Goodera, a global corporate social responsibility (CSR) and sustainability management technology platform, today announced it has raised US$5.5 million in Series A round of funding from Nexus Venture Partners and Omidyar Network.
Varsha Rao, previously Head of Global Operations at Airbnb, also participated in this round along with other unnamed prominent angels.
“The funds raised through this round will be utilised in enhancing our technology, deepening domain expertise and supporting customer acquisition and experience. Goodera is creating business and social value at scale at the global stage using best in class technology and solving big problems for the CSR ecosystem,” said Abhishek Humbad, Founder and Co-CEO of Goodera, which is dual-headquartered in Bangalore and Menlo Park.
Goodera, previously known as NextGen, had earlier raised an undisclosed sum in angel funding in February 2015.
The startup was founded in 2014 by Humbad and Richa Bajpai. Goodera is a CSR lifecycle management platform, which provides corporates automation and intelligence across monitoring and evaluation, impact measurement, grant making, reporting and employee volunteering. It solves the critical need for corporates and non-profits to have last-mile visibility of progress and impact measurement of their CSR projects.
Goodera enables effective governance in deciding and managing CSR projects, provide insights through dashboards for different stakeholders and also data-driven stories of change for powerful communication. Using its technolgy platform, companies can involve employees in volunteering at scale in an engaging manner while taking away the friction of sourcing volunteering opportunities, coordination and management of activities.
Nexus Co-founder and Managing Director Naren Gupta, who has joined the Goodera Board as part of the deal, said: “As billions of dollars flow annually through the global ecosystem of social and community good, an innovative technology platform like Goodera enables corporates to measure and optimise their CSR and sustainability goals in a simple, transparent, and engaging manner.”
“Corporate boards, institutional funders, and CSR leaders grapple with the critical problems of CSR lifecycle management and impact measurement. Goodera is a path-breaking platform that simplifies this value chain and helps funders create and monitor real impact,” said Siddharth Nautiyal, Investment Partner at Omidyar Network, the philanthropic investment firm created by eBay Founder Pierre Omidyar. “As a technology-focused impact investor, we see the potential of Goodera’s solution and understand the fundamental value such tools can play in transforming the CSR and sustainability sectors.”
More than 150 large enterprises including 24 in global Fortune 500 have adopted Goodera to effectively measure, manage and report their CSR projects across 30-plus countries. Around 10 per cent of corporate India’s total CSR spend is managed on Goodera.
A total of 200,000 employees globally volunteer using Goodera.
“Goodera empowers every stakeholder in the ecosystem including corporates, foundations, employees, government and NGOs. With the vision to power the world of good, Goodera is our new brand identity, which resonates with our objective to become a trusted and a reliable partner for every corporate in the world,” said Bajpai, Founder and Co- CEO at Goodera.