Tag: Fundraising

George Santos left out of McCarthy fundraising group to help NY GOP candidates

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Rep. George Santos (R-N.Y.) is a notable omission from Protect the House New York 2024, a joint fundraising committee formed to corral money for vulnerable House Republicans in the state. | Bryan Anselm for POLITICO
Rep. George Santos (R-N.Y.) may be running for reelection but the embattled congressman, under fire for fabricating portions of his resume, isn’t likely to get much fundraising help from his party, a new fundraising vehicle indicates.
Santos’ seat is one of Democrats’ top targets in next year’s elections, but the freshman lawmaker is a notable omission from Protect the House New York 2024, a joint fundraising committee formed to corral money for vulnerable House Republicans in the state.
The committee includes both House Speaker Kevin McCarthy and his leadership PAC, as well as the NRCC, the House Republicans’ campaign arm, and the New York State Republicans’ federal PAC. It will raise money for frontline New York Reps. Mike Lawler, Brandon Williams, Marc Molinaro, Anthony D’Esposito, Andrew Garbarino, Nick LaLota, according to organization paperwork filed Monday with the FEC.
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#George #Santos #left #McCarthy #fundraising #group #GOP #candidates
( With inputs from : www.politico.com )

April 18, 2023
Nikki Haley’s fuzzy fundraising math

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What Haley’s campaign and two affiliated groups actually raised was about $8.3 million. The discrepancy between the Haley campaign’s public statements and the numbers on the filings appear to be a case of double-counting.
Haley’s campaign alone raised $5.1 million. But $1.8 million of that total came in a transfer from Team Stand for America, and SFA Fund, Inc., a hybrid PAC that can send limited amounts of money directly to candidates but is prohibited from coordinating its independent expenditures with the campaign. But that’s not the only double counting that appears to have happened. Haley’s leadership PAC also received a $886,000 transfer from her joint fundraising committee — a total that the campaign seeks to count twice in the quarterly total across all three vehicles.
The web of campaign finance laws around various committees is complicated, especially after the Supreme Court’s Citizens United case last decade. And in a statement, Haley’s campaign insisted that it was simply sharing the three vehicles’ total receipts, without sharing that those figures included transfers between them.
“We reported $11 million, the sum of entities,” Ken Farnaso, Haley’s campaign press secretary, wrote in an email, adding that other presidential candidates also have multiple fundraising vehicles.
Had they counted those transfers only once, Haley’s $11 million becomes about $8.3 million. That’s still a strong sum for her first six weeks as a candidate, but it’s not quite what was touted in the media over the past two weeks.
As a direct comparison, when former President Donald Trump’s campaign shared its first-quarter fundraising numbers with POLITICO, it said he raised nearly $19 million across both the campaign (which raised $14.4 million) and his joint fundraising committee ($18.8 million), which transferred $14 million to the campaign.
Using the same campaign’s methodology, Trump would have raised more than $32 million — a figure far greater than his actual haul.
That said, there are examples of Trump’s campaign fudging the math, too. Ahead of the last quarterly deadline, in January, some media outlets reported the Trump campaign claimed it raised $9.5 million from the launch of his third bid for the presidency — even though the actual number after the filings should have been closer to $5 million, since it also included transfers from joint fundraising committee into other committees.

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#Nikki #Haleys #fuzzy #fundraising #math
( With inputs from : www.politico.com )

April 16, 2023
Trump’s fundraising was lagging. Then he said an indictment was imminent.

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But Trump’s early presidential campaign initially struggled to keep up the momentum. The fourth quarter of 2022 was Save America’s worst in terms of overall fundraising and it spent more on digital fundraising expenses than it raised in December of last year, according to FEC filings.
Even with the surge in revenue linked to the indictment, Trump’s first-quarter numbers still trail where he was at the same time in 2019, when he was running for reelection. That could be due to the fact that donor cash is being spread out among his GOP challengers or that donors are waiting to see how the primary plays out. The campaign of former South Carolina Gov. Nikki Haley, the most prominent other Republican to announce so far, reported raising $5.1 million for her campaign over the three months. Vivek Ramaswany, who has never held office, reported raising around $850,000 from donors.
While Trump has several other political groups, only his campaign was required to file a report with the FEC on Saturday, so the full magnitude of his expenses during the first quarter is not clear. His joint fundraising committee appeared to shift strategy this quarter, including cutting back on text messaging after long sending many users as many as three texts per day.
Trump’s campaign committee still reported spending $3.5 million over the first three months of the year, with payroll occupying the single greatest expense, with roughly two dozen campaign employees on staff. The campaign also paid nearly $500,000 to Tag Air Inc., a Trump-owned company that operates his airplanes.
Other expenses included $122,000 to Advancing Strategies, LLC, which is helmed by Chris LaCivita; more than $80,000 to Georgetown Advisory, the firm founded by former Trump advisor Boris Epshteyn, for legal consulting and communications services; as well as more than $75,000 to Compass Legal Group, headed by former Trump administration lawyer Scott Gast; and $30,000 to Belmont Strategies, a consulting firm headed by Andrew Surabian, an aide to Donald Trump Jr.
The campaign also spent just over $4,000 at Trump’s trademark Mar-a-Lago Club.
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#Trumps #fundraising #lagging #indictment #imminent
( With inputs from : www.politico.com )

April 16, 2023
Dem fundraising giant ActBlue lays off 17 percent of workforce

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“But we need to ensure we are serving our users as sustainably and effectively as possible during the 2024 cycle and beyond,” Wallace-Jones said. “The center of our work is providing a technology platform for campaigns, organizations, and donors to drive change, and we are looking to focus our efforts on innovating and expanding our product while also controlling our costs.”
ActBlue workers are unionized under two unions. In a release, the company said it was committed to working with both unions in accordance with “contractual and bargaining obligations.”
In a release on Monday, ActBlue Union, which ratified a contract in February, said 32 of 54 employees laid off were members of its union, criticized ActBlue management, saying the organization had refused to explore alternatives to layoffs such as pay cuts, and called on the organization to not pursue further layoffs.
During the 2022 cycle, ActBlue reported processing more than $3.5 billion for Democratic candidates and progressive organizations, more than double the total it had raised during the 2018 cycle, from more than 7.4 million individual donors. The platform, founded in 2004, has been widely credited with supporting Democrats’ substantial small-dollar donor fundraising advantage.
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#Dem #fundraising #giant #ActBlue #lays #percent #workforce
( With inputs from : www.politico.com )

April 3, 2023
Sinema can’t quit the powerful online Democratic fundraising machine

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Sinema’s continued presence on the platforms shows the limits of her disdain for the Democratic Party: She might dislike sitting next to the party’s senators during lunch, but she’s still willing to take money from its small-dollar donors. Access to ActBlue could be hugely beneficial if Sinema runs for reelection — and in a three-way race in a state with a large independent vote share, Arizona’s seat could well tip control of a closely divided Senate.
An ActBlue spokesperson confirmed this week that the Arizona senator is still eligible to use the site as an independent with a record of caucusing with Democrats. Sinema was a substantial fundraiser on ActBlue during her 2018 Senate campaign, bringing in more than $11.7 million via the platform that cycle, according to FEC data, although her small-dollar support has largely dried up in the past few years. Between her Dec. 9 announcement that she was leaving the Democratic Party and the end of the year, she had raised a bit shy of $25,000 via the platform.
ActBlue — which has long served candidates facing each other in primaries — has looked to position itself as a neutral actor within the party’s broader fundraising ecosystem. The Arizona senator, who has yet to formally declare a 2024 run, puts that to a new test.
“At the end of the day, ActBlue is an incredibly important technology platform inside an incredibly formidable big tent,” ActBlue CEO Regina Wallace-Jones said in an interview with POLITICO last month. A longtime tech executive and former city councilor from East Palo Alto, Calif., Wallace-Jones was named ActBlue’s new leader in January.
She added: “It would be inappropriate in any way for us to be first movers bearing who is on the platform versus not. And we do have partners inside that tent that we will be taking cues from. So I do not imagine that we will be making that kind of a statement, and I do know that we’re in deep communications with others who have decision-making authority.”
Adding a new fundraising platform is a sign that Sinema is preparing for the possibility of running for reelection, likely as an independent. A spokesperson confirmed Sinema’s campaign is currently using both Anedot and ActBlue, but declined to address what that could mean for her 2024 plans.
Rep. Ruben Gallego (D-Ariz.) announced his own Senate campaign in January, and is widely viewed as the likely Democratic nominee. No major Republicans have declared they are running, although former gubernatorial candidate Kari Lake has expressed interest.
ActBlue’s policies, which pre-date Wallace-Jones’ time at the head of the organization, say that independent or third-party incumbents can remain on the platform provided they have a “proven record” of caucusing with Democrats. Sinema no longer attends weekly caucus meetings, although she accepted Democrats’ committee assignments.

Sen. Angus King, another independent who caucuses with the Democrats, is permitted to use ActBlue under the organization’s policies. His campaign website links to the platform NationBuilder, although he also has an active ActBlue page. Sen. Bernie Sanders, an independent though also a former Democratic presidential candidate, is among ActBlue’s most prolific fundraisers.
Compared to other fundraising platforms, ActBlue is a unique tool in part because so many candidates use it, which allows campaigns to split donations with ease. For repeat donors, who make up a large share of the Democratic donor base, it saves credit card information, making transactions easier.
“So many times where we would test using one processor or another, and just every time ActBlue would raise more for a variety of reasons,” said Taryn Rosenkranz, a longtime Democratic fundraising professional and founder of New Blue Interactive. “We never found anything that could net more for folks.”
ActBlue also currently hosts Marianne Williamson in her longshot bid against incumbent President Joe Biden. In rare cases, the platform has kicked off candidates, such as Rep. Jeff Van Drew (R-N.J.) who switched to the Republican party in 2019.
ActBlue has grown exponentially since its launch in 2004. The platform, which hosts federal, state and local candidates as well as progressive-aligned committees and nonprofits, reported processing donations from more than 7.4 million distinct donors last cycle.
In the 2022 calendar year, ActBlue processed more than $1.4 billion for federal campaigns and causes. That’s more than twice the roughly $620 million raised at the federal level through WinRed, the Republican counterpart that launched in 2019, according to the groups’ filings with the FEC.
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#Sinema #quit #powerful #online #Democratic #fundraising #machine
( With inputs from : www.politico.com )

March 30, 2023
New Democratic digital firm wants to make candidate fundraising less annoying

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“It’s been a joke that the only advice on how to raise more money online is to endorse the furthest left policy,” Karp said in an interview. “And for some candidates, that might be OK, but for many it’s not.”
They entered a crowded Democratic digital fundraising world where high-profile campaigns have seen immense fundraising success over the past few election cycles, with mixed electoral results. Amid that landscape is some reckoning with the ways in which the constant stream of fundraising texts and emails may have some negative impact on donor and voter morale, although such effects are difficult to measure.
Democratic campaigns have raised record sums online over the last few cycles. In the 10 most competitive U.S. Senate races in 2022, Democratic candidates outraised their Republican counterparts. But while the party’s donor base — which runs to the left of the Democratic party as a whole — has helped fuel campaigns across the country, the emphasis on raising money can also come at a cost if the tactics that may allow candidates to bring in big bucks are not aligned with those to help them win over voters in their state or district.
“What we’re aiming to do is raise money in a way that doesn’t pose electoral risks,” Carroll said.
The trio pointed to a need for greater integration between digital fundraising and other components of a campaign. Email lists, Carroll noted, should be treated not as a “piggy bank” but a list of committed followers, who might appreciate campaign updates and news clips. Donors, he added, are people who campaigns need to think of as potential volunteers and eventual voters as well.
Campaigns have a range of ways of getting their message out, including fundraising texts and emails, paid advertising and earned media. In some cases, those operations are run separately from one another. But voters and donors who are on the receiving end of constant communications do not necessarily distinguish between the ways they hear about a candidate, noted Hughes. And donors are more likely to donate to candidates who share a compelling story and build a brand, not just those who send the most emails or text messages.
“These people who are experiencing your email program are also experiencing what they’re seeing on MSNBC, they’re also experiencing the contact that they’re getting at the doors,” Hughes said. “And it’s important to treat them that way.”
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#Democratic #digital #firm #candidate #fundraising #annoying
( With inputs from : www.politico.com )

March 8, 2023
Biden to embark on West Coast fundraising swing before expected election launch

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The White House did not comment.
Biden and Democrats are gearing up an expected reelection campaign, including by dispatching Vice President Kamala Harris to fundraisers of her own in her home state. On Friday, she headlined a midday event in the San Francisco suburb of Hillsborough at the home of longtime fundraiser Stefanie Roumeliotes and her husband, John Costouros.
Despite feeling no pressure to formally announce his re-election campaign, Biden has already held a handful of fundraisers out east to benefit the Democratic National Committee. Earlier this year, he gave a speech to DNC members in Philadelphia that aides described as a soft launch of sorts.
The president’s latest visit west is expected to include a mix of political and official events. Last year, he joined a stampede of Democrats who got behind Los Angeles Mayor Karen Bass, with Harris making several visits on behalf of Bass’ campaign and swearing her in.
Biden returned in mid-January to Santa Clara and Santa Cruz counties to visit with communities and first responders impacted by the major winter storms.
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#Biden #embark #West #Coast #fundraising #swing #expected #election #launch
( With inputs from : www.politico.com )

March 7, 2023
Fundraising gets tougher, 2023 super challenging for startup founders: Report

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New Delhi: Amid a deepening funding winter, only 53 per cent of startup founders had a positive fundraising experience (71 per cent of those who attempted to raise) in 2022, down from 92 per cent in 2021, a report said on Wednesday.
Founders expect this year to be challenging, with 58 per cent of founders expecting a tough fundraising environment, according to the report by InnoVen Capital, Asia’s leading venture debt firm.
Hiring is also expected to slow down with only 38 per cent of startup founders expecting a higher pace of hiring predominantly in early-stage companies. The report also highlighted that hiring good talent is still a challenge for founders.
“2022 was a challenging year for the startup ecosystem with an end to cheap money, rising interest rates and a challenging geopolitical environment. The positive aspect of the slowdown has been an increased appreciation for building sustainable business models,” said Ashish Sharma, Managing Partner, InnoVen Capital India.
The annual ‘Start up Outlook’ report gathered insights from 120 startup founders across stages and sectors such as fintech, software-as-a-service (SaaS), direct-to-consumer (D2C), logistics, e-commerce, healthtech and others.
An overwhelming majority (85 per cent) of founders identified that focus on more sustainable business models has been the most important impact of the current funding slowdown.
Tightening funding environment has also led to an increased focus on profitability and unit economics.
“While both growth and profitability are important, for the first time in seven years, founders had a higher bias for profitability over growth. Around 55 per cent of founders stated profitability as a bigger focus area, compared to only 17 per cent in 2021,” the findings showed.

Nearly 19 per cent of founders claim to be EBITDA profitable, while 62 per cent aim to turn EBITDA profitable in the next two years, up from 51 per cent last year.
Startup founders are also increasingly looking towards a domestic IPO as the likely mode of exit, despite the recent volatility of public market tech companies.
“Edtech was seen as the most overhyped sector, while healthtech and agritech were chosen as the most under-hyped sector,” said the report.
Founders chose fintech platform Zerodha as their most admired Indian start-up, for a third year in a row. Nithin Kamath and Nikhil Kamath, the co-founders of Zerodha, were chosen as the favorite founder.
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#Fundraising #tougher #super #challenging #startup #founders #Report
( With inputs from www.siasat.com )

February 8, 2023
Fundraising gets tougher, 2023 super challenging for startups: Report

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New Delhi: Amid a deepening funding winter, only 53 per cent of startup founders had a positive fundraising experience (71 per cent of those who attempted to raise) in 2022, down from 92 per cent in 2021, a report said on Wednesday.
Founders expect this year to be challenging, with 58 per cent of founders expecting a tough fundraising environment, according to the report by InnoVen Capital, Asia’s leading venture debt firm.
Hiring is also expected to slow down with only 38 per cent of startup founders expecting a higher pace of hiring predominantly in early-stage companies. The report also highlighted that hiring good talent is still a challenge for founders.
“2022 was a challenging year for the startup ecosystem with an end to cheap money, rising interest rates and a challenging geopolitical environment. The positive aspect of the slowdown has been an increased appreciation for building sustainable business models,” said Ashish Sharma, Managing Partner, InnoVen Capital India.
The annual ‘Start up Outlook’ report gathered insights from 120 startup founders across stages and sectors such as fintech, software-as-a-service (SaaS), direct-to-consumer (D2C), logistics, e-commerce, healthtech and others.
An overwhelming majority (85 per cent) of founders identified that focus on more sustainable business models has been the most important impact of the current funding slowdown.
Tightening funding environment has also led to an increased focus on profitability and unit economics.
“While both growth and profitability are important, for the first time in seven years, founders had a higher bias for profitability over growth. Around 55 per cent of founders stated profitability as a bigger focus area, compared to only 17 per cent in 2021,” the findings showed.

Nearly 19 per cent of founders claim to be EBITDA profitable, while 62 per cent aim to turn EBITDA profitable in the next two years, up from 51 per cent last year.
Startup founders are also increasingly looking towards a domestic IPO as the likely mode of exit, despite the recent volatility of public market tech companies.
“Edtech was seen as the most overhyped sector, while healthtech and agritech were chosen as the most under-hyped sector,” said the report.
Founders chose fintech platform Zerodha as their most admired Indian start-up, for a third year in a row. Nithin Kamath and Nikhil Kamath, the co-founders of Zerodha, were chosen as the favorite founder.
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#Fundraising #tougher #super #challenging #startups #Report
( With inputs from www.siasat.com )

February 8, 2023