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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn Indianapolis-based tech company known as BidPal Inc. since its founding 10 years ago is changing its name to OneCause.
Company officials said they plan to officially announce the name change on Tuesday.
“This new name signals the company’s evolution from a single point solution provider of mobile bidding services to an integrated fundraising technology partner,” the company said in a statement.
BidPal got its start as a provider of digital-bidding services for annual charity auctions. The company still aids with such one-night-only events but also offers management software to help clients fundraise year-round.
The firm’s fundraising products encompass mobile bidding, online fundraising, event and auction management, ticketing, payment processing and mobile donations
It soon plans to begin offering peer-to-peer fundraising.
“We put our clients’ causes at the center of everything we do,” BidPal CEO Steve Johns said in written remarks. “As OneCause we will build on the BidPal heritage of creating innovative solutions that align with technology trends and changing donor demographics.”
The BidPal name will be retained for use with the company’s mobile bidding product.
BidPal was one of the area’s fastest-growing companies earlier this decade. It grew revenue from about $5.2 million in 2011 to $13 million in 2013—a growth rate of 151 percent—and increased its headcount from 51 to 113 during that span. The firm was named Techpoint’s “Emerging Technology Company of the Year” in 2013.
But company employment began to shrink in 2014 as simpler software reduced the need for support staff. The company reduced its workforce from 113 to 84, and, soon after, brought in Chicago entrepreneur Johns to succeed longtime CEO Scott Webber.
In December 2016, the company landed $6 million in financing to help it fuel product development and marketing efforts. Two existing investors, Chicago-based venture capital firm MK Capital and Fishers-based Allos Ventures agreed to supply BidPal with $3.5 million in new equity. MK Capital and Allos provided BidPal with $5.6 million in funding in 2011.
In addition, Square 1 Bank, a division of Los Angeles-based Pacific Western Bank, provided a $2.5 million line of credit.
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