Bristol-based Neighbourly is an award-winning tech platform. It connects businesses including Aldi, Lidl, M&S and RSA Insurance to good causes across the UK. In a recent development, this tech platform pocketed £3 million Series A funding from Guinness Asset Management.
Growth and expansion plans
The investment in Neighbourly comes at a time when businesses are required to deliver sustainable social value as part of their overall strategy. The necessity for the same has been accelerated by the impact of Covid-19 as well as the climate crisis.
The investment will be used by Neighbourly to accelerate product development, expand the team and respond to demand for international expansion. As part of the investment, Guinness Fund Manager Ashley Abrahams will join the board of directors alongside the existing team.
Steve Butterworth, CEO of Neighbourly, said: “We are delighted to welcome Guinness to the Neighbourly team and for Ashley to join us on the board. He immediately understood the Neighbourly proposition and the value it delivers for businesses and local good causes alike, against the backdrop of the rapidly evolving ESG landscape. Our strong belief is that businesses must prioritise the proven power of local good causes, who are the backbone of our communities. A thriving community and resilient population of hyper-local causes is vital to the success of both society and the economy.”
Ashley Abrahams, Fund Manager at Guinness Asset Management, said: “Guinness is extremely pleased to be supporting Neighbourly during this exciting time of growth, expansion, and product development. Neighbourly has a unique proposition that can make a real difference to local community engagement, is ideally placed to address key components of the corporate ESG agenda and help businesses deliver long term sustainable growth that is beneficial for all stakeholders. Steve and the team have been very successful in driving the company forward over the last three years and we very much look forward to working with them as they embark on the next stage of their growth.”
Glen Waters, Head of PwC Raise | Ventures, said: “We are thrilled to have delivered an exceptional result in finding the right investor for such a first-class team and business. Neighbourly has a unique proposition that can deliver measurable impact and a platform that can help tackle essential ESG challenges. Guinness Asset Management will be a great partner for Neighbourly and its investment will help management to continue to invest in the platform and the team, realising the phenomenal market opportunity and growth potential.”
What does Neighbourly do?
Founded in 2014 by Nick Davies, Neighbourly connects businesses with thousands of vetted local charities and good causes across the UK and Ireland. This is done through a technology platform that facilitates the donation of volunteer time, redistribution of surplus products, and grant funding to positively impact local communities.
The Neighbourly platform works with corporate partners including Aldi, M&S, Lidl, Danone, M&G Investments, Cadent and RSA Insurance. It supports over 16,000 local good causes across the UK and Ireland and helps an average of 350 people each per week.
It has helped disburse £13m in microgrants, deliver 70,000 hours of employee volunteering time, redistribute 50m meals and save 80,000 tonnes of CO2.
The post Tech for good: Bristol-based Neighbourly bags £3M to connect businesses with local charities appeared first on UKTN (UK Tech News).
