Community Funded raises $2.2 million, seeks another $500K

FORT COLLINS — Community Funded Enterprises Inc., an online and mobile fundraising platform, has increased the amount of its previously reported private offering.

Community Funded Enterprises in February filed a Form D with the U.S. Securities and Exchange Commission, reporting that it was seeking to raise $2 million in an equity offering. McCabe Callahan, CEO and co-founder of the company, told BizWest at the time that the offering would likely be oversubscribed.

That’s exactly what happened, with the company filing an amended Form D with the SEC Monday, revealing that it has raised $2 million but is now offering up to $2.75 million in equity. Callahan said the company has actually raised more than $2.2 million, with another $500,000 or so remaining.

“It’s pretty exciting to have more interest than we originally intended,” Callahan said.

Community Funded Enterprises provides a crowdfunding and community platform designed for universities, nonprofits and for-profits, allowing for an alternative to Kickstarter or GoFundMe.

The platform can be customized for universities, for example, limiting a campaign to students or alumni and allowing for tax-deductible contributions. The company recently expanded beyond universities, Callahan told BizWest, with the Boy Scouts of Colorado, the Denver Zoo and other organizations using the system.

Callahan said that the funding has enabled Community Funded Enterprises to create a new platform that is built so that it can easily go global. The platform is more than a crowdfunding tool; it’s really designed to help an organization build engagement with key community stakeholders.

Callahan noted that, in the past, organizations would have a marketing department to publish stories about the organization.

“This platform has decentralized management of the stories around an institution,” Callahan said. “The goal at the end of the day is to allow organizations to better engage with their community and authentically communicate with their community around fund-raising.”

Community Funded Enterprises has grown from 16 employees at the beginning of 2018 to 29 today, with a NextGen team helping to develop the new platform.

He said that the current funding round “is basically going to take us to profitability.” The company will then consider whether to launch a Series A round, he said.

Community Funded Enterprises will conduct an online event at 11 a.m., June 19, titled Story Generation: Launching the Next Generation of Fundraising. The digital event will feature thought leaders in the fundraising space, with Community Funded Enterprises unveiling its new suite of functionality centered around story-centric philanthropy. Registration is available on the Community Funded Enterprises website.

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