CPE News Brief (9.5.2023) – FlipGive has officially announced the closing of $5 million Series B funding round led by BDC Capital and Framework Venture Partners with participation of private investors.
The financing closed in two tranches over summer with BDC leading the last tranche closed in August.
Capital raised in the round will be applied to further grow the FlipGive direct-to-consumer app across North America, and to scale FlipGive’s new white label embedded cashback rewards shopping platform.
Founded by Amy Halpenny and Nicholas Lee, FlipGive is an easy-to-use cashback app for teams, designed to help sports parents lower the cost to play by shopping for the things they’re already buying from over 800 top brands.
photo credit: FlipGive
News Release
FlipGive Scales, Launches Embedded Cashback Rewards Shopping Platform With $5M CAD Financing Round
TORONTO, Aug. 30, 2023 /CNW/ – FlipGive, North America’s leading cashback rewards and end-to-end fundraising solution for youth sports teams, is excited to announce a successful $5 million CAD financing round. Capital raised in the round will be applied to further grow the FlipGive direct-to-consumer app across North America, and to scale FlipGive’s new white label embedded cashback rewards shopping platform.
The Round was co-led by Thrive Venture Fund at BDC Capital and Framework Venture Partners.
FlipGive simplifies youth sports fundraising. With over 800 brand partners, a percentage of every dollar shoppers spend via FlipGive goes directly to the team as a cashback reward. This modern take on fundraising lowers costs for youth sports so kids can play more and spend less on the sports they love.
FlipGive is a certified Beneficial Corporation (B-Corp) deeply committed to accessibility in youth sports. To date, FlipGive has given back over $50M by helping sports families across North America turn everyday shopping into effortless fundraising.
“Youth sports have never been more expensive than they are today, especially as families feel the pressures of double-digit inflation. 44% of parents say they struggle to fund their kids’ sports and activities,” said Amy Halpenny, CEO of FlipGive. “FlipGive offers a solution to offset the rising cost of play; a fast, free, and easy way to fund a youth sports season by earning cashback from everyday shopping.
FlipGive Launches Embedded Cashback Rewards Shopping Platform
Launched in August, the FlipGive Rewards platform enables companies in sportstech, schooltech, and causetech verticals to seamlessly embed a white label fundraising-via-cash-back model into their offering.
The FlipGive Rewards platform expands the impact of FlipGive’s proven model in youth sports fundraising and opens exciting new opportunities in the $500B charitable and school fundraising space.
“Leagues, teams, schools, and charities need new ways to extend fundraising beyond traditional donations. FlipGive Rewards will help sportstech, schooltech, and causetech companies to leverage not just a new idea for fundraising but a new wallet entirely,” said Halpenny. “Everybody shops. With FlipGive, everyday shopping delivers reliable, recurring online donations year-round via cashback rewards that are donated to the supported cause.”
“We’re excited to support FlipGive as it grows and accelerates the development of its embedded cashback rewards platform, now delivering recurring cashback-as-donations to address one of the biggest pain points in charitable fundraising sector,” said Michelle Scarborough, Managing Partner, Thrive Venture Fund at BDC Capital. ”From the beginning, FlipGive has transformed how sports teams fundraise and has demonstrated positive impact on thousands of families in North America — all while making it easier for everybody to give back.”
First FlipGive Cashback Rewards Partner
Timing of the round coincides with the launch of the first white label FlipGive Rewards partner, TeamLinkt. TeamLinkt is one of North America’s fastest-growing sports management and team apps. Powered by FlipGive, TeamLinkt Rewards makes it easy for TeamLinkt’s over 1.5M users to lower cost of play with cashback rewards from everyday shopping online and in-store with 800+ brands.
“Sports leagues, clubs, teams, and associations look to TeamLinkt to solve their administration challenges so they can invest their time and resources into growth. Working with FlipGive to power an embedded cashback rewards shopping solution expands TeamLinkt’s ability to serve the needs of our over 1.5M users. One of the biggest challenges teams face is rising costs. TeamLinkt Rewards, powered by FlipGive, gives our users a seamless way to use everyday shopping to help fund their season,” said TeamLinkt CEO and Co-Founder, Jay Maharaj.
ABOUT FLIPGIVE
FlipGive (flipgive.com) is an easy-to-use cashback app for teams, designed to help sports parents lower the cost to play by shopping for the things they’re already buying from over 800 top brands. Cashback from groceries, gas, dining, gear, travel, and more reduces player fees, ensuring no family has to choose between sports, their budget, and their time. FlipGive Rewards gives companies in sportstech, causetech, schooltech verticals an easy way to seamlessly embed a white label version of FlipGive’s unique shopping-as-cash-back fundraising model into their platforms.
ABOUT BDC CAPITAL
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
ABOUT TEAMLINKT
TeamLinkt (teamlinkt.com) provides a Free Sports Team Management App and League Management Platform. Used by thousands of teams and leagues, TeamLinkt offers a simple way to organize and connect teams, leagues, associations, clubs, and schools.
SOURCE FlipGive
For further information: PRESS CONTACT: Neguine Boustantchi, nboustantchi@flipgive.com, https://flipgive.com