KULA Causes, a charitable-giving e-commerce service, announced it has raised $1.1 million in funding.
KULA has created its own currency, equal to one U.S. cent. People can convert loyalty points, rebates, and gift cards into KULA currency, which is then given to a charity. The company also sets up programs with merchants to earn donation credits from shopping at certain stores.
The full press release is below.
KULA Causes, Inc. has announced the closing of $1.1 million in angel funding.
With this round of investment, KULA will fund marketing and sales efforts, including business development in each of its core areas. This includes KULA Exchange, which allows consumers to convert frequent flier miles and loyalty points to charitable donations; KULA Codes, which enables consumers to redeem donation credits from on-pack rebates, electronic vouchers, and gift cards; and KULA Rewards, which allows consumers to earn donation credits when shopping at local merchants.
“This funding allows us to expand our team with highly-qualified and experienced marketers, product developers, and creatives —enabling KULA to be even more responsive to the unique needs of our partner brands,” said Gerrit McGowan, cofounder and CEO of KULA.
KULA previously raised $500,000 in angel funding in 2011.