A U.S.-based fintech Vennfi focused on tax-exempt payments and the creator of Charityvest, reportedly secured $2.3 million through its seed funding round. The latest funding round has been raised six months after the startup raised $1.1 million through its pre-seed round, and was led by Tom Blaisdell, Teamworthy Ventures, Duro.vc, Sovereign’s Capital, and Promus Ventures.
Charityvest emphases on enhancing the giving experience for contributors by creating “Charity Funds,” which is a fund in which money input is rapidly tax-deductible and then can be later sent, digitally, to any 501(c)(3) organization at any time.
In addition to offering charitable giving funds to individuals or families, Vennfi plans to grow by offering 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.