In a world driven by technological innovation, charities are struggling to adapt.
Whilst we increasingly reach for our cards to make payments, charities remain reliant on cash donations. This spells disaster. Almost half of UK based charities fear they won’t exist in five years’ time.
Backed by ex-WorldPay C-Level executives, GoodBox is a tech-for-good company revolutionising the charity sector with pioneering fundraising technologies which effortlessly connect donors and causes.
Through our suite of contactless hardware, we have worked with over 600 charities and processed over £2,000,000 in donations.
In that time, we’ve scaled to a team of 25, collected an array of awards, been part of prestigious accelerator programmes and made headlines.
But this is only the start.
Over the next year we plan to be expanding our portal with a host of new fundraising tools, and internationalising.
Our mission? A better world. Where some of mankind’s greatest challenges have been consigned to history.
Funding round details
Please note, that this round forms an extension of an additional £1.3m closed in Q2 2019. Share price for this raise, which includes an institutional (VC) investor of £500k, remains the same. Also investing in this round are the founders, with a total of £206k committed.
In a world driven by technological revolution, charities are struggling to adapt. Innovation is necessary for the survival of every industry, yet it has been reported that the non-profit sector currently lags at least 5 years behind the private sector in digital skills. Notably, as we 'tap' our way toward a cashless society, charities reliant on cash are faced with a big problem.
GoodBox was founded in 2016 to tackle this issue.
We have built an award-winning suite of contactless hardware, which cater to all; from parish churches to international NGOs. Our results speak to the effectiveness of this technology, with a 64% increase in donation income for one partner, achieving an ROI of over 5000% and bringing in £1,000,000 in fundraising revenue.
In addition to our hardware, GoodBox provides its 700+ clients with access to a real-time analytics portal where they can monitor the effectiveness of their fundraising.
Substantial accomplishments to date
- In July, GoodBox was born in Manchester.
- Secured £600k seed funding to define our payment architecture.
- Key hires made into the team including CFO & CCO.
- Launched MVP units into museums & with charities.
- “Tap to Give” trademark approved by the UK Cards Association.
- Secured EIS approval & £4m debt facility agreed.
- Closed Seedrs' 8th biggest round at the time, at £2.6m.
- Accepted onto GovStart accelerator, launching at Downing Street.
- Pitched at Buckingham Palace in the Pitch@Palace finals.
- Opened a distribution centre (alongside offices in Manchester & London).
- Picked up ‘PayTech for Good’ Award at the PayTech Awards 2018.
- Invited to an EU Committee on the impact of Brexit to scale-ups.
- Won a contract with Church of England.
- Powered the Mayor of London’s homeless campaign.
- We have achieved backing from key payment insiders. Since our 2018 Seedrs round, 5 former C-Suite executives of WorldPay have invested in GoodBox.
- Hired our 25th employee.
- Launched our GBx Core device.
- Raised over £2,000,000 for UK charities through our hardware.
- Picked up a Red Dot Product Design Award for our GBx Core device.
- Launched the GoodPlate at York General Synod featured in Times & Telegraph.
- Published a white paper in partnership with Institute of Fundraising.
- Launched series of roundtables with industry experts and charities.
- Accepted onto the Tech Nation FinTech accelerator programme.
GoodBox’s business model today is simple: a charity’s success is our success.
The more a charity raises the more we benefit through fixed donation rates, from as low as 2.5% + 10p. Charities select rates through our tiered membership. This helps smaller organisations to access our sophisticated technology & larger ones to harness cost effective fundraising. This is how we positively guarantee recurring revenue.
Currently, hardware sales & donation fees provide the main source of revenue alongside customised artwork designs. Our newest launches have been a series of accessories - an example of which is the GoodPlate. We will continue to expand our accessory offering to ensure our hardware is as versatile as possible. Finally, as experts in the digital donation space, we plan to offer consultancy services to our clients.
Over time, this offering will continue to grow through our portal, facilitating additional revenue streams, and enabling us to tap into a £583 billion global opportunity.
GoodBox is currently engaged in high potential conversations across three continents: North America, Australia, and the Middle East.
Use of proceeds
GoodBox is growing quickly to meet demand from charities, corporate companies and major donors. Key within this round is to raise an amount that takes into account cash flow needs and our desire to avoid unnecessarily diluting existing shareholders.
The proceeds will therefore service 4 main areas:
Hardware/stock – we will continue to build our products to fulfil the forecasted pipeline £0.3M.
Research and Development – we are always seeking to innovate; our solutions are designed to evolve as the Fundraising landscape changes £0.2M.
Team expansion – enabling us to expand the tech and sales teams £0.4M.
Marketing & PR - to increase brand awareness amongst donors and charities, bolster our market share through targeted campaigns and improve the user journey across all touch points. £0.1M.