Charitable gift giving startup Timto wins 2013 DNA Profit with Purpose Prize

Gift giving startup Timto has won the DNA Profit with Purpose Prize, securing a £100,000 investment from Bridges Ventures.

Timto was recognised for its ability to provide a positive social and environmental impact whilst delivering impressive returns for investors. As part of the prize, the company will have the opportunity to secure further investment from Bridges Ventures in the future.

The award was announced at the 2013 DNA Summit, an annual UN-backed conference which addresses issues facing modern society across four main areas: Technology, Humanitarian, Business & Finance and Sport.

This was the first year of the DNA Profit with Purpose Prize, which is designed to promote entrepreneurial interest in positive social change.

Timto's 'Uplifting Gifting' service enables users to create an online fund allowing a number of contributors to chip in to buy a gift that includes a donation to charity; the person who has set up the fund decides how the money is split between the gift and donation.

The company was founded in 2010 by brothers Luke and Nathan Cornish and is a member of the Cardiff Start technology group. The firm hopes to raise £3 million for charity by 2015.

"We are absolutely ecstatic to have won the DNA Profit with Purpose Prize, to be recognised as a business that presents such a positive social impact and is profitable is very important to us," co-founder Nathan Cornish said.

"The support we will now receive will make a huge difference and will aid vastly in scaling up our business, helping us to create a society of philanthropic celebrators where it is normal to give when you gift. The judging panel realised our vision to take Uplifting Gifting global and we are very much looking forward to starting on our journey with Bridges Ventures."

Michele Giddens, partner and co-founder of Bridges Ventures, and a member of the judging panel, added, "The aim of this prize was to identify a charismatic entrepreneur already running a scalable business with the potential to deliver strong commercial returns and high social impact.

"Timto's platform offers an exciting new way of making charitable donations an integral part of any gifting occasion and we really believe in the growth potential of the business."