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A Crowdfunding App for the Homeless, HandUp Raises $850,000
Key Excerpts from Article on Website of Wall Street Journal Blog
Posted: April 12th, 2015
http://blogs.wsj.com/venturecapital/2014/07/16/a-crowdfundin...
A startup thats been called a Kickstarter for the homeless, HandUp Pbc, has raised $850,000 in seed funding, co-founder and Chief Executive Rose Broome told Venture Capital Dispatch. Unlike giving cash to needy people on the streets, HandUp helps donors give money to homeless people who commit to using it to fulfill specific needs like rent, security deposits, food or health bills. Homeless advocates, or case managers who work in shelters, post profiles on HandUp.us on behalf of the homeless, accept donations via HandUp, then ensure the money is spent on what that person said he or she needed. To generate revenue, HandUp asks donors to pay an optional support fee of five dollars each time they make a contribution. If a donor doesnt opt-in to pay that fee, the entirety of what they donate goes to the homeless person in need. Most homeless people do not or cannot maintain an online bank account or consistent Internet access. So HandUps approach helps them get access to online fundraising when they wouldnt otherwise have the option. It also has the effect of helping non-profits and shelters validate that their clients needs are being met fully, and with transparency for donors. With the seed funding, Ms. Broome says HandUp plans to grow its five-employee team, scale beyond San Francisco to help the homeless, and develop partnerships with shelters and non-profits.
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