Two nonprofits to get EFCO grants
Last Updated: 16:48 September 9, 2013
EFCO, founded in 2007, is a network of Colorado entrepreneurs whose companies joined together to give back by gifting a portion of their founding equity or yearly profits to the community.
The grants announced Monday were made possible by Boulder startup IntenseDebate, which shared a portion of its founding equity via EFCO in 2008. IntenseDebate was since sold to Automattic Inc., and earlier this summer EFCO sold its shares to an investor. The proceeds of the sale will go to the nonprofits selected by the founders of IntenseDebate.
Blue Sky Ridge works with children in Boulder County who have experienced abuse, providing resources to their families and working with local organizations on prevention and intervention efforts. Chinook Clubhouse supports adults in their recovery from mental illness.
“The entire IntenseDebate founding team knew early on that we benefited from being part of a vibrant community, and that we wanted to contribute back to the community,” IntenseDebate founder Tom Keller said in a press release. “EFCO provided the framework to make it easy to do.”
EFCO has 55 member companies and has distributed more than $500,000 to area organizations, according to the press release. After a company earmarks equity for the community through EFCO, those shares become liquid and transfer into the community upon a startup’s private sale or initial public offering.
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The money will be used to help the organization continue to offer resources, consulting