ImpactFlow, the US event management and ticketing platform, has raised $2m (€1.9m/£1.6m) from private investors in its second funding round.
The cash injection will be used to support the company’s growth, build its new New York City sales office and expand its sales team in Portland, Oregon, said co-founder and chief executive Tyler Foreman, according to the Portland Business Journals website.
In 2015, the company raised $5.7m from angel investors in its first round of funding. Much of the $2m secured this time is primarily from existing investors, with a smaller proportion coming from a handful of new interests.
Originally, ImpactFlow provided services that linked non-profit organisations and businesses around a shared cause. While it still offers that capability, the company now focuses on what it calls “power events”. Since last July it has cut back on the grant making and donations side of its business, and instead strengthened the event platform. Sales through the platform have grown 300 per cent quarter-over-quarter since.
“The previous iteration had a lot of focus on micro grants and partnerships between businesses and non-profits,” Foreman said. “Events was part of it, and events took off. People loved it.”
ImpactFlow said its target customers are organisations that run regular events, while also working with large one-off events.
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