US company buys Latvian start-up Funderful

US market leader in attracting donations for higher education institutions has acquired Funderful, a Latvian start-up that supplies universities with artificial intelligence-based communication tools for raising donations.

“An important stage in the life cycle of startup development has come to an end - it has led from a zero to an interesting, successful solution. I am very pleased that the partner is interested not only in the product and the results achieved, but in the team, which is also the basis for further development, and it continue to be right here in Riga.” says the founder of Funderful Raimonds Kulbergs.

So far, the company has attracted more than $ 1 million in investment. Investors include private investors from Latvia, Estonia, San Francisco, China, as well as 500 Startup Accelerator and venture capital funds Imprimatur Capital in Latvia and Startup Highway in Lithuania.

Funderful pioneers chatbots in higher education, helping advancement teams get a response from alumni and increase donations. The vision of the company is to replace emails with messaging and chatbots for admissions, student, and alumni communications. Funderful has recently partnered with Pomona College, Georgetown, West Point and a few other institutions, who are already seeing over 80% open rates and 5-10 times better click-through Facebook Messenger.