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Do-Gooder Finance - Trends
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which founder and CEO Matt Fellowes describes as “an independent personal finance website dedicated to helping people reach their financial goals,” has announced a $3.6 million round of funding led by Grotech Ventures, with additional investing by Jean and Steve Case. This comes on top of $2.5 million the company has already raised since its founding in 2008. Fellowes is a rarity in the startup world: A real do-gooder. As a fellow at D.C.’s revered think thank the Brookings Institution, he participated in consumer finance research that found American workers — not just manual laborers but “anyone ...
These days, doing good is good business, right? Tell that to the venture capitalists. When they hear about a for-profit company driven by a social mission, their refrain is still the same: "You need to focus more on profits. How are we going to get our 30 percent returns?" Banks often sing the same tune; few are willing to back ventures with unconventional business models, at least not without exorbitant interest rates or risky personal guarantees. Tim Freundlich, a director at the Calvert Foundation, which invests in companies that do community development or poverty alleviation work, ... Read More
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