Corporate Social Responsibility (CSR) and sustainability management technology platform, Goodera on Tuesday said it had raised $5.5 million (about ₹35 crore) in Series A funding from leading VCs, Nexus Venture Partners and Omidyar Network. Varsha Rao, who was previously the Head of Global Operations at Airbnb, also participated in this round, according to a statement from Goodera.
Omidyar Network, is the philanthropic investment firm created by eBay Founder, Pierre Omidyar.
“The funds raised through this round will be utilised in enhancing our technology, deepening domain expertise and supporting customer acquisition and experience,” said Abhishek Humbad, founder and co-CEO at Goodera.
The company, founded in 2014 by Abhishek Humbad and Richa Bajpai, is co-headquartered in Bengaluru and Menlo Park and provides technology to companies and helps them manage their CSR and sustainability goals using cloud, mobile, voice and big data platform.
“Corporate boards, institutional funders, and CSR leaders grapple with the critical problems of CSR life cycle management and impact measurement. Goodera is a path-breaking platform that simplifies this value chain and helps funders create and monitor real impact,” said Siddharth Nautiyal, Investment Partner at Omidyar Network, in a press release.
As part of the investment Naren Gupta, co-founder & MD Nexus Venture Partners, had joined the Goodera board.
According to Goodera, more than 150 large enterprises including 24 in Fortune 500 have adopted its technology to effectively measure, manage and report their CSR projects across more than 30 countries.
“About 2,00,000 employees globally volunteer using Goodera and 10% of corporate India’s total CSR spend is managed on Goodera,” according to the statement.