Adam Martel to launch new AI fintech startup following Gravyty's merger deal
Updated: May 21, 2022
Adam Martel, best known as CEO and co-founder of Boston-based Gravyty, has left the AI fundraising company and is working on a new venture.
The new startup, which Martel plans to officially announce in the coming weeks, is named Givzey.
Martel described Givzey as an AI-enabled fintech company focused on the social good and nonprofit sector. He confirmed that the startup will be based in Boston. Givzey bills itself as "the first give now, pay later donation solution," according to its website.
Gravyty, which Martel co-founded in 2015, merged with London-based Graduway in a deal announced earlier this week. In a message to the Business Journal, Martel confirmed that he's no longer with Gravyty.
"(I am) looking forward to building another AI-enabled company in the city," he wrote. Daniel Cohen, founder and CEO of Graduway, said in a separate interview Tuesday that Gravyty's 40 employees are joining Graduway. The merger closed last month. He declined to share financial details of the deal, which he called "a strong merger of equals."
Co-founded by Babson MBA program alumni Martel and Rich Palmer, Gravyty started off as a software product leveraging the huge amount of data that fundraisers and nonprofit organizations have in their databases to help those nonprofits understand which donors are most likely to make additional donations. Last year, Gravyty raised $21 million from a single investor, California-based K1 Investment Management.
Graduway, which has about 120 employees across offices in London, Seattle and Tel Aviv, helps schools and nonprofit organizations build better affinity with donors and improve their fundraising efforts.