Indianapolis-based Boardable, a provider of board management software tools for nonprofits, has raised $8 million in a new round of financing, the company said.
The investment came from Base10 Partners with participation from the company’s seed stage backer, the Indianapolis-based enterprise investment firm High Alpha.
Boardable provides organizational tools to help nonprofits better manage their board meetings and offers management solutions for nonprofit operations.
Software and services developers catering to the non-profit sector are seeing more interest from investors as they look for new verticals that have been underserved by technology companies in the past. Earlier this year, Reslia, a New Orleans-based startup, raised $8 million for its own spin on services for nonprofits and charity organizations.
In a statement, Boardable said that it would use the financing to grow its team and develop new tools to become more of a one-stop-shop for nonprofit operations.
“Most nonprofits manage their board members with ‘digital duct tape’—endless email threads and file sharing services. It’s a terrible experience that drains the board members and staff. Boardable is purpose-built by nonprofit founders to solve this problem, increasing efficiency and engagement,” said Jeb Banner, Boardable’s chief executive, in a statement.
Organizations including the YMCA, The Salvation Army, Big Brothers Big Sisters of America, the Girl Scouts of Indiana and more have turned to the company to use its paperless approach for board management.