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SA crowdfunding platforms you may not know about

So you’re thinking of setting up your own startup but don’t know where to turn to to raise the capital? Have you considered crowdfunding perhaps?

A recent report revealed that African entrepreneurs consider crowdfunding as the third most useful online resource for business growth.

Judging by the fact that over R4 million has been used to fun 127 successful projects on South Africa’s most popular crowdfunding platform, Thundafund, it’s definitely worth giving crowdfunding a shot.

The good news is, seeing as crowdfunding is gradually being recognised as an avenue to raise startup capital on our shores, a number of other platforms have come to the fore to give citizens a wider range of options.

Check out these three platforms and see if either they or Thundafund is where you’d like to launch your project (as you’ll see, it doesn’t have to be a business venture only, read up on each sites guidelines to see where your project fits):

StartMe

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StartMe was founded by the same group of business people who started the Investor Network.

Anyone with a bank account can start a project, be it fundraising for a non-profit intiative, game developing or a new clothing brand.

Funding is done through buying investment PayFast or PayPal.

Upon signing up your first project, you’ll receive a copy of a crowdfunding guide to help you get off to the right start. There’s also a blog that’s updated regularly with posts on how to make your project successful.

FundFind

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FundFind works pretty much the way any other crowdfunding does, but what sets it apart is that there are two funding methods to choose from: All-or-Nothing or Keep-What-You-Get.

With All-or-Nothing, you only receive your funds if you reach or surpass your funding goal in time for your deadline date, if not, all the money raised is returned to backers. Keep-What-You-Get lets you keep all the funds raised regardless of whether or not you reach your goal.

FundFind uses PayFast to have all transactions conducted.

Project-specific platforms:

BackaBuddy

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BackaBuddy is solely dedicated to raising funds for charity organisations and causes, so it’s not one you can use to finance a business or project, but if you’re running a non-profit organisation or event, it’s a good place to turn to.

You can either start a crowdfunding project for your own project or on behalf of one you know of. To date, a massive R23.9 million has been raised for 880 so far contributed by over 30 000 donors.

It’s important to look at what each crowdfunding platform offers to see which one is most ideal for your project and then sit down to plan your project to the very last detail.

[Main image – CC 2.0 by Rocío Lara]

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