Fundraising for a college or university has always seemed like a complicated and tricky process, but one local company is making the effort more predictable--and garnering fast growth as a result.
St. Paul-based
Reeher helps colleges and universities to amp up their fundraising power by predicting which alumni are most likely to donate (see our previous
coverage of the company).
Started in 2002 by Andy Reeher, the company has been growing quickly, with large institutions like Tulane and Johns Hopkins signing up early for the service. Recent deals have included Temple University, Haverford College, and University of the Pacific.
A large part of the company's success comes from measurable results, says Reeher. The firm's platform helps clients find up to 40 percent more donors, which results in better use of fundraising time and money. Reeher developed the platform after spending time on a project that included Harvard, MIT, and other top colleges.
"I found that they lose money on 94 percent of their relationships," he says. "They invest a great deal, but almost all their funding comes from a handful of very large donors."
By demonstrating how predictive tools can stop that type of loss, the company is gaining a strong reputation in the education sector. Reeher says, "They see that it's working for another institution, and that's very attractive to them, so they come to us and find that it'll work for them, too."
Currently, Reeher has 20 employees, and the company will continue to hire in the sales and marketing departments, as well as in customer care.
With about 30 customers, the goal for the next few years is to build that number to 100, Reeher says. He expects that with additional sales staff and a robust reputation, the company can reach that number within 18 to 24 months. "There's a great deal ahead of us," he says. "Other tools we can add to the platform, more customers. We're looking forward to all of it."
Source: Andy Reeher, Reeher
Writer: Elizabeth Millard