New funding allows Gloo to accelerate platform
development and AI advancement while expanding focus to include
Gloo Ventures.
BOULDER,
Colo., July 31, 2024 /PRNewswire/ -- Gloo,
the leading technology platform dedicated to connecting the faith
ecosystem and releasing its collective might, announced the
completion of a $110 million
financing. The new financing will accelerate development of the
Gloo platform—which includes free and premium ministry tools and
marketplace offerings—while funneling new investment capital toward
ministry-based technology, products, and services.
"So often faith-aligned capital leaves the faith ecosystem,"
said Scott Beck, Gloo CEO and
co-founder. "That means ministries that need the goods, services,
and capital to fuel their growth don't have access to essential
resources. Our goal with this investment round, funded by 100%
mission-aligned investors, is to reinvest the capital back into the
ecosystem in the form of capital investments and continued
development of our growing platform that connects the faith
community at scale."
The investment aligns with plans to expand the Discover
marketplace on Gloo, which offers the faith community a
comprehensive range of free and premium products and services that
meet the specific and ongoing needs of ministry leaders.
"Gloo is accelerating our investment in marketplace motions to
create uniquely curated experiences tailored to the faith
ecosystem," said John Fowle, chief
financial officer at Gloo. "Investing in a marketplace is not just
about enhancing our platform; it's about empowering our users with
the tools and resources they need to make a positive impact in
their communities."
The company is planning further investments to accelerate AI
specifically tailored to the faith ecosystem. With a potential AI
market size reaching into the trillions within the next decade,
Gloo recognizes the growing need faith leaders will have to
leverage the technology responsibly. Through its AI & the
Church Initiative, upcoming AI hackathon, and other ventures, Gloo
has become a leading voice in responsible and innovative use of AI
for the faith ecosystem.
Earlier this year, Gloo launched a new division, Gloo Ventures,
focused on investments in and acquisitions of organizations that
bring value to the faith community. The division will include
investments in AI-based tools to help church leaders responsibly
leverage the technology.
"It's clear to us that the faith community is seeking greater
connection," said Beck. "The Gloo platform is already enabling
those connections in a variety of ways including enabling over 25MM
text-based ministry interactions, connecting over 400K people in need to local ministries and
resources, and enabling the exchange of value between thousands of
ministry equipping partners and over 70K Gloo churches. No single person, ministry, or
church could do this on their own. We're seeing silos breaking down
and collective might at work."
Gloo closed the latest funding round in the first half of 2024,
which included investments from a diverse group of mission-aligned
partners including a leading partner in small group content, a
major global child development ministry, a major denominational
provider of financial services and one of the largest providers of
church building and development loans. The approach aligns with
Beck's long-term vision that mission-aligned partners, and
ultimately the big C Church, would be significant owners in the
platform.
"We choose our investors carefully," Beck said. "Finding close
missional alignment, driving great financial outcomes, and guarding
against mission drift are key drivers for us. Ultimately, our
commitment is to connect the faith community, so every ministry can
achieve its mission," said Beck, "We're committed. We're resourced.
And we've never been in a better position to achieve this
goal."
Gloo is the trusted tech platform that releases the
collective might of the faith ecosystem. Gloo connects ministry
leaders to resources, people, data and insights and funding so
their people and communities flourish and their organizations
thrive. Gloo does this with the highest standards of trust and
scalable economic models. Gloo serves over 70,000 churches and over
1,000 resource partners.
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SOURCE Gloo