GivePenny secures £1.25m in MEIF capital

A West Midlands company which has developed a charity fundraising platform has secured £1.25 million in new investment to help further enhance its technology and expand its client base.

Stourbridge-based GivePenny's platform enables charities to create digital fundraising experiences for their supporters that can be linked to popular apps like Strava, YouTube and Spotify.

Unique features designed for charities, fundraisers and donors helps to increase donations and engagement with users.

The company was founded in 2015 by Lee Clark after an illness prevented him from taking part in a 100-mile bike ride for charity and he realised that none of the time he spent during training counted towards the donations made by his friends.

The platform allows users to share data and base donations on different metrics, such as the amount of miles covered, milestones achieved or by adding songs to playlists.

The new capital has come from the Proof of Concept & Early Stage Fund, part of the Midlands Engine Investment Fund, which is managed by Henley-in-Arden firm Mercia along with backing from Mercia's EIS funds and private investors.

Mercia's investment manager Kiran Mehta added: "The growth in virtual fundraising events has created a gap in the market for a platform such as GivePenny.

"Lee and the team have created a strong product that sets itself apart from the competition in the way it integrates with other apps to increase engagement and donation size. The funding will help the team to establish GivePenny as a leader in the field."