Wisely, a Toronto based computer software company focused on helping nonprofits and charities fundraise, has raised some money of its own, bringing in $1.5 million CAD seed round.
“The fundraising industry is at a point of inflection as new technologies like AI revamp ineffective tools and tired models.”
Founded in 2017, Wisely is looking to use its new capital to advance philanthropic fundraising through the use of AI and machine learning. Working with an organization’s existing customer relationship management (CRM) tool, Wisely’s technology uses client data to power algorithms that provide up to date, real time insights.
The seed round was led by Toronto-based early-stage fund and incubator Ripple Ventures with participation from software-focused VC firm Verstra Ventures, as well as Maple Leaf Angels. The new capital brings Wisely’s total funding to date to $2.1 million CAD. Wisely plans to use the seed funding to expand its operations within North America
“Ripple is excited to lead Wisely’s seed investment round,” said Matt Cohen, founder and managing partner at Ripple Ventures. “For the past decade, the nonprofit industry has remained unfazed by the digital software revolution, and in using AI technologies traditionally used for sales organizations, Wisely is helping fundraisers better target their benefactors.”
Wisely touts itself as a company founded by engineers, fundraisers, and nonprofit software executives that launched in response to “organizational efficiencies and archaic tools used in the sector.” With its three co-founders Artiom Komarov, Wes Moon, and Ryan Henry, along with its team of around 14, Wisely now provides technology and services to nonprofits, charities, educational institutions, hospital foundations, and healthcare organizations. Some of the startup’s current customers include UNHCR, St. Joseph’s Health Centre Foundation, Kids Help Phone, and Oakville Hospital Foundation. Wisely is looking to tackle what it estimates is a philanthropic sector that draws in $440 billion each year across Canada and the US, with 1.8 million nonprofits operating across North America.
“The fundraising industry is at a point of inflection as new technologies like AI revamp ineffective tools and tired models,” said Komarov, also CEO of Wisely. “Today’s fundraisers aren’t always equipped with simple and effective tools to help them reach or scale their annual targets. With Wisely, fundraisers know the right actions to take so they can reach their fundraising goals more efficiently and run successful campaigns. We’re excited to help philanthropic organizations grow as they are backed by great technology.”
Earlier this year, Wisely participated in Ryerson University’s DMZ sales accelerator as part of its eight cohort. In January, it entered into a strategic partnership with iNFORMED Communications Group (iNFORMED), an Ottawa-based industry leader in behavioural-based fundraising solutions.