Online fundraising service Bmycharity is to close over the next three weeks. The company made the announcement in an email to its clients and on its blog.
Founders Ben Brabyn and Matt Cooper explained that they had made the decision following the recent failure of a proposed deal that would have brought them investment to help support their expansion. They had been seeking additional resources for some time to help them to develop their system and expand their team.
Since 2001 the site has helped 300 charities raise over £28 million. Ironically, the site, which moved to a commission-free service last year, still had a queue of charities waiting to register, and it had recruited its first major corporate sponsor in the shape of Interactive Investor. Donation volumes and average values had also surged, according to Brabyn.
He apologised for the inconvenience that the closure would cause to the site's users and clients. He wanted to make clear, however, that all charities' income was protected in client accounts, so charities would not lose any of the income raised for them.
Brabyn concluded on his blog post: "Without additional resources, we've done all we can to contribute to the development of the market for online fundraising in the UK, and now the time has come to seek other challenges".