San Joaquin Capital raised $4 million in Series A funding for Aplos, the software company that build software specific for churches and non profit sectors. The venture capital firm believes that Aplo has the untapped market and in a strong position to grow.
Applos was founded in 2009 by Tim Goetz to build software to help nonprofit organization and churches managing their organizations. The online software was delivered as a SaaS (Software as a Service), which include fund accounting, online donations, donation tracking, donor management and IRS filings. Its accounting software was first launched in 2011, and has gained a huge popularity among nonprofit organizations.
On Tuesday, the Fresno-based company received a $4 million Series A funding from a newly formed venture capital firm, San Joaquin Capital. The firm believes that 1.6 million nonprofit organizations in the U.S. are the untapped market and underserved from a technology perspective. Therefore, Aplos which has acquired 200,000 of them as the customers showed a strong position to grow.
"When I founded Aplos, it was with the goal of providing technology that was easy to use that would help nonprofit leaders operate more efficiently and more successfully," Tim Goetz, CEO and co-founder of Aplos told PE Hub Network, "Six years later, we still get fired up knowing that nonprofit administrators and financial executives in over 60 countries are using Aplos every day to support the causes that are important to them and their donors."
Nonprofit organizations which used Aplos software are varied in sizes and forms, Kiwanis International and Assemblies of God are some of them. Aplos has a three-time retention rate than the industry standard because its easy-to-use and cost-effectiveness approach.
Managing partner at San Joaquin Capital Randel Mathias told Non Profit Times, the leading publication for nonprofit management, "Aplos has such a clear trajectory that it made perfect sense to our investors. "We couldn't ask for a better example of an emerging tech company that will create jobs and spur economic impact in the Valley."
Furthermore, he said about San Joaquin Capital decision, "By supporting local and successful companies like Aplos, we can retain the region's incredible talent and dramatically enhance our economy."
According to Sys Con Media, this Whitney Fund is the first fund from San Joaquin Capital with Aplos as a sole recipient. In order to raise the fund, San Joaquin Capital only recruited investors that are based in California's Central Valley. The $4 million fund was raised within only three months.
Aplos builds specialized software for churches and nonprofit organizations. Its unique approach to deliver SaaS (Software as a Service) for nonprofit has gained a huge popularity among nonprofit organizations. The $4 million series A funding will strengthen its position to grow bigger.
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