The Reed Foundation has won this year's Third Sector Excellence Award for Innovation in recognition of its 2008 matched funding challenge, which raised £2m for more than 200 charities in just 45 minutes.

Individual donors gave an average of £1,400 through theBigGive.org.uk, which was then doubled by the Reed Foundation. Alec Reed, founder of the Reed Foundation, said, "The 2008 challenge was the first ever online matched fund of its kind."

The Big Give, which is funded by the Reed Foundation, was launched in October 2007 to help high-wealth donors find projects of interest. This December, the Reed Foundation is launching an even bigger matched funding challenge, using a different approach in order to stimulate trustee involvement in fundraising, that it hopes will raise £9m.