Elon Musk’s Foundation Gives $37.8M to Donor-Advised Fund

Nonprofit Quarterly | January 31, 2019

The Guardian took on the philanthropy of Elon Musk this past week. After commenting on the brevity of his foundation’s website, which reads, “Grants are made in support of: renewable energy research and advocacy, human space exploration research and advocacy, pediatric research, science and engineering education, [and] development of safe artificial intelligence to benefit humanity,” it goes on to detail some of his grants, which range in size from a few thousand to millions of dollars and only sometimes reflect the intentions stated above. A look at the Foundation’s 990s, the reporter points out, shows that some donations “have benefited the billionaire’s own initiatives and, indirectly, his family, while others have tackled his pet peeves. Recipients have included a school attended by Musk’s own children, a charity managed by his brother, a protest group fighting gridlock on Musk’s commute to SpaceX, and even an art project at Musk’s favorite festival, Burning Man.” All of this is topped off by some traffic-related grants, in which Musk has an intense personal interest. Specifically, according to this article, the foundation paid out a total of $75,000 to a group called Angelenos Against Gridlock, which was advocating for improvements to the notoriously congested Interstate 405 highway that Musk uses regularly to commute from his Bel-Air home to SpaceX.

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FUNDRAISING

Revelstoke Capital Partners Raises Single-Asset Fund Dedicated to Veterinary Health

Rarebreed | July 16, 2022

Revelstoke Capital Partners (together with its affiliates "Revelstoke"), a private equity firm focused on investing in healthcare services companies, announced today that it has completed fundraising for Revelstoke EPIC Fund III ("EPIC III" or the "Fund") to support the growth of Rarebreed Veterinary Partners ("Rarebreed"), which Revelstoke recapitalized in December 2021. EPIC III, with $376 million of commitments, was substantially oversubscribed and is the third single-asset vehicle in Revelstoke's EPIC Fund series, which collectively totals over $1 billion in commitments. Since the firm's inception in 2013, Revelstoke has raised over $3.9 billion in equity commitments and has invested in 25 platform companies and 132 add-on acquisitions. Concurrently with the closing of EPIC III, Rarebreed completed the acquisition of Revelstoke portfolio company Vet's Best Friend, establishing Rarebreed as a leading veterinary services platform in the northeastern United States. Upon the combination with Vet's Best Friend, Rarebreed now operates 118 hospitals in 11 states providing services spanning the full continuum of veterinary care, including general practice, urgent care, emergency and specialty. With Revelstoke's investment, Rarebreed is well-capitalized to pursue future growth through acquisitions, the opening of new locations and same store sales, all with a focus on increasing access to quality veterinary care. "We appreciate the significant support from a global limited partner investor base in Revelstoke's EPIC Fund series. We are enthusiastic about Rarebreed's growth prospects and goal of becoming the leading veterinary services platform in the United States." -Simon Bachleda, Co-Founder and Managing Partner of Revelstoke. Anthony Hayes, Partner of Revelstoke, added, We are excited to continue to support Rarebreed's mission to reimagine the way veterinary medicine is delivered through exceptional patient care, outstanding client service and a continued focus on providing a differentiated employee experience to our veterinarian partners. "Rarebreed has achieved significant growth over the years and we are excited about our plans as a diversified and technologically-differentiated veterinary services platform of scale, Capital from this new investment will be used to support our goal of accelerating our rapid growth through further acquisitions and the opening of new locations, as well as the addition of ancillary service lines, to best serve our communities by delivering veterinary care to more patients." -Dan Espinal, Chief Executive Officer of Rarebreed. About Revelstoke- Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare services and healthcare technology sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $4.8 billion of assets under management. Since the firm's inception in 2013, Revelstoke has completed 157 acquisitions, which includes 25 platform companies and 132 add-on acquisitions. About Rarebreed- Rarebreed is a technology-enabled operator of veterinary practices with the mission to become the employer of choice in veterinary care, one partnership and one team member at a time. Rarebreed prides itself on building trusted, lasting relationships with our partner hospitals, with goals to provide top-notch patient care, world-class client service, and an unparalleled work experience. Rarebreed continues to build a broad network of practices that values healthcare teams by offering them the tools necessary to grow, improve, and reimagine the veterinary experience.

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NONPROFIT MANAGEMENT

PetSmart Charities Celebrates 10 Millionth Pet Adoption

PetSmart Charities | May 11, 2022

PetSmart Charities, the nation's top funder of animal welfare, has crossed the landmark 10 millionth pet adoption since launching in 1994. Working with more than 2,500 animal welfare partners at Everyday Adoption Centers in PetSmart's retail stores and hosting annual National Adoption Week events, this powerful milestone honors the millions of people who save lives through adoption. Over the past five years alone, PetSmart Charities has granted $75.6 million to fund services such as transport, prevention and medical care that help adoptable pets find new homes. PetSmart Charities facilitates approximately half a million adoptions each year thanks to PetSmart and generous supporters who donate. The majority of funds granted by PetSmart Charities are raised by donations made at PetSmart's registers or online. In fact, more than 70% of donations come directly from pet parents shopping at PetSmart. Each gift supports local animal welfare organizations and other nonprofits that make lives better for pets and the people that love them. For us, this meaningful milestone presents a perfect time to reflect on so many stories of unconditional love that led us here. This moment was brought to us by all those who made donations at stores, online or in estate plans. We're grateful for the generosity of those who support our work — and those who opened their hearts and homes to pets in need. As most people discover, it's the pets who end up rescuing their people." Aimee Gilbreath, president of PetSmart Charities The 10 Millionth Adoption and Celebration The 10 millionth pet was adopted by the Texas-based De La Rosa family, who spontaneously stopped by the National Adoption Weekend event at their local PetSmart in Harlingen to just "look." They came across a shy, sweet husky. Volunteers explained he had come to their shelter with deep indentations in his neck, the result of an embedded collar after enduring a life of neglect. The entire family fell in love with the husky, who they later named Balto. To celebrate Balto and every adoption that counted toward the 10 millionth milestone, PetSmart and PetSmart Charities have launched a TikTok 1-in-10 Million Challenge. Pet parents are encouraged to post videos on TikTok sharing their pet adoption story and detailing how their pets rescued them in return. Users are asked to add the #10MillionAdoptions hashtag and set their stories to the PetSmart original soundtrack of "Who Rescued Who," by The Lion Tones. The Urgent Needs Continue Today, more than 70% of American households include pets. While the pandemic drove demand for adoptable pets, nearly five million lost, surrendered or abused animals continue to make their way into shelters each year. During the busy summer seasons, shelters will be overflowing with pets in need of loving homes. PetSmart Charities encourages people to consider adopting animals particularly at risk including large dogs, senior cats and dogs, and kittens. Staffing shortages at shelters have only increased the urgent need for people to adopt. About PetSmart Charities PetSmart Charities is committed to making the world a better place for pets and all who love them. Through its in-store adoption program in all PetSmart stores across the U.S. and Puerto Rico, PetSmart Charities has helped nearly 10 million pets connect with loving homes. PetSmart Charities also provides grant funding to support organizations that advocate and care for the well-being of all pets and their families. PetSmart Charities' grants and efforts connect pets with loving homes through adoption, improve access to affordable veterinary care and support families in times of crisis with access to food, shelter and disaster relief. In turn, PetSmart Charities efficiently uses more than 90 cents of every dollar donated to fulfill its role as the leading funder of animal welfare in North America, granting more than $500 million since its inception in 1994. Independent from PetSmart LLC, PetSmart Charities is a 501(c)(3) non-profit organization that has received the Four-Star Rating from Charity Navigator for the past 18 years in a row – placing it among the top one percent of rated charities. About PetSmart PetSmart LLC is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. At PetSmart, we love pets, and we believe pets make us better people. Every day with every connection, PetSmart's passionate associates help bring pet parents closer to their pets so they, together, can live more fulfilled lives. This vision impacts everything we do for our customers, the way we support our associates and how we give back to our communities. PetSmart operates approximately 1,660 pet stores in the United States, Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel® dog and cat boarding facilities. The retailer provides a broad range of competitively priced pet food and products, as well as services such as dog training, pet grooming, pet boarding, PetSmart Doggie Day Camp and pet adoption. PetSmart, PetSmart Charities and PetSmart Charities of Canada work with nearly 4,000 animal welfare organizations to bring adoptable pets into stores so they have the best chance possible of finding a forever home. Through this in-store adoption program and other signature events, PetSmart has facilitated 10 million adoptions, more than any other brick-and-mortar organization.

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FUNDRAISING

NEW AI PLATFORM FOR NONPROFITS TO IMPROVE FUNDRAISING RAISES $1.5M IN PRE-SEED FUNDING

HATCH | July 26, 2022

The company has developed an "Altruistic Intelligence"TM platform that leverages AI to make nonprofit fundraising efforts more effective. Using a combination of data-enrichment, machine learning, and AI predictive modeling, Hatch aims to make a significant impact in the giving space. Hatch is the brainchild of Moshe Hecht, former co-owner and CIO of charidy.com, the fundraising platform that has raised $2B+ for charities since 2013. He is joined by CTO and co-founder Eyal Beigman, PhD. In his 7 years of leadership at charidy.com, Hecht discovered that most organizations spend 90% of their time engaging just 10% of their donors. The overwhelming majority of people have been overlooked, at best relegated to receiving mass email blasts (often driving them to unsubscribe). "It's not just about identifying the rich people anymore, We're moving into a new era of giving, where philanthropy is being driven by the collective power of the many rather than the exclusive power of the few." -Moshe CEO, Hecht. Hatch solves this problem by unlocking what makes people tick, click and give." The result is thriving engagement across a larger donor base. Hatch's platform generates a holistic profile of every donor. In doing so, it can help organizations better identify the people most likely to engage with them, using predictive modeling to forecast greater opportunities for impact. As Beigman explains, "Hatch makes data accessible and easy to use even for a volunteer. Hatch has raised a $1.5M Pre-Seed round from a group of prominent angel investors and tech leaders, including computer scientist and philanthropist David Magerman. Other key investors include renowned venture capitalist and philanthropist Howard L. Morgan, Tiferes Ventures (Clark Valberg of InVision), Avi Geller (Leonite Capital), Daniel Cotlar, Jonathan Zauderer, Mallion Holdings LLC (Esriel Rappaport), Rochel Leah Bernstein, Levy Lieberman, Meir Gniwisch (Olive Tree Ventures) , Israel Schachter (Charity Bids), and others. As an investor, I'm excited to see the impact Hatch is going to have on the nonprofit world, Magerman shares. It's going to be like nothing we've ever seen before.

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