Vennfi, a U.S.-based fintech focused on tax-exempt payments and the creator of Charityvest, reportedly secured $2.3 million through its seed funding round. According to FinsMes, the round, which comes just a little over six months after the startup raised $1.1 million through its pre-seed round, was led by Tom Blaisdell, formerly of DCM Ventures, with participation from Teamworthy Ventures, Duro.vc, Sovereign’s Capital, and Promus Ventures.
As previously reported, Charityvest focuses on enhancing the giving experience for donors by creating “Charity Funds,” which is a fund in which money input is instantly tax-deductible and then can be later sent, digitally, to any 501(c)(3) organization at any time.
“Charityvest is designed to make the process of giving free–or as close as possible–for everyone. It does this by functioning like a bank. Some portion of the aggregate capital in the platform will be invested in extremely low-risk securities to create a financial return.”
Vennfi also previously noted that in addition to providing charitable giving funds to individuals or families, it plans to grow by providing businesses the ability to sponsor tax-advantaged charitable giving funds for employees and provide churches with a free digital solution to collect donations from members. The company is planning to launch its zero-fee stock contributions, allowing users to make donations of appreciated publicly-traded stocks and ETFs, directly to their fund, from any brokerage on December 1st.