And there’s apparently more money to go around. New York-based personal finance technology company SmartAsset’s latest report shows Los Angeles County is No. 1 among California counties for its incoming investment index as well as in 2020-2021 GDP growth at $14 billion, more than three times that of No. 2 Orange County.
Whether that translates into a giving mood remains to be seen as the world holds its breath to see whether the omicron Covid-19 variant will cause a major or minor disruption to the ongoing economic recovery.
Certainly, in-person company celebrations will be on hold for another year — get your ugly holiday sweater ready for your office Zoom call — but gift giving offers a way for companies to connect with their teams and show them their contributions are valued.
Gift cards are a go-to. Home office perks or gadgets like Sawtelle-based Popl’s digital business cards could be safe options. But one El Segundo startup is thinking outside the gift box by offering a philanthropy-as-a-service platform that enables companies to create donor-advised funds for employees. Launched in September, Groundswell announced on Nov. 30 that it closed a $15 million seed round led by Cambridge, Mass.-based GV (formerly Google Ventures) and that included Moonshots Capital, which is dual-headquartered in Mar Vista and Austin, Texas; Hollywood-based Core Innovation Capital; Menlo Park-based Felicis Ventures and New York City-based Human Ventures.
The platform engages companies’ employees in corporate philanthropy and tools, similar to a company-provided 401(k), including tax-free investments, donation options and impact reporting. Companies can give directly or match employee contributions to these funds.
Groundswell touts the platform as a way for companies to partner with employees on social responsibility and philanthropic efforts personal to them and help remote or hybrid teams feel more connected.
“We want to create a new category of service that combines the best aspects of HR tech, fintech and philanthropy,” Jake Wood, Groundswell co-founder and chief executive, said in a statement. “Our philanthropy-as-a-service approach is democratizing philanthropy for the masses by enabling them to give better, smarter, easier and more intentionally.”
