Chicago Startup GiveForward Closes Major Round of Funding
February 14, 2011
Chicago-based GiveForward, a startup we showcased at mixers in Chicago last May and November, has just closed on a $500,000 round of funding.
GiveForward provides free, personalized web pages for people looking to raise money for out-of-pocket medical expenses. This round of funding will be used to build the GiveForward team and establish relationships with hospitals around the country.
In their first 2 years of operations, around 10,000 users have joined and nearly $3.5 million has been raised for out-of-pocket medical expenses. According the American Journal of Medicine, a whopping 62% of all bankruptcies are due to medical expenses, so their potential for continued growth is huge.
Their investors include Spyglass co-founder Tim Krauskopf; Chicago-based VC firm New World Ventures; angel investor David Cohen; managing partner of DFJ Portage Ed Chandler; VC firm Social Leverage, and Chicago-based startup accelerator Excelerate Labs.
Congratulations guys!
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