Virtuous Announces $18M to Support Its Rapid Growth Trajectory


Virtuous, the world’s leading responsive fundraising platform for nonprofits, has just closed an $18M Series B investment round led by Atlanta-based Fulcrum Equity Partners, one of the leading growth equity funds in the Southeast. Existing investors MATH Venture Partners, Seven Peaks Ventures and PHX Venture Partners also participated in the round. The funding will support the software company’s rapid growth trajectory and go toward product innovation and team expansion in Phoenix, Arizona and nationally.

Founded in 2014, Virtuous is changing the way nonprofit organizations grow generosity and build donor relationships through its responsive fundraising platform. Since its launch, the company has realized significant year-over-year growth, and in the past year Virtuous has more than doubled in size. In the first six months of 2021, Virtuous has already surpassed its 2020 growth. The company also recently announced the acquisition of the online fundraising platform RaiseDonors to better serve nonprofits seeking digital transformation and more flexible giving solutions.

“Our accelerated growth over the past year is requiring us to advance our strategic roadmap to meet the growing demand,” said Virtuous CEO Gabe Cooper. “We’re eager to expand our team with great talent so we can continue to deliver value to our nonprofit customers and empower them to grow global generosity. This partnership with Fulcrum Equity Partners and the fresh infusion of capital will better equip us to do so.”

In the past year, Virtuous expanded its team by more than 100% and it plans to add another 40% to the team by the end of the year. The company currently has open roles across customer success, engineering, marketing and sales.

“Virtuous is a leader in the NPO sector on a mission to innovate the way nonprofits grow generosity and build relationships with donors,” said Fulcrum Partner Jim Douglass. “Because of their mission-driven focus and vision for changing the way nonprofits engage with donors, Virtuous has experienced strong organic growth, tremendous customer success, and has earned an outstanding reputation. We’re looking forward to supporting their continued growth and vision to bring the most innovative technology to nonprofits around the globe.”

Virtuous is a software company committed to helping nonprofits grow generosity. Much more than a nonprofit CRM, Virtuous is a suite of responsive fundraising platforms designed to help nonprofit teams build better donor relationships and increase impact at scale. Virtuous helps unify fundraising, marketing, and donor development activities, ridding teams of redundant back-office tasks, and surfacing the insights and signals needed to deliver dynamic donor experiences at scale.

Fulcrum Equity Partners is an Atlanta-based growth equity firm that manages over $600 million and provides expansion capital to rapidly growing companies led by strong entrepreneurs and management teams. The partners have over 140 years of relevant experience in Fulcrum’s target markets, including significant operating experience in senior executive positions at companies that grew rapidly and enjoyed successful exits. Additionally, Fulcrum’s limited partners include over 100 current or former business owners/CEOs of leading companies in a wide variety of industries that provide a rich resource for the firm and portfolio companies.

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