The Story of GoFundMe: From Bootstrapping to a $600 Million Acquisition
GoFundMe was started in 2010 by Brad Damphousse and Andy Ballester with just their own savings and credit cards. They wanted to help people raise money for the things that mattered most to them and their mission quickly resonated with people all over the world. GoFundMe was bootstrapped for 5 years before raising venture capital and eventually getting acquired for $600 million. Read on to learn more about this inspiring story.
Andrew Gazdecki
Founder and CEO of @acquiredotcom. https://t.co/wRMIssDmhl has helped 100s of startups get acquired and facilitated $500m+ in closed deals.
-
GoFundMe.
— Andrew Gazdecki (@agazdecki) April 12, 2023
The popular crowdfunding platform.
Bootstrapped for 5-years.
Raised one round of venture capital.
Then got acquired for $600 million.
Helping millions of people along the way.
Here's the story. 🧵 pic.twitter.com/3XtLhw6InM -
GoFundMe was started in 2010 by Brad Damphousse and Andy Ballester with just their own savings and credit cards.
— Andrew Gazdecki (@agazdecki) April 12, 2023
They wanted to help people raise money for the things that mattered most to them and their mission quickly resonated with people all over the world. pic.twitter.com/gtbxDnGjrF -
The platform was a huge success, with millions of users and billions of dollars raised. But even as GoFundMe grew, Damphousse and Ballester were hesitant to take on outside investment. pic.twitter.com/4Vge7LpHr5
— Andrew Gazdecki (@agazdecki) April 12, 2023 -
It wasn't until 2015 that GoFundMe finally raised venture capital, with a $100 million investment from Accel Partners and Technology Crossover Ventures.
— Andrew Gazdecki (@agazdecki) April 12, 2023
By that point, the company had already helped people raise more than $1 billion in donations. pic.twitter.com/poRBrpPWK8 -
The investment allowed GoFundMe to expand its offerings and invest in new technology like its mobile app and social sharing features.
— Andrew Gazdecki (@agazdecki) April 12, 2023
Despite concerns that taking on venture capital would compromise the company's mission, GoFundMe continued to thrive. pic.twitter.com/FnAmNz9b9F -
But then in 2017, things took a surprising turn. GoFundMe was bought out by Accel and Technology Crossover Ventures in a deal that valued the company at over $600 million. pic.twitter.com/9KcFnc9I5E
— Andrew Gazdecki (@agazdecki) April 12, 2023 -
The acquisition was a big moment for the founders who had spent years building the company from the ground up.
— Andrew Gazdecki (@agazdecki) April 12, 2023
While it may have been bittersweet to give up control of the company, the acquisition allowed GoFundMe to continue growing and making a difference in people's lives. pic.twitter.com/Yd4MzYuQGe -
Today GoFundMe is still going strong.
— Andrew Gazdecki (@agazdecki) April 12, 2023
With billions of dollars raised for everything from disaster relief to medical expenses to kids education.
They may have started with just a few credit cards and some savings it's now a company that's making a real difference in the world. pic.twitter.com/Yj4eOc3ZwF -
Enjoyed this startup story?
— Andrew Gazdecki (@agazdecki) April 12, 2023
Like or retweet the first tweet.
I'll write another one soon.
Also follow @acquiredotcom
We help startups get acquired.https://t.co/ILHr0gs6Hc