August 29, 2016 - The District of Columbia Department of Insurance, Securities and Banking today announced a $485,000 investment in the social payment technology company GoodWorld through its Innovation Finance Fund, an alternative to commercial financing where the District co-invests with private capital sources.
“My administration is committed to supporting mission-oriented, socially-conscious businesses like GoodWorld that have a tremendous positive impact both in the District and globally,” said Mayor Muriel Bowser. “GoodWorld is an example of an innovative business choosing the District as its home and using technology to help those most in need.”
Social fundraising platform GoodWorld’s technology enables donations on social media using the hashtag: #donate. A person can give anytime, anywhere to more than 1,700 nonprofits representing a variety of causes. GoodWorld launched in October 2014 and was named one of Fast Company’s Most Innovative Companies of 2016 and D.C.’s Best Technology Startup.
“By making social donations simple, viral and secure, we can turn many small actions into a larger force for good,” said Dale Nirvani Pfeifer, founder and CEO of GoodWorld. “Support from the District of Columbia shows how dedicated our city is to innovation and technology’s potential to empower people and generate incredible impact.”
The District’s Innovation Finance Fund matched the $485,000 investment made by institutional investors including 1776 Seed Investors LP, Fenway Summer Ventures and Nyca Partners.
The Innovation Finance Program is part of the District of Columbia Business Capital Programs (DC BizCAP) funded by the federal State Small Business Credit Initiative. Under BizCAP, the District uses federal funds to facilitate investments and private lending to local small businesses.
“When DISB designed the District’s Innovation Finance Program, it is partnerships like this one with GoodWorld that we envisioned,” said Commissioner Stephen C. Taylor. “This program connects District-based companies to sources of public and private capital that might otherwise not have been available to them. We look forward to helping more District-based companies break down the barriers to capital.” To view more information about the Innovation Finance Program, visit DISB’s website at this link. More information on GoodWorld can be found at https://goodworld.me/.