SOCIAL SEAM Web-Donation Platform Receives Seed Capital from First Fairfield Associates to Fund Expansion
Saratoga Springs, NY, August 5, 2015 /3BL Media/ – First Fairfield Associates (firstfairfield.com), a consulting and venture capital firm providing seed capital to start-ups with a significant social impact, has invested in Social Seam (socialseam.org), providers of an online donation platform where donors are rewarded, non-profits are supported, and businesses gain customers.
Social Seam is a web-based service launched in April 2014 that makes it easy for non-profits, businesses, and individuals to work together, increase donations, drive business, and strengthen their community. The service is designed for non-profits and businesses to maximize charitable giving and cause-marketing efforts by developing partnerships that provide goods and services that will lower a donor’s cost of living.
In explaining First Fairfield’s investment interest in this new philanthropic model, the firm’s CFO Dick Voog noted, “We provide seed capital to start-ups with social significance. We were impressed by the brilliance of the Social Seam solution and the talent of Social Seam’s management team. They have successfully re-engineered the process of raising funds for non-profits in a way that benefits not only the organizations but also those groups’ donors and local businesses. This new model makes the process of donating more compelling and rewarding, and builds a caring and generous community as a result.”
Using the platform, anyone may launch a fundraiser for a non-profit, as long as the non-profit gives permission to receive the donations directly. Businesses can provide rewards to those who give, and donors can search for their favorite non-profits or look for rewards that appeal to them.
“The investment made by First Fairfield Associates in Social Seam allows us to continue our operations as we expand the service geographically and fine-tune our web-based services,” noted Social Seam founder Jason Baguio. “Additionally, our collaboration is mutually beneficial as each of our organizations has a shared interest in expanding the social good.”
“Coincidentally, one of First Fairfield’s founding members is an MIT graduate, so many of us at Social Seam with ties to MIT feel a shared kinship with First Fairfield,” continued Baguio.
Currently, Social Seam is not profiting from the donations it processes, with the only deduction being taken for credit card processing fees. Social Seam anticipates implementing a donation and transaction fee model in the future.
“By building a web-based donation platform with our unique reward system, we have added more meaningful metrics to the intricate relationship between non-profits, their business sponsors, and individual donors,” noted Baguio. “We will analyze this data for information that each group can use to benefit its understanding of the philanthropic cycle.”
About First Fairfield Associates
First Fairfield Associates is a private social enterprise investment firm providing a direct venture capital source and serving as a repositioning partner for pre-revenue entrepreneurial start-ups with significant positive social and community impact. The firm also has two other areas of expertise: acquiring, remediating, developing and operating residential and commercial properties; and consulting nationwide on residential and commercial real estate debt restructure matters. The firm maintains offices in Saratoga Springs, New York, and Ridgefield, Connecticut. First Fairfield is not a lender or a broker and does not serve in any fiduciary capacity in any of its engagements.