Bengaluru- and Menlo Park-based CSR and sustainability management technology platform Goodera has raised $5.5 million in a Series A round from Nexus Venture Partners and Omidyar Network. This round has also seen the participation of Varsha Rao, the former Head of Global Operations at Airbnb, and other angel investors.
The funds raised will be utilised for improving the technology, deepening domain expertise, and supporting customer acquisition and experience.
Founded in 2014 by Abhishek Humbad and Richa Bajpai, Goodera is a CSR lifecycle management platform which provides automation and intelligence across monitoring and evaluation, impact measurement, grant making, reporting, and employee volunteering.
Abhishek studied engineering at BITS-Pilani and MBA at IIM Bangalore. Richa studied engineering at Rajasthan University and dropped out of Indian School of Business (ISB) in the third term to build Goodera.
The startup enables corporates and non-profits to measure the progress and impact of their CSR projects and helps manage CSR projects by providing insights through dashboards for different stakeholders and data-driven stories.
Powered by innovative cloud, mobile, voice and big data platform, embedded with strong domain expertise, this startup additionally enables companies to involve employees in volunteering at scale in an engaging manner.
Naren Gupta, Co-Founder & MD Nexus Venture Partners, has joined the Goodera board. He 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. We are thrilled to work with the Goodera team to leverage the company’s traction in India and the US to a broader group.”
More than 150 large enterprises including 24 in Global Fortune 500 are claimed to have adopted Goodera to measure, manage, and report their CSR projects across more than 30 countries. Ten percent of corporate India’s total CSR spend is managed on Goodera, while 200,000 employees globally volunteer using Goodera.
“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.