Snap Mobile Inc., the parent company of digital fundraising platform Snap Raise, has raised $90 million in a Series B round of financing led by Elysian Park Ventures, the private investment arm of the ownership of the Los Angeles Dodgers. Elysian Park’s investments include DraftKings, SeatGeek, Rawlings, Second Spectrum and the Professional Fighters League, as well as youth sports management platform LeagueApps, which provides tech support to more than 3,000 youth sports organizations in the U.S.
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This second raise brings Snap Mobile’s total funding to just under $115 million after a $24.8 million Series A round in 2020.
The Seattle-based company’s digitized, data-driven platform helps high school teams, clubs, schools and other youth activity groups fundraise virtually—for a season or year-round. The company, founded in 2014, said more than 15,000 schools/organizations and 48,000 teams and clubs across the country have utilized its free-to-use e-commerce platform, raising more than $430 million and supporting more than 2.5 million artists and athletes.
“We invest in companies that are building the future of sports, and that includes providing high school communities with the technologies and solutions they need to build modern sports programs,” Cole Van Nice, co-founder and managing partner at Elysian Park Ventures, said, adding that the high-school activity space is “wildly fractured and in need of unification. Snap Mobile has a unique vision, team and infrastructure to bring it together in a way that makes the experience better for schools, coaches, families, and kids.”
Snap Raise plans to use its new funding to accelerate company expansion, specifically supporting the development of a new, financial management software platform for high school athletic and arts programs. The program will be geared toward athletic and art directors, principals and other high school administrators with tools to budget, track and manage program finances.
Snap Mobile CEO Cole Morgan expressed hope the expanded offerings, set to be released in 2022, will help high schools not only fundraise but build lasting, financially stable programs through its software. As the platform is developed, Snap Mobile said it also plans to use the raised capital to solve product-related needs for customers.
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