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The funding will enable Snap! Mobile to cement its market leadership position and expand its reach to support more schools and organizations in need of effective fundraising solutions.
MENLO PARK, Calif., Nov. 13, 2024 /PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, announced today a $23 million growth capital commitment to Snap! Mobile ("Snap!"), a leading fundraising platform for schools and organizations to support their sports teams, groups, and clubs. The funding will enable Snap! to expand its innovative digital platform and empower more organizations to raise critical funds for high school athletics and other extracurricular activities.
"We're thrilled to partner with Snap! to support their continued growth and help scale their impact on schools' sports teams and clubs across the country," said Jeff Goldrich, Managing Director at Runway. "Their platform and leadership team have transformed fundraising by making it safer and easier for communities nationwide to rally behind students and supplement budget shortfalls with private funding. We're confident in Snap!'s ability to expand their reach, helping to deliver even more opportunities to more students, with this investment."
Snap! has emerged as a market leader in the digital fundraising space, providing innovative solutions to students and organizations to help meet their financial needs safely and efficiently. To date, Snap! has helped raise over $900M for 125,000+ groups and teams, across 12.5M+ participants and donors. Beyond fundraising, Snap! also provides a full suite of software solutions to help manage the day-to-day needs of athletic directors, coaches, and other leaders, from account disbursements to scheduling, internal and external communications, fan engagement, and the team store. With a strong focus on supporting students, Snap! continues to develop seamless ways to foster community engagement while prioritizing the success of students and athletes.
"We're incredibly grateful for Runway's support and belief in our mission," said Cole Morgan, CEO of Snap! Mobile. "This new capital will allow us to enhance our platform, broaden our customer base, and drive forward our vision of ensuring that every young person has access to the athletics and activities that are so crucial to their development."
Runway's investment underscores its commitment to backing high-growth companies with flexible financing solutions, enabling them to scale with minimal dilution.