Summary:
Bono aims to modernize charity donations with a user-friendly platform.
Users can set a monthly budget starting at $5 for donations.
The platform features an AI-powered chatbot to match donors with charities.
Bono provides a weekly impact report to keep users informed about their contributions.
The startup has expanded to over 1.5 million charities in the U.S.
Every year, donors contribute billions of dollars to charities, yet the donation process still feels outdated and cumbersome. Founders Dan Eblagon and Ron Bono believe there is an easier way to donate, leading to the creation of Bono, a platform designed to facilitate a more modern and streamlined approach to giving.
How Bono Works
The platform focuses on connecting users with a selection of vetted charities based on causes they care about, such as climate crisis, LGBTQ+ rights, and ending animal suffering. Users can set a monthly plan, starting at just $5, and Bono automatically distributes funds across the chosen charities.
Funding and Features
Recently, Bono announced its official launch alongside a $1.6 million pre-seed funding round to enhance the user experience, which includes an AI-powered chatbot that matches donors with suitable charities. This feature is currently in a pilot phase and is expected to launch to the public by September.
To keep users engaged, Bono provides a weekly impact report, detailing how and where their donations are making a difference, such as how many meals or mental health sessions their contributions have funded. Additionally, there's a mobile app available for both iOS and Android users to track their annual impact.
Engaging Creators for Awareness
Bono is also partnering with content creators to help increase awareness about charitable giving. The platform offers three models for creators: flat-fee campaigns, affiliate-style revenue sharing, and donated commissions where creators can donate their earnings back to the cause promoted. Most creators prefer the third option, opting to contribute their earnings to the causes they care about.
Bono soft-launched in December to respond to the demand from donors wanting to support victims affected by the Los Angeles wildfires. Since then, it has expanded its reach from 100 charities to over 1.5 million charities in the U.S., with an average donation around $20 per month.
Charity Standards
All nonprofits featured on Bono are registered in the U.S. and must meet specific standards, requiring a rating above 8.5 on platforms like Charity Navigator and GuideStar. The recent funding round was led by Progression.Fund, with participation from several angel investors from major companies, including Amazon, Google, and Microsoft.
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