Phase 1 for TerraYebo consisted of getting its fundraising software on the market. The second phase is about licensing it.
“We are in Phase 2,” says Michele Favoretto, founder & CEO of TerraYebo. “We have launched the technology and we are preparing to license it to larger-scale clients.”
The Madison Heights-based startup’s principal product is MyInchofTheEarth.com, a micro-funding platform for nonprofits. Users of the software can claim a virtual inch of the earth or ocean. The platform allows the user to share why that place is important and choose a nonprofit that supports the preservation or enhancement of that place. That way the giver’s life experience at a certain place, like a university or park, inspires them to give to that institution.
TerraYebo has landed a number of larger nonprofits on its client roster, including Autism Speaks, the National Park Foundation, and The Pink Fund, among others. The startup and its team of five, up one from earlier this year, has steadily been enhancing the software to make it more dynamic for users.
“That allowed us to bring on these larger nonprofits this year,” Favoretto says. “We are rolling out new features every two weeks.”
TerraYebo has also received another investment from Automation Alley worth $75,000. The startup has raised $650,000 in seed capital, with half of that coming from the Troy-based business accelerator.
Source: Michele Favoretto, founder & CEO of TerraYebo
Writer: Jon Zemke
Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.