To better connect charities with individual donors and vice versa, Dr. Keith Leaphart founded Philanthropi
Philanthropy is big business in the U.S. Americans — including U.S.-based foundations, corporations and individuals — gave more thanto philanthropic causes in 2020. Who gives the most? Corporations tout charitable projects and billionaires make headlines for their large donations, but 80% of monetary donations are made by everyday people. Yet the philanthropic industry isn’t designed for this dynamic. Dr.
“When I looked at my relationship with nonprofits — I’ve met with thousands of them — they never wanted to talk with Keith Leaphart the entrepreneur, or Keith Leaphart, the business owner,” Leaphart tells. “They always wanted to talk to Keith Leaphart, the chair of the foundation. They are designed to go after the largest dollar they can get, so they can only go after the smallest piece of the pie.
The Philadelphia-based startup originally set out to raise $3 million but landed on just over $4 million for a seed round led by Amex Ventures, as originally reported in. Philanthropi also received funding from Darco Capital — the family office of FS Investments cofounder and Campus Apartments CEO David Adelman — and Live Oak Ventures.
Philanthropi is designed for corporations and financial service companies looking to enhance their charitable efforts. Its platform enables client employees or customers to set up their own individual “impact accounts.” These micro donor-advised funds — which come with tax advantages — typically require a certain amount of capital to get started which can start at $10,000 for some organizations; this eliminates that.
“Philanthropy can seem transactional and not personal but it’s a very personal experience,” Leaphart says. “Having a personal foundation means every time that [someone] gives a gift, it’s coming out of their legacy.” Leaphart says during the pandemic they recognized a new way the tech could make an impact too — internal philanthropy at companies.
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