Wednesday, December 4, 2013

CharityStars wins 360 Startup Competition and receives €360k in seed funding

CharityStars, the Milan-based celebrity giving social network which wants to disrupt the no profit sector is the winner of the 360 startup competition. The company, already finalist at the Marzotto prize last week, has won $360,000 offered for the first edition of the 360by360 competition. The competition has been promoted by 360 Capital Partners, a venture capital company involved in whole Europe, with particular focus on France and Italy.
The event was organized by Nuvolab, company accelerator and services company from Milan founded by Francesco Inguscio. Nuvolab proposes itself to create and concretely valorize entrepreneurial opportunities hidden in the national system.

The event took place last Tuesday 3rd December at Villa Contessa Rosa in the province of Cuneo. In favor of the winning project did surely play an important role the good reputation of the founder, Francesco Nazari Fusetti, born in 1987. It is already his second startup experience, after the success of ScuolaZoo, capable of a turnover of €3.5 million.

CharityStars is the first platform for the celebrity raising, already capable to raise more than €65,000 in few months thanks to a really good structured partnership network. The target is to land in the United States, where the charity market is bigger and better organized.

The result for the persuasive pitch of its founder: among those pitched, that of Mr. Nazari Fusetti seems the more clearly presented, merit of the six months spent in the Silicon Valley.

Overall 22 final italian startups, of which 18 selected by likewise partner incubators. The remaining 4 startups have been chosen by 360 Capital Partners out of 400 online applications.

The mission of CharityStars is to help no profits to raise money spending less. It is a new kind of company: a "social enterprise", using the power of business for social purposes.

It has always cost money for a nonprofit to raise money, be it an email or direct mail campaign, a gala a telethon. The founders team believes CharityStars to be the cheapest fundraising platform out there.

There are no upfront fees for nonprofit to work with the company, but CharityStars does keep a 15% of the total auctions proceeds to cover its full suite of services and website upkeep. The company provides include the collection of items and experiences, writing auction copy and securing images, marketing, media promotion and social media support, shipping and reconciliation, scheduling and more. Excluding this fee, 100% of net proceeds go directly to the nonprofit.