Bono: Modernizing Charitable Donations | New Startup

Modernizing Charitable Giving with Bono

Each year, substantial financial contributions are made to charitable organizations by donors. However, the traditional donation process is often perceived as being inefficient and unnecessarily complex.

Recognizing this issue, Dan Eblagon and Ron Levy established Bono, a platform engineered to provide a more contemporary and streamlined method for philanthropic giving.

Platform Features and Functionality

The platform, deriving its name from the term “pro bono” – and not the musician – concentrates on linking users with carefully selected charities. These charities align with the causes most important to the individual, such as climate change mitigation, LGBTQ+ advocacy, and animal welfare.

Users establish a recurring monthly donation plan, beginning at $5, and Bono automatically allocates funds among the charities they have chosen.

Recent Funding and Development

The official launch of the company was announced on Monday, coinciding with the completion of a $1.6 million pre-seed funding round.

These newly acquired funds will be dedicated to improving the user experience. This includes the development of an AI-powered chatbot designed to match donors with appropriate charitable organizations.

Currently in a pilot program, this feature is anticipated to become publicly available by September.

The Inspiration Behind Bono

The idea for Bono stemmed from a personal experience Eblagon had during a phone call with a telemarketer.

The telemarketer was requesting donations for a charity, claiming Eblagon had donated previously. While Eblagon felt positive about having donated, he didn't recall the specific charity or the impact of his contribution.

“This experience prompted me to envision a modern platform that would disrupt the conventional methods of giving,” Eblagon explained to TechCrunch. “I realized that relying on outdated donation records and lacking details about impact or donor interests was not an effective approach.”

Keeping Donors Informed and Engaged

To maintain user engagement and transparency, Bono delivers a weekly impact report.

This report details precisely how and where donations are being utilized, for example, quantifying the number of meals provided or mental health sessions funded.

A mobile application, compatible with both iOS and Android devices, allows users to review their cumulative annual impact.

Collaborations with Content Creators

Bono is also innovating by establishing partnerships with content creators to broaden awareness of charitable causes.

These creators are compensated for their promotional efforts.

Creator Partnership Models

Bono employs three distinct partnership models:

• Flat-fee campaigns: Influencers receive upfront payment for promotion.
• Affiliate-style revenue sharing: Creators earn based on the performance of their campaigns.
• Donated commissions: Creators can choose to donate their earnings back to the promoted cause.

While some may question the ethics of these arrangements, Eblagon notes that “most creators” favor the option of donating their earnings.

He emphasizes that these partnerships are about more than just product promotion; they represent a commitment to values and a demonstration of personality.

Currently, Bono has established partnerships with over a dozen content creators.

Growth and Reach

Bono initially launched in a limited capacity in December to address the urgent need for support following the Los Angeles wildfires.

Since then, the platform has expanded its network from 100 charities to encompass all 1.5 million registered charities within the United States.

The average donation amount is approximately $20 per month, though some donors contribute significantly more, exceeding $1,000 monthly.

Charity Vetting Process

All nonprofit organizations featured on Bono are officially registered within the U.S. and must adhere to stringent criteria.

The company requires a rating of 8.5 or higher from reputable charity evaluation websites such as Charity Navigator and GuideStar. A robust social media presence is also considered essential.

Investment Details

The funding round was spearheaded by Progression.Fund, with additional participation from various angel investors.

These investors include senior executives from prominent companies like Amazon, Google, Microsoft, Intuit, and X/Twitter.