The social media fundraising platform has closed a £4m Series A funding round as it looks to enhance its offering.
Lightful, a social media and campaign management platform for charities and social enterprises, has raised an unprecedented £4m in its Series A funding round.
The start-up, which counts Pink Floyd drummer Nick Mason and IndyCar champion Dario Franchitti among its backers, has already attracted more than 1,800 sign-ups from charities, individuals, and ‘beyond profit’ organisations.
Lightful’s milestone funding represents the largest sum for an early-stage start-up in the social impact space – proof of growing interest in impact investing, as also demonstrated by the late-stage £95m acquisition of JustGiving by Blackbaud, Inc.
Vinay Nair, CEO and co-founder, said: “Charities and social enterprises have some of the best stories to tell, and we are excited that Lightful can help grow the potential of using social media for social good – we certainly need that to happen now more than ever.
“That’s why we’re also spearheading a widespread movement to #ReclaimSocial, so that countless examples of positive and high-impact stories can be amplified.
“With claims that social media is destroying society and acting as a purveyor of hate speech, there’s clearly a significant opportunity to bring about change – and we believe the social impact space has a vital role to play.
“With the fantastic support from our incredible investors, we’re excited to try to make 2018 the year we can finally reclaim social media – for good.”
Lightful’s high-profile investors span the world of sport, the arts, business and technology, including renowned entrepreneurs and Lightful board members Jeffrey Thomas and Annika Small, who was awarded an OBE in the new year’s honours list for services to ‘social innovation and digital technology’. Between them, they are backing Lightful’s goal to reimagine social media for a sector valued at an estimated £1.5tn globally.
Nick Mason, one of Lightful’s investors, said: “Many charities have been hampered by time consuming tasks and budget constraints which inhibit progress. The Lightful concept is easing some of these fundamental issues, and this is exemplified by the sheer number of organisations signing up to the platform. I’m excited to see what the next few months have in store.”