventures. Other investors in the round include Boston Seed Capital, TechStars CEO David Cohen, Bonobos CEO Andy Dunn and Trunk Club CEO Brian Spaly. The money will go toward product development and team expansion in engineering, design, sales and marketing.
EverTrue, an education fundraising platform, today announced a $5.25 million Series A funding round led by Bain Capital Ventures with participation from existing investors Boston Seed Capital, TechStars CEO David Cohen, Bonobos CEO Andy Dunn and Trunk Club CEO Brian Spaly. Bain Capital Ventures joins a prestigious list of higher education leaders who have invested in EverTrue including Harvard Corporation Member Paul Finnegan, Brown University Trustee Sam Mencoff, Northwestern University Trustee Tim Sullivan, University of Pennsylvania Overseer Jim Perry, Georgetown Regent Brendan Carroll, former University of Chicago Trustee Ned Jannotta and Buckley School Trustee Thomas Lehrman.
The funds will be used for new product development and team expansion in engineering, design, sales and marketing.
Founded at Harvard Business School by Brent Grinna in 2010, EverTrue is a graduate of TechStars Boston and a winner of MassChallenge. The company’s first product is an alumni networking app built on top of LinkedIn’s API. This product was designed and developed in partnership with LinkedIn’s Higher Education team and is currently being used by over 100 prep schools and colleges in six countries better track and engage alumni and donors. EverTrue is building additional products that leverage data to support fundraising in the education sector and other non-profit verticals.
“Tracking alumni and donors is a key pain point experienced in education and other non-profit verticals” said Brent Grinna, EverTrue’s CEO and founder. “Without accurate data, it’s challenging for schools to support both career networking and effective fundraising.” Grinna, a first-generation college student, was inspired to start the business after helping lead his 5th reunion fundraising campaign for his alma mater, Brown University.
“EverTrue sits at the intersection of mobile, big data and enterprise SaaS” said Mike Krupka, Managing Director of Bain Capital Ventures. My partners and I have lived the challenges EverTrue is addressing through our schools and non-profits we’re involved with. We are very excited to partner with Brent and his team because consumerization of the enterprise has eluded the $300 billion non-profit sector.”
EverTrue was founded at Harvard Business School in 2010 with a vision to reinvent education fundraising. EverTrue’s mobile platform was built from the ground up on LinkedIn’s API to support the needs of alumni relations and development professionals. EverTrue’s Software-as-a-Service (SaaS) product lives in the cloud, providing non-profits with powerful tools without expensive software licenses, large investments in new hardware, or dedicated IT staffs. EverTrue is a graduate of TechStars Boston and was selected as a winner of MassChallenge.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm within Bain Capital, which has approximately $66 billion of assets under management worldwide. The firm’s history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages $2.0 billion of assets, has over 70 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm has helped steer many ideas to success by working in partnership with management teams, pairing talented and passionate entrepreneurs with industry experts, opening doors to customers, and collaborating on long-term strategies.