The focus on corporate social responsibility (CSR) has increased over the years, as companies aim to improve their brand perception in the market and leave a positive impact on employees and consumers alike. CSR-tech platform Goodera is looking to tap into that increasing perception demand and has now raised $10 million for the same.
The influx of fresh capital comes in its latest funding round, which included participation of investors Zoom Ventures, Elevation Capital, Xto10X Technologies, Nexus Venture Partners, Omidyar Network India, Ursula Burns, and Flipkart co-founder Binny Bansal.
This round of funding also comes after it raised about ₹35 crores in Series A funding in 2017, before raising ₹79 crores in a Series B funding in the following year.
“Goodera’s story is inspiring for India’s startup ambitions — from a dramatic turnaround during the pandemic to a stellar US go-to-market that won them Fortune 500 customers. They are building a truly global business from the ground up in a market that was due for disruption,” said Bansal. This also marks the first instance Zoom Ventures, the investment arm of Zoom, investing in India.
Goodera intends to deploy the fresh funds towards increasing its headcount and building its team and technology, while simultaneously enriching the catalogue of experiences it currently provides, while aiming to serve over 100 million employees by 2025.
Founded eight years ago by Abhishek Humbad, an alumnus of IIM-Bangalore, Goodera helps companies enable their employees to volunteer with non-profit organizations in over 100 countries with the help of its CSR and sustainability platform. Its virtual, hybrid, and in-person volunteering experiences for employees in over 20 languages helps Goodera simplify the process and experience of volunteering and blends the use of technology and innovation in the volunteering space.
These volunteering experiences include reviewing resumes of underprivileged youth, assembling solar lamps for the homeless, planting trees and cleaning parks, among others. Goodera also claims to have built a platform for India Inc to manage investments in CSR and assess their social impact.
“Every team in the world wants to volunteer, but there is insane friction in the process. From finding the right nonprofit to finalizing the volunteering activity, logistics, and impact measurement, there are a lot of overheads,” said Humbad, co-founder and CEO, Goodera.
The company also aims to more than double its revenue this year while continuing to assess and deepen the social impact of organizations while combining it with the engagement of company employees. Today, Goodera counts high-profile names such as IBM, Target, EY and Amazon among its 400+ customers.
“Volunteering has become mainstream across companies of sizes, sectors, and geographies. It is the most meaningful employee engagement, especially for Gen Z and millennials. Goodera solves a massive need that was underserved and overlooked, especially in the remote and hybrid working environment. We are proud to be a customer and now an investor in their ambition to bring volunteering to every workplace,” said Sanjay Rao, Head of Corporate Development, M&A Strategy, and Zoom Ventures.