Announcing Endaoment's $6.67m Capital Fundraise
· 4 min read · Endaoment
On June 16, 2022, Endaoment.Org and Endaoment.Tech announced a $6.67 million capital fundraise, and published the following press release.
SAN FRANCISCO — June 16, 2022 — Endaoment.Org, a blockchain-based 501(c)(3) public charity, and Endaoment.Tech, the software development firm responsible for building Endaoment’s smart-contract driven protocol, jointly announce the completion of a combined fundraising round of $6.67 million USD in a mix of charitable donations and investment capital to support the charitable mission of Endaoment, the administration of the protocol, and the furtherance of its service offerings.
The financing round was led by Shine Capital, a consumer financial tech and crypto venture fund. Additional contributors include Coinbase Ventures and Coinbase Giving, Circle Ventures and Circle Impact Fund, Higher Ground Labs, Framework Ventures, Quiet Capital, and Hypersphere, as well as notable individuals including Tim Ferriss, NFT artists Pplpleasr and Snowfro.eth, Noah Zinsmeister, Adam Nash and others.
“Crypto builders and investors want and deserve access to the same charitable and tax-efficient products that have been available to traditional investors for decades,” said Shine Capital’s Mo Koyfman. “Endaoment is offering the first crypto-native DAF platform — a non-trivial technical achievement — to enable crypto-native charitable giving at scale. Longer-term, Endaoment has the opportunity to build the de facto tax-efficient investment platform for the broader crypto community. Robbie's passion to create this future is unrelenting, and we are excited to back him on this most worthy journey.”
“We’re thrilled to secure such sizable growth capital from so many revered names within the wide range of disciplines Endaoment strikes a balance between,” said Endaoment.Tech CEO, Robbie Heeger. “These funds enable Endaoment.Org to continue providing world-class cryptocurrency donation options and Endaoment.Tech to push the functionality and capability of our protocol and its assets.”
Endaoment.Org serves as a dedicated Community Foundation for the burgeoning trillion-dollar crypto industry. It facilitated the charitable giving of more than $42 million across a broad range of cryptocurrencies, distributing over $25 million to hundreds of nonprofit organizations via direct donations, or through grant recommendations from its Donor-Advised and Community Field-of-Interest Funds.
“There is nothing as exciting as delivering funds to nonprofit organizations that wouldn’t otherwise have considered crypto donations,” said Endaoment.Org COO, Zach Bronstein. “We’re building public good infrastructure for nonprofits and have already onboarded over 500 501(c)(3)s into our ecosystem. Armed with a model geared toward maximizing impact and free to use for every nonprofit, our growth is only limited by the charitable inclinations of crypto community members, a demographic growing at exponential rates.”
Endaoment.Org provides more than 1.5 million organizations with zero-cost infrastructure to process donations in more than 1,000 different cryptocurrencies. The scope of Endaoment’s reach continues to introduce the philanthropic community to the world of crypto, while nurturing a new cohort of philanthropists on a scale that demonstrates the gaps left by legacy philanthropic institutions yet to adopt the new technology.
"As more Americans begin to hold cryptocurrencies, we are thrilled to partner with Endaoment to make it seamless for crypto donors to give and for nonprofits to take advantage of this new stream of funds,” said Betsy Hoover, Co-Founder and Managing Partner at Higher Ground Labs. In the past month alone, Endaoment has met the moment by launching community funds to support efforts to end gun violence and protect reproductive rights. This is only the beginning, and we are excited to collaborate on ways to help nonprofits expand their donor universe and remain ahead of the curve."
Endaoment.Org’s first-of-its-kind donation platform is powered by the software development efforts of Endaoment.Tech. The Delaware-based technology company, founded in 2019, develops the blockchain-based protocols and web interfaces necessary to offer native, tax-compliant planned giving and wealth management services for those who hold digital assets.
The Endaoment ecosystem will continue its decentralization journey this year; Endaoment.Org will become the first U.S. Public Charity to have its board oversight powered by token-gated governance. Endaoment.Tech is currently in the final stages of a security audit of its v2 smart contract protocol, whereby it will be able to hand over board oversight to community members based on their advancement of the Endaoment mission. More information on Endaoment v2 will be shared later this summer.
About Endaoment.Org
Endaoment.Org is the first on-chain 501(c)(3) public charity, established with the mission of managing and encouraging the charitable contributions of digital assets. Federally tax-exempt under Internal Revenue Code section 501(c)(3), Endaoment is built to facilitate tax-deductible donations of more than 1,000 cryptocurrencies to any nonprofit in the United States, providing philanthropic financial services to the blockchain community and introducing nonprofit organizations to the benefits of blockchain technology. Donors can give through Endaoment using its Donor-Advised Funds, Community Funds, and Direct Donations, all of which charge industry-low fees to maximize throughput to recipient organizations. For more information on how to give and receive donations via Endaoment, as well as details on its ongoing efforts to become a DAO, visit https://endaoment.org/.
About Endaoment.Tech
Endaoment.Tech builds the Endaoment protocol and web interfaces for use by real-world administrators providing Philanthropic, Planned Giving, and Wealth Management services. The Endaoment protocol is aimed at balancing regulatory requirements with decentralization by using token-powered governance to oversee our real-world entity administrators. Together, our software and service entities create a full-featured asset management institution for crypto investors that doesn't compromise on core values held by the crypto community.
