The Latvian fundraising startup Funderful has announced a successful exit to Ruffalo Noel Levitz - a US-based fundraising organization. The sum of the acquisition has not been disclosed.
Funderful is a startup based in Latvia, founded by Raimonds Kulbergs. It has focused on developing a product that helps organizations (with a focus on academic organizations) to fundraise from their alumni in an engaging way, ensuring more donations than would otherwise be collected.
The startup had previously participated in the prestigious 500 Startups accelerator in the United States. It went on to win the Transferwise Pitch Competition at the Latitde59 conference in Estonia.
CEO Raimonds Kulbergs has stated that the acquisition was due to an interest in both the product, as well as the team, which will both continue to work and develop the product further in Riga. However Kulbergs himself will not be continuing to work together with the team - he believes that while he has developed a product and brought it to market, but that someone else will be more capable to distribute it throughout the US market.
The startup had raised more than 1 million EUR in funding from a variety of investors including several business angels, the 500 Startups accelerator, and VC funds Imprimatur Capital and Startup Highway Lithuania.