RunSignup raises $2.6 million in Series A funding from Payroc for strategic initiatives
RunSignup, Inc. is pleased to announce that an investment affiliate of Payroc will become a minority investor and the Company will begin using Payroc as a preferred payment processing platform.
Payroc is making a minority investment in the RunSignup|GiveSignup business to help fund the continued rapid expansion of the RunSignup customer base and provide additional fundraising capabilities to the nonprofit market with GiveSignup.
RunSignup has seen unparalleled opportunity amidst the pandemic and sought additional working capital to provide flexibility to invest in the business while others are retrenching. RunSignup will use the capital to grow the customer onboarding team and invest in customer education given the increased flow of new customers the Company is experiencing for both endurance and nonprofits. Additionally, the Company will fully fund incremental development projects in GiveSignup to provide nonprofits with the technology solutions they need to raise more money during these difficult times.
RunSignup is also working toward supporting multiple payment processing platforms offering high reliability and leveraging their unique payment facilitator platform. Customers have come to rely on RunSignup as a secure platform with fast payment processing and innovative features like fully integrated and reliable financial reporting, low cost donation processing fees, free refunds, referral rewards, and multi-race registration. With the planned expansion of payment processing technology, RunSignup will be able to keep costs low for customers and provide new features and capabilities.
“Payroc has been extraordinarily supportive of our business, including offering to invest towards our goal of helping our customers raise $1 Billion per year for their event and charitable missions,” said Bob Bickel, CEO and Founder of RunSignup. “Further, Payroc’s investment provides us with the capability to serve our endurance customers and expand our technology platform in the nonprofit space with GiveSignup”.
“RunSignup has built an impressive business based on the foundation of technology and openness in their customer relationships,” said Jim Oberman, CEO of Payroc. “We are confident in their plan to help their customers raise $1 Billion per year as a vision for how their technology company can help make a positive impact on the world. We are pleased to be a partner with them in a mutual quest to help the endurance and nonprofit communities they serve.”
RunSignup looks forward to partnering with Payroc to serve more customers, raise more money, provide more great technology and continue to expand our RunSignup | GiveSignup platform.
About RunSignup | GiveSignup
RunSignup | GiveSignup is the leading all-in-one platform for fundraising and endurance events. More than 21,000 events, supporting over 8,000 nonprofits, use RunSignup | GiveSignup’s free and integrated solution to save time, grow their events, and raise more. Built on a powerful CRM, our expertly crafted, open, and all-in-one solution powers revenue generation and supporter engagement for nonprofits and the endurance industry, from run/walk/rides to ticket events to donation websites, forms, and fundraising campaigns. For more information, visit www.givesignup.org or www.runsignup.com.
Payroc is a high-growth international merchant acquirer, payment facilitator, and processing powerhouse operating in 46 countries, and processing over $29 billion in annualized volume for more than 66,000 merchants. Payroc offers best-in-class sales enablement and merchant processing technology, delivering proprietary, innovative and full-service merchant acquiring solutions together with key card brand network payment sponsorship registrations. Payroc LLC, together with its wholly-owned affiliate Payroc Processing Systems, LLC, is a registered Visa third party processor (TPP), Mastercard third party servicer (TPSV), payment facilitator (payfac) and encryption support organization (ESO) for Fifth Third Bank, an Ohio-chartered bank, Cincinnati, Ohio (“Fifth Third”). Payroc LLC is a registered independent sales organization (ISO/MSP) for Fifth Third and Wells Fargo Bank, N.A., Concord, California (“Wells”). NXGEN, one of Payroc’s companies, is an Elavon payments partner and registered as an ISO/MSP of Elavon, Inc., Georgia, a wholly owned subsidiary of US Bank Minneapolis. The company’s Canadian business companies are registered ISO/MSP of Wells and Peoples Trust Company, Vancouver, Canada. For more information, please visit payroc.com.