SocialVest, an Atlanta-based online retail marketplace that allows customers to make brand name purchases and direct a portion of the payments to non-profit organizations, has been acquired by a Virginia philanthropy-focused online shopping mall.
PlanG Holdings Inc., which owns myplang.com, did not disclose how much it paid for SocialVest.com. PlanG said the acquisition will allow it to more than double the number of online retailers participating on its website to 600 from 250.
Retailers pay SocialVest a percentage of a customer’s purchase price, and SocialVest credits part of the contribution to the customer’s “giving points” account. The customer then chooses where money should be contributed, picking from among hundreds of thousands of U.S. nonprofits. The for-profit company has said it gives away three to four dollars to charity for every dollar it makes.
In a statement, founder Adam Ross said the deal with PlanG allows two socially focused organizations to join forces to make an even bigger impact on charitable giving.
SocialVest’s customers will become part of PlanG’s membership base, PlanG said.
