Impact Makers has raised over $1.5 million in a distinct equity investment to support the growth of its unique business and technology-consulting firm. This influx of capital will enable the company to expand its service offerings, intellectual property and geographic coverage, and ultimately provide even greater community impact. Impact Makers is a for profit Virginia benefit corporation that is committed to helping members of the community by contributing 100% of its net profits to charities over the life of the company.
Investors participated both as a solid business investment and to support Impact Makers’ social enterprise business model. Nationally, the investors include Ben & Jerry’s ice cream co-founder Jerry Greenfield and Mike Hannigan, co-founder and president of Give Something Back, a California-based office supply company that donates profits. “I see Impact Makers as potentially very successful,” Hannigan said. “There is a philanthropic attitude within the company, but there is also a hard-nose competitive interest within the company that puts the customer’s interests first, which is always necessary to succeed.”
“A number of well-known social enterprise leaders and organizations that were the original inspiration for me to start Impact Makers – Jerry of Ben and Jerry’s and Mike Hannigan among them – have now invested in Impact Makers,” states Michael Pirron, Impact Makers’ Founder and CEO, “This is a huge compliment and very meaningful for me and our whole team. Those that inspired us now believe in our model enough to support it.” Pirron and other members of Impact Makers’ board and leadership team also joined the investors and Virginia Community Capital, who provided additional debt financing to complement the capital raise.
Local investors are Richmond’s James E. Ukrop and Robert Mooney of New Richmond Ventures; Bobby Thalhimer with The Monument Group; Richard Hood, owner of Ellwood Thompson’s Local Market, and John Whitlock, founder and chairman of technology firm The Whitlock Group. Mrs. Patricia Pusey also invested and her son, William A. Pusey, Jr., JD, a Senior Wealth Advisor with Keel Point, shared that “we believe in Impact Makers and its people, processes and prospects. The opportunity for their success in business is real as demonstrated by operations to date and the pipeline of deals coming in the near future. ”
The equity raise is another step in leveraging Impact Makers’ unique business structure. The investors become preferred shareholders with a market-priced, but capped, return on investment. “I’ve been a long-time volunteer board member because I recognize the tremendous value our business model has to the community; and I’ve made loans to help fund growth because I have confidence the management team and associates will produce a fair return with modest risk. Everyone wins,” said David Wade, Impact Makers’ Board Member.
Impact Makers’ revenue grew 53 percent last year compared with 2014. It has contributed about $1.2 million in donations and pro bono work to the community since its inception. The company currently provides financial support and pro bono services to nonprofits including Rx Partnership, Family Lifeline, Peter Paul Development Center and Future Leaders in Project Management.
Download the Press Release.
About Impact Makers
Founded in 2006, Impact Makers provides services in Management and IT Consulting, Program and Project Management, Digital Services, Governance, Risk and Compliance, and Healthcare Solutions. Impact Makers is a founding B Corp and received for the third consecutive year a Best for World designation. The company also has made the Inc 500|5000 Fastest Growing Companies list for the past four years.