Started just five months ago by a 19-year-old Bostonian, Fundraise.com has quickly established a place in the highly competitive online-giving market, according to Bloomberg.
The site’s founder, Nate Drouin, who postponed college to start the for-profit firm with $250,000 from relatives and friends, said Fundraise.com already has 500 nonprofit clients and expects to earn more than $2-million in revenue this year.
Mr. Drouin’s supporters as well as rivals who have met him note that charities can easily grab Fundraise.com code and paste it on their own sites as a widget. They also like the analytics that the company provides to charity.
“We think there’s a massive opportunity,” Dustin Dolginow, a technology analyst at the venture capital firm Atlas Ventures, in Cambridge, Mass., told the news service. Mr. Dolginow said he expects to arrange $1.2-million in new financing for the company soon.