Wishly: Angel Investment for Gen Z

A New Social Platform Focused on Social Responsibility Secures Funding

A recently launched social media platform, dedicated to fostering social responsibility, has announced the successful acquisition of $1.2 million in funding. This investment aims to revolutionize fundraising practices, specifically targeting the preferences of Generation Z. Wishly is designed to connect consumer brands, philanthropic organizations, and nonprofit entities.

The Genesis of Wishly

The platform was conceived by Joanne Gonzalez-Forster and Justine Makoff, both seasoned professionals in social impact marketing, nonprofit fundraising, and administration. They identified a gap in the market for a social platform that resonated with the inherent optimism and altruism characteristic of Gen Z.

Their goal is to empower individuals to unite and effect tangible, positive change globally.

Inspired by Social Movements

“During the peak of support for COVID-19 relief and the Black Lives Matter movement in 2020, we observed our children and their peers utilizing social media to motivate their networks to contribute to causes they valued,” explained Joanne Gonzalez-Forster, co-founder and CEO.

“However, a streamlined method for discovering, evaluating, and donating to nonprofits, and subsequently encouraging peer involvement, was lacking.”

Investor Confidence

The company attracted a notable group of angel investors. This included Jim Dreyfous, the now-retired founding partner of Pelion Venture Partners, and Joshua Mailman, a prominent social impact investor.

They initially contributed $400,000 in a pre-seed round in 2020, and subsequently participated in the current seed round, totaling $800,000, alongside other investors.

Empowering the Next Generation of Philanthropists

“We are incredibly enthusiastic about the potential of Gen Z and young millennials to utilize this platform,” Gonzalez-Forster stated. “The world presents numerous challenges and opportunities, from frequent natural disasters to ongoing social movements.”

“Wishly was created specifically for young adults, enabling them to make a meaningful difference through small, impactful actions.”

She continued, “A Google search for philanthropist typically yields images of individuals like Bill Gates, Jeff Bezos, and Warren Buffett, rarely showcasing younger faces. We aspire to change this perception and highlight the diverse faces of youth-driven philanthropy.”

Business Model and Nonprofit Vetting

Wishly operates on a straightforward business model, retaining 5% of all funds raised through the platform. A crucial aspect of their operation is the rigorous vetting process for all nonprofits featured on the platform.

“We have compiled a comprehensive list of every registered 501c3 organization from IRS records, making them all accessible for donations on our platform,” Gonzalez-Forster clarified. “When a nonprofit claims its profile within the app, it triggers our vetting procedure.”

This vetting includes verifying good standing with the IRS – ensuring three years of consistent tax filings – as well as cross-referencing information with Charity Navigator and the Better Business Bureau. A general online search is also conducted to identify any potential scams, legal issues, or misleading information.

Availability and Future Launch

The Wishly app is currently available for download on both iOS and Android devices. However, the team emphasizes that the platform is presently in a limited, friends-and-family testing phase.

A wider, public launch is planned for the near future.