Consano raised $3.9 million in 10 days in support of its mission to connect individual donors with vetted medical research projects.
The company, founded by a breast cancer survivor, helps to guide funders toward research that "resonates" with them. The 1-year-old startup raised the new funds with the help of 9 unnamed investors, SEC filings show.
Consano helps prospective funders find specific research, accepting any donation amount and providing quarterly updates from researchers throughout the life of the study. The company takes no skin off the top, subtracting only the 2.2% PayPal processing fee and handing the rest to researchers.
"Usually medical research is paid for by large grants from government or other large funding institutions. Consano is part of a new movement to connect individuals directly to specific medical research projects," according to the company website. "By harnessing the power of a crowd, we aggregate donations so the public can directly choose and support high quality medical research, pooling their money with others who care about the same health issues."