After layoffs and pivot, Vee raises $7M for nonprofit management solutions | CTech
Summary
After raising $12 million in Seed funding in 2022, but then having to lay off almost 70% of its team that same year, Israeli startup Vee announced on Wednesday that it has raised another $7 million in funding for its AI-driven platform for nonprofit management in the U.S.Vee was founded in 2020 and is led by young entrepreneur May Piamenta, co-founder and CEO, Avi Amor, co-founder and COO, Idan Tubi, CTO, and Noam Mendelson, VP of Sales and Growth. It managed to raise a total of $13.5 million for a platform that hosted a wide range of volunteering opportunities such as food aid, animal welfare, youth mentoring, and environmental initiatives, enabling HR teams to find, coordinate, and share charity events and in effect build a community for giving back inside the company.However, it was hit hard by the crisis in tech and after scaling to as many as 50 employees, ended up quickly cutting back to 16. That remaining team, which currently numbers 20 people, most of whom work in the Ramat Gan office, with the rest in Miami, went on to develop dedicated AI agents for nonprofits worldwide. These tools can be interacted with via email and text messages, operating independently and proactively, enabling nonprofits to allocate more resources to their core mission instead of operational tasks.Within a year of the pivot, Vee already serves over 100 clients in the U.S., including well-known organizations such as the Network of Jewish Human Service Agencies, Cloud Veterans, PCOSAA, and Lights and Sirens. Since the outbreak of Operation Iron Swords, Vee has provided free platform access to initiatives supporting Israeli society in areas like public relations and fundraising for the war effort.In a conversation with Calcalist, CEO Piamenta said the company did not change its goal even as it evolved.