[ibimage==35631==Original==none==self==ibimage_align-center]
Social entrepreneurship company Verb announced a $2.3 million seed round today, one of the largest rounds ever for an Austin-based social enterprise. Verb connects large corporations and foundations to social entrepreneurs around the world through competitions and a proprietary technology platform.
The new infusion of capital will be used to fund global expansion, platform development and increase hiring.
“We are responding to three massive trends in the marketplace,” CEO Suzi Sosa said. “First, businesses are now seeking to address social and environmental issues more strategically. Second, the rise in global entrepreneurship means there are more innovative startups than ever before, and finally, social media enables engagement with the public on a much larger scale.”
Two philanthropic foundations, the Graham Family Foundation and the Tingari-Silverton Foundation, were among Verb's investors. “This was an incredible opportunity for our foundation to make its first program related investment,” says Graham Family Foundation Director and Build-A-Sign CEO Dan Graham. “We are excited that we can make business investments that also support our social mission. More foundations should consider opportunities like these.”
Suzi Sosa and Tom Meredith co-founded Verb in 2013 after running a seven-year competition at the University of Texas called the Dell Social Innovation Challenge. Verb has since replicated the model with larger clients like IBM and LIVESTRONG.
Have a tip for us or know of a company that deserves coverage? Email us via [email protected]
