The Impact Fund spent $2.9M on independent expenditures in the 2024 federal elections, and 98% of it helped Democrats (FEC filings through Dec 31, 2024). Counting dollars, not candidates, and only races already called, 29% ended up on the winning side ($777K won, $1.9M lost).
Outside spending
$2.9M
On the winning side
29%
$777K
On the losing side
$1.9M
Supporting vs attacking
98% / 2%
$2.8M for, $55K against
Google says The Impact Fund also spent $115K on Google and YouTube ads this cycle (4% of its FEC-reported outside spending). All ad buyers →
Follow the money
Who filled the envelope
The Impact Fund reported $3.3M in gifts from people, companies, nonprofits and other PACs. The biggest are below.
- Manu ShahIndividual$984K (30%)
- Bharatwaj Holdings LPCompany / nonprofit$300K (9%)
- Nimish SanghrajkaIndividual$125K (4%)
- Rajiv Lochan GuptaIndividual$110K (3%)
- Hemant GoradiaIndividual$100K (3%)
- Marie GoradiaIndividual$100K (3%)
- Sumir ChadhaIndividual$100K (3%)
- Karamjit KalsoIndividual$100K (3%)
- Ravi AkhouryIndividual$100K (3%)
- Narendra MulaniIndividual$100K (3%)
Where the money went
Biggest targets, with whether each one paid off.
✓ Backed the winner or attacked the loser ✗ Backed the loser or attacked the winner Result not matched
| Candidate | Race | Spending | Amount | Paid off? |
|---|---|---|---|---|
| Kamala Harris | President | Supporting | $1.5M | ✗ No |
| Suhas Subramanyam | Virginia 10th District (primary) | Supporting | $584K | ✓ Yes |
| Amish Shah | Arizona 1st District | Supporting | $364K | ✗ No |
| Amish Shah | Arizona 1st District (primary) | Supporting | $188K | ✓ Yes |
| Susheela Jayapal | Oregon 3rd District (primary) | Supporting | $159K | Unknown |
| Rob Menendez | New Jersey 8th District (primary) | Attacking | $50K | ✗ No |
| Andrei Cherny | Arizona 1st District (primary) | Attacking | $5K | ✓ Yes |
Questions people ask
- How much did The Impact Fund spend in 2024, and did it win?
- The Impact Fund spent $2.9M on independent expenditures in the 2024 federal elections, and 98% of it helped Democrats (FEC filings through Dec 31, 2024). Counting dollars, not candidates, and only races already called, 29% ended up on the winning side ($777K won, $1.9M lost).
- Who funds The Impact Fund?
- Its biggest reported donors in the 2024 cycle were Manu Shah ($984K), Bharatwaj Holdings LP ($300K), Nimish Sanghrajka ($125K), Rajiv Lochan Gupta ($110K), Hemant Goradia ($100K), out of $3.3M received from donors tracked here.
- Which candidates did The Impact Fund spend the most on in 2024?
- for Kamala Harris (President, $1.5M, lost); for Suhas Subramanyam (Virginia 10th District, $584K, won); for Amish Shah (Arizona 1st District, $364K, lost).