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FOUNDATION SOURCE ACQUIRES VENNFI, THE FINTECH POWERING DONOR-ADVISED FUND CHARITYVEST

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Acquisition expands Foundation Source’s range of enterprise-grade, tech-enabled offerings with donor-advised fund and workplace giving capabilities 

Reinforces Foundation Source as the leading provider of turnkey philanthropic solutions 

FAIRFIELD, Conn., Oct. 17, 2024 /PRNewswire/ — Foundation Source, the nation’s largest provider of cloud-based solutions for private foundations and planned giving, today announced it acquired Vennfi, the financial technology company powering Charityvest, an industry-leading donor-advised fund (DAF) sponsor. Foundation Source will harness the DAF functionality to deliver modern giving experiences and create new opportunities for innovation and growth in the philanthropic sector.

“With this acquisition, Foundation Source can now offer a DAF platform with an intuitive and frictionless user experience that sets a new industry standard for technology innovation,” said Joseph Mrak III, CEO of Foundation Source. “This strategic acquisition is an important milestone in Foundation Source’s mission to make giving easier and more impactful, and we’re excited to make these philanthropic solutions widely available to help people and companies drive change.”

The deal will broaden Foundation Source’s suite of offerings and accelerate the delivery of giving solutions across the wealth management industry through a turnkey private label platform that will make offering and administering a donor-advised fund easier and more efficient for DAF sponsors, broker-dealers, independent RIAs and other financial services organizations. The acquisition also includes a workplace program that allows employers to streamline corporate and employee giving efforts.

“As financial advisors and wealth management firms look for ways to differentiate themselves beyond traditional investment advisory expertise, a full set of philanthropic capabilities is essential for holistic client engagement,” Mr. Mrak continued.

Through this transaction, Foundation Source reinforces its position as the leader in philanthropic technology, administration, and professional services. Building on its market-leading suite of capabilities, Foundation Source will be the only provider to deliver scalable, end-to-end digital solutions across private foundations, planned giving, and donor-advised funds, making it the optimal choice for professional advisors, and financial institutions serving wealth management and private banking clients.

“Our organizations share a commitment to provide wealth managers and their clients with easier access to collaborative giving tools and resources,” said Vennfi CEO, Stephen Kump. “After a highly collaborative and exploratory process over many months, it became clear that, together, we can catalyze more giving by making it more accessible, secure, and efficient for more people. We are enormously excited to join the Foundation Source team to unlock even more purposeful giving in the years ahead.”

The Charityvest DAF program was launched to the public in December 2019 as a partnership between Vennfi, a financial technology company, and Charityvest, Inc., a 501(c)(3) public charity and donor-advised fund sponsoring organization. Following Foundation Source’s acquisition of Vennfi, Charityvest, Inc. will continue to operate as a separate, independent entity, managed by its own Board of Directors. Foundation Source technology will power the Charityvest DAF program, the turnkey DAF platform, and the workplace giving program.

“We are grateful for the past partnership with Vennfi and look forward to working closely with Foundation Source to harness additional capabilities to help our donors give more, and give more purposefully,” said Paul Glyer, Secretary of Charityvest, Inc.

The management team of Vennfi, led by Mr. Kump, will join Foundation Source, contributing their expertise and insights to sustaining a world-class client experience and the continued expansion of the combined entity.

Earlier this year, Foundation Source announced the acquisition of planned giving software and services leader, PG Calc, as part of its growth strategy to build a single platform for a wide range of flexible, popular, tax-advantaged resources that make giving easier.

The transaction was completed on October 17, 2024. The terms of the transaction were not disclosed.

About Foundation Source (foundationsource.com)
Foundation Source is the leading provider of enterprise-caliber and technology-led charitable giving solutions. At the forefront of philtech, Foundation Source is the partner of choice for turnkey software and services that offer end-to-end support for donor-advised funds, planned giving and private foundations. We offer a range of purpose-built, cloud-based platforms that facilitate all stages of giving and a configurable suite of administrative, compliance, tax, and philanthropic advisory services for donors, nonprofits and charities, and professional advisors, including RIAs and financial institutions serving wealth management and private banking clients.

With 65 years of experience, Foundation Source empowers people and companies to create a better world through philanthropy. We support more than 4,000 charitable organizations, administer more than $25 billion in foundation assets, and facilitate more than 120,000 grants and planned gifts annually.

About Vennfi
Vennfi Inc. is a financial technology company enabling the future of purposeful philanthropy. Its flagship offering is a next-generation, technology-enabled administrative solution for 501(c)(3) donor-advised fund sponsors, first launched in partnership with Charityvest Inc. in 2019. Headquartered in Atlanta, GA, Vennfi is backed by Y Combinator, Sovereign’s Capital, Teamworthy Ventures, and others.

About Charityvest (charityvest.org)
Charityvest, a donor-advised fund (DAF) sponsor, is on a mission to catalyze generosity via modern technology. It endeavors to enable everyone to engage more in philanthropy—to give, to give more, and to give better. In addition to serving individual and corporate donors, Charityvest partners with leading financial advisors and workplaces to launch modern giving programs for their stakeholders. Charityvest is headquartered in Atlanta, GA. For more information, or to start your personal giving account, please visit charityvest.org.

MEDIA CONTACT
Carly Taylor
foundationsource@neibartgroup.com
973-618-6993

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SOURCE Foundation Source

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Big Frog Custom T-Shirts & More Ends 2024 With Steady Growth and Major Innovations

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Big Frog celebrates a year of progress with five new locations, the launch of an e-commerce solution and additional initiatives to enhance franchisee success nationwide.

DUNEDIN, Fla.  , Jan. 15, 2025 /PRNewswire-PRWeb/ — Big Frog Custom T-Shirts & More, a leader in custom apparel franchising with over 75 locations across the U.S., is celebrating a successful 2024 full of new initiatives and growth.

“Our focus in 2024 was on launching and refining our new point-of-sale system, a critical investment in the future of our franchisees,” said Tina Bacon-DeFrece, founder and CEO of Big Frog. “This initiative laid the foundation for even greater success as we continue to enhance operations and support our stores.”

Revenue growth for the year was approximately 5%, supported by robust digital marketing efforts and the introduction of Big Frog’s Success Program, which encourages franchisees to engage more actively in marketing planning. Stores that followed their plans closely experienced notable growth, showcasing the program’s potential.

Five new franchise locations opened in 2024, including exciting expansions into Stockton, California, and Albuquerque, New Mexico. Although two additional locations were delayed due to permitting issues, they are set to open in early 2025.

“This year marked exciting expansion for Big Frog, including our first locations in Northern California and New Mexico,” said Bacon-DeFrece. “Our growth strategy, under the leadership of our new chief development officer, David Braun, is heavily focused on leveraging broker networks, digital initiatives, public relations, and organic search. It really has ignited interest across the country in our brand. We’re thrilled to expand into new regions while also strengthening our presence in areas like Florida, where local support is right in our backyard.”

Complementing these development efforts have been Big Frog’s existing franchisees, which have proven to be an excellent referral source and point of validation for prospective owners interested in the brand.

“We’ve refined our process over the years and now set up formal calls, which have been really nice for candidates because it sets expectations and dedicated times for them to speak one-on-one with our franchisees,” Bacon-DeFrece said. “That’s really made the validation process a lot easier for everyone since there is less back and forth.”

Big Frog is also taking a major step forward in leveraging technology to enhance its services and support franchisees. This year, the company focused on developing an innovative e-commerce platform that combines the convenience of online shopping with the personal touch of local fulfillment, setting the stage for its beta launch.

“Our e-commerce initiative has been one of the most exciting projects for Big Frog this year,” said Bacon-DeFrece. “We’re in the process of launching a national platform where customers can design and purchase custom apparel online, with fulfillment handled by our local stores. A key priority for us is ensuring fair revenue distribution across all locations, so every franchisee benefits whether they’re in a major metro area or a smaller market.”

In custom apparel trends, the brand saw increased demand for high-end corporate products like Carhartt and North Face items, as well as continued interest in promotional products. These offerings cater to clients seeking premium-quality branded merchandise.

“We now have access to a lot of those types of blank apparel to decorate,” said Bacon-DeFrece. “Our B2B customers really like that they get some really high end products, either for corporate gifts or for their team.”

Looking ahead to 2025, Big Frog aims to achieve double-digit revenue growth for its stores while exploring advancements in artificial intelligence to simplify store operations. The e-commerce solution, once fully launched, is expected to play a pivotal role in boosting franchisee revenue.

ABOUT BIG FROG CUSTOM T-SHIRTS & MORE:
Founded in 2008 and headquartered in Dunedin, Florida, Big Frog Custom T-Shirts and More, Inc. is an international franchise system with over 75 independently owned and operated stores serving consumers and businesses across the U.S. and Canada. Big Frog specializes in direct to garment printing (DTG) and is a one-stop shop for all custom apparel decorating techniques, as well as branded promotional products. Big Frog offers free design help, no minimums, no art/setup fees, and fast turnaround. Find a store at BIGFROG.COM, U.S. franchise opportunities at BIGFROGFRANCHISE.COM, Canadian franchise opportunities at BIGFROG.CA, and Big Frog on YouTube.

Media Contact

Chad Cohen, Mainland, 3125263996, ccohen@hellomainland.com, www.hellomainland.com 

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SOURCE Big Frog Custom T-Shirts & More

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New Website Helps Consumers Navigate an Important Battery Choice for their EV or Hybrid Vehicle

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East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles.

LYON STATION, Pa., Jan. 15, 2025 /PRNewswire-PRWeb/ — East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles. These vehicles are more complex with different battery voltage systems within the same vehicle. They use both lithium and lead battery solutions, which are dependent on each other to operate a vehicle.

The lithium batteries that power the high voltage system are designed by the automotive manufacturer and most likely last for the life of the vehicle. However, the battery for the low voltage system will eventually need to be replaced. Making the right choice when replacing the 12-volt battery will protect both voltage systems. The battery that’s chosen could either enhance or hinder the overall performance and safety of the EV or Hybrid vehicle over time.

Traditional vehicles use a 12-volt battery to start the engine and to stabilize the electronics. Electric and Hybrid vehicles use the 12-volt battery for all types of safety critical and auxiliary power reasons. Here are a few:

Start-stop functions in micro hybridsStarting assistPowering cabin accessoriesSteer-by-wire power backupBrake-by-wire power backupOther smart controls or enhanced functions

It is more important than ever that the consumer understands the capabilities of the replacement battery for their EV or Hybrid. Battery manufacturers and distributors are beginning to designate their products so that the consumer has the reassurance that they have the right type of replacement battery to meet these safety-critical demands. East Penn has designated its Deka Intimidator line of AGM batteries with the EHP symbol that stands for Electric Hybrid Performance to help give the consumer added reassurance. It’s also important to note, that these lead batteries have achieved the highest Recycled Content (98%) Environmental validation from UL further accrediting them as one of the most sustainable products in the world.

East Penn is a leading manufacturer of high-quality lead batteries and accessories for the automotive, commercial, marine, motive power, UPS, and telecommunication markets. The company’s quality and environmental systems for its entire 520-acre complex have been certified to ISO 9001:2015, ISO/TS 16949:2016, and ISO 14001:2015 requirements. To learn more about the company visit https://www.eastpennmanufacturing.com. To learn more about the power you have to recycle visit https://www.eastpennmanufacturing.com/power2recycle.

Media Contact

Joel Brady, East Penn Manufacturing, Co., 1 610-682-6361 2740, jbrady@dekabatteries.com, https://www.eastpennmanufacturing.com/

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SOURCE East Penn Manufacturing, Co.

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Get Covered Welcomes Dharmesh Shroff as VP of Engineering

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NEW YORK, Jan. 15, 2025 /PRNewswire/ — Get Covered, a leading renters insurance technology company, is thrilled to announce the appointment of Dharmesh Shroff as VP of Engineering. Dharmesh brings over 18 years of experience driving technology innovation in the PropTech space, where he has consistently delivered scalable platforms and seamless integrations.

“We are excited to welcome Dharmesh to the Get Covered family,” said CEO, Brandon Tobman. “His deep expertise in building robust integrations and API ecosystems will be instrumental as we continue to redefine the renter’s insurance experience for our customers and partners and expand our offering.”

Proven Expertise in Technology Leadership

Dharmesh joins Get Covered following a distinguished career that includes serving as SVP of Engineering at Entrata and other leading Property Management Systems companies. “I’m excited about the opportunity to bring transformative technology to the insurance industry, much like I did in the PropTech space,” Dharmesh said. “The parallels between PropTech and InsurTech—both dealing with highly fragmented data and the need for seamless integrations—make this an exciting new challenge.”

Vision for the Future

As VP of Engineering, Dharmesh aims to enhance the customer experience by advancing real-time data integration, incorporating AI-driven capabilities for smarter interactions, and setting new standards for API security and interoperability. His goal is to help create a highly adaptable integration framework that empowers partners and developers while delivering faster, more personalized insurance solutions.

“APIs are more than just tools; they’re the backbone of connected, smarter customer experiences,” Dharmesh explained.

Building on a Culture of Excellence

In addition to his technical expertise, Dharmesh is known for his leadership in building world-class engineering teams. At Pattern he hired over 95 employees across development roles, while at Entrata, he built a robust operation which grew to over 800 employees.

“Attracting and retaining top talent starts with creating a culture of innovation, ownership, and growth,” Dharmesh said.

Dharmesh’s leadership style is also influenced by his commitment to mindfulness, which helps him stay empathetic, focused, and resilient in high-pressure situations.

About Get Covered

Get Covered is revolutionizing the renters insurance industry with cutting-edge technology that simplifies the insurance process for tenants, landlords, and property managers. By combining innovative solutions with a customer-centric approach, Get Covered is setting a new standard for insurance technology.

For more information about Get Covered and its leadership team, visit www.getcovered.io

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SOURCE Get Covered

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