FundRazr

Last updated

FundRazr
FundRazr-logo-2016.png
Fundrazr showcase.png
FundRazr platform 2020
Type of site
 Crowdfunding
Available inEnglish
Created byDaryl Hatton
URL fundrazr.com
Launched1 September 2009 (2009-09-01)
Current statusActive

FundRazr is a free crowdfunding and online fundraising platform released in 2009. FundRazr operates internationally in 35+ countries with the largest markets being United States, Canada, United Kingdom and Australia. [1] [2] It allows users to run a wide-range of crowdfunding campaigns by creating fundraising pages and sharing it via social media, messaging apps, email and more [3] [4] to raise money for over 100 types of causes such as nonprofit, medical care, education, community help, poverty alleviation, arts, memorials, and animal rescue causes. [5] [6] FundRazr also works with more than 4000 nonprofits, charities and social enterprises with an advanced fundraising toolset for free. [7] The digital fundraising platform provides 8 different campaign types. They include microproject fundraising, peer-to-peer campaigns, [8] wishlist campaigns, recurring donations, branded sponsorship campaigns, DIY projects, sweepstake campaigns, and storefront campaigns. [9] [10]

Contents

History

FundRazr was founded in 2008 by Daryl Hatton. The head office is located in Vancouver, British Columbia, Canada. The platform was initially a Facebook app that allowed users to crowdfund money over Facebook. [11] It has since developed into a full online fundraising tool set. FundRazr was the first crowdfunding platform to provide a collaborative community payment model, wherein funds are deposited directly to a company or cause—an example of which is their partnership with Heritage Education Funds to allow families to crowdfund directly to a Registered Educations Savings Plan (RESP). [12]

In November 2015, FundRazr partnered with Place2Give to enable users to crowdfund directly for any registered charity in North America capable of issuing tax receipts directly from FundRazr using the GIVE_api. [13] In 2018, FundRazr was modified into an enterprise crowdfunding platform and launched the Distribution Partnership Program. [14]

Business model

FundRazr uses the donation/perks crowdfunding model available for organizations, charities and personal causes with two pricing options: free (0% platform fee), standard (5% for advanced functionality) and pro (fee recovery models). [15] A fee is not charged if no fund is raised. FundRazr allows users to create a campaign page for their cause. The page can then be shared through social media, email or embedded onto a third-party website to solicit donations from supporters. Supporters contribute to a cause through comments, shares, likes, and donations, which are all visible on Facebook. [16] [17] FundRazr is in partnership with PayPal which allow users to deposit and withdraw funding. [11]

The fundraising platform provides two campaign options for users to raise money: Keep It All or All Or Nothing. Keep It All means all of the funds the campaign raised will be deposited into the user's account, giving the person immediate access to the capital. All Or Nothing means if the campaign does not meet the goal by the deadline, no money will be charged to the donors or given to the user. [4] In other words, if the campaign does not raise enough to get the project off the ground, the user has the option to back out. [4]

On 20 August 2013, FundRazr introduced "Crowdfunding as a Service" technology, which allows web publishers and companies to run crowdfunding service on their site. [18] FundRazr subsequently announced its first official PoweredBy partner, HealthLine on 17 December 2013. [19]

As of 2013, illness, medical and health-related causes represent 58% of money raised. Memorials/tributes represents another 12%. On 28 February 2013, Fundrazr announced that it had raised $20 million for its users. [20] [21] [22] [23] As of July 2018, FundRazr had raised over $116 million from over 140,000 campaigns. [24]

In November 2020, FundRazr crossed $200 million total funds raised. [4] As of April 2021, FundRazr officially launched fiscal sponsorship crowdfunding where all fiscally sponsored projects can raise unrestricted funds using the fiscal sponsor's 501c3 number. [14] [25]

Awards

Reception

FundRazr is listed as the best overall alternative to Kickstarter in 2022. [4] Along with competitors like Indiegogo and GoFundMe, FundRazr is also listed as one of the top major players in the crowdfunding market. [28]

Notable projects

RankTotal raisedProject startProject description
1$2,371,889August 2016The Sacred Stone Legal Defense Fund raised over $2 million in 90 days to fund the legal defense for the #NODAPL protesters of the Dakota Access Oil Pipeline. [29] [30]
2$1,278,999October 2015Researchers at the American Gut Project, the world's largest crowdsourced, crowdfunded science project, has raised more than $1 million from over 6,500 "citizen scientists" who have agreed to have their microbiomes sequenced. [31]
3$1,007,356March 2012Professional Gamer Athene's project Operation Sharecraft raises over $1 Million (including a matching grant of $500,000 from DC Entertainment) for East African Relief by Save the Children. [32]
4$414,869July 2011 WikiLeaks Staff Legal Defence Team raises £233,650 as of 7 November 2013 for Wikileaks staff costs and Julian Assange's legal defence. [33]
5$256,740October 2016Water Protector Legal Collective partnered with the National Lawyers Guild to raise money for the #NoDAPL protests in North Dakota. [34]
6$181,346November 2016Over $181,000 raised in a peer-to-peer campaign by Aprons for Gloves Boxing Association to support Vancouver's Downtown East Side.
7$110,536November 2015Over $110,000 raised for Peterborough Mosque that was attacked and burnt. [35]
8$107,742November 2013Over $100,000 raised for an Australian king hit victim. [36]
9$103,034December 2013Over $100,000 raised for father with incurable brain cancer [37]
10$103,014August 2013 WikiLeaks Staff Legal Defence Team raises $63,969 as of 7 November 2013 for Edward Snowden's legal defence [38]
11$97,969July 2013Almost $90,000 raised for single mother who lost 3 limbs in a dog bite accident [39] [40]
12$93,402April 2012Over $90,000 raised for Tiger Woods' foundation to send 10 deserving students to college [41]
13$59,778October 2016The Heiltsuk First Nation of Bella Bella raised nearly $60,000 [42] to cover the costs of a diesel spill in their waters. [43]
14$30,544October 2013Over $30,000 raised for "good hearted boy", who used the money to pay off overdue lunch accounts in local elementary schools. [44]

Related Research Articles

Fan-funded music is crowdfunding for music. Often, fan-funded music occurs in conjunction with direct-to-fan marketing. Fans of music have the option to donate and collectively raise money with the goal of jump-starting the career of a given musical artist. The fan-funding of music occurs primarily through web-based services using a business model for crowdfunding. Fans are typically given rewards based on their monetary contributions.

<span class="mw-page-title-main">Crowdrise</span>

CrowdRise is a for-profit crowdfunding platform that raises charitable donations. CrowdRise was founded by Edward Norton, Shauna Robertson, and the founders of Moosejaw, Robert and Jeffrey Wolfe. CrowdRise was acquired in 2017 by GoFundMe.

RocketHub was an online crowdfunding platform launched in 2010, its first use was September 1, 2009. Based in New York City, its users included musicians, entrepreneurs, scientists, game developers, philanthropists, filmmakers, photographers, theatre producers/directors, writers, and fashion designers. Users posted fundraising campaigns to it to raise funds and awareness for projects and endeavors. Operating in over 190 countries, RocketHub was once considered one of America's largest crowdfunding platforms.

<span class="mw-page-title-main">Indiegogo</span> American crowdfunding website

Indiegogo is an American crowdfunding website founded in 2008 by Danae Ringelmann, Slava Rubin, and Eric Schell. Its headquarters are in San Francisco, California. The site is one of the first sites to offer crowd funding. Indiegogo allows people to solicit funds for an idea, charity, or start-up business. Indiegogo charges a 5% fee on contributions. This charge is in addition to Stripe credit card processing charges of 3% + $0.30 per transaction. Fifteen million people visit the site each month.

<span class="mw-page-title-main">WePay</span> Online payment service provider

WePay is an online payment service provider based in the United States. It provides an integrated and customizable payment solution, through its APIs, to platform businesses such as crowdfunding sites, marketplaces and small business software companies. It also offers partners fraud and risk protection.

<span class="mw-page-title-main">Funding4Learning</span> Crowdfunding platform

Funding4Learning is a "human capital oriented" crowd funding platform for educational projects. Funding4Learning provides its users with fundraising tools for study, volunteering, as well as a diverse array of education related initiatives.

<span class="mw-page-title-main">GoFundMe</span> American crowdfunding platform

GoFundMe is an American for-profit crowdfunding platform that allows people to raise money for events ranging from life events such as celebrations and graduations to challenging circumstances like accidents and illnesses. From 2010 to the beginning of 2020, over $9 billion has been raised on the platform, with contributions from over 120 million donors.

Crowdfunding is a process in which individuals or groups pool money and other resources to fund projects initiated by other people or organizations "without standard financial intermediaries." Crowdfunded projects may include creative works, products, nonprofit organizations, supporting entrepreneurship, businesses, or donations for a specific purpose. Crowdfunding usually takes place via an online portal that handles the financial transactions involved and may also provide services such as media hosting, social networking, and facilitating contact with contributors. It has increased since the passage of the Jumpstart Our Business Startups (JOBS) Act.

MicroVentures is an equity crowdfunding website that offers investments in early stage companies. It connects accredited investors with startups, businesses and services looking to raise funds or participate in select secondary market opportunities.

YouCaring was a crowdfunding website for personal, medical, and charitable causes. The company was a Certified B corporation based in San Francisco, California. YouCaring did not take a percentage of funds raised on its site, or charge those raising funds a fee. The company relied on voluntary donations from donors to fund operations. YouCaring was acquired by GoFundMe in 2018.

<span class="mw-page-title-main">Fundly</span> Website

Fundly is a crowdfunding site for online fundraising. It allows non-profits, charities, politics, clubs, schools, teams, churches, and other causes to raise money online from friends, family, colleagues, donors, and other supporters via email, Facebook, Twitter, LinkedIn, Google, and social media networks. It is also an app for social networks like Facebook and LinkedIn. It uses WePay to process donations. Donors are charged when they make a donation. Other sites like Fundly include GoGetFunding, Indiegogo and Kickstarter.

<span class="mw-page-title-main">Tilt.com</span> American crowdfunding company

Tilt.com, Inc. was a crowdfunding company founded in 2012 that allowed for groups and communities to collect, fundraise, or pool money online. James Beshara and Khaled Hussein launched the platform under the name Crowdtilt out of Y Combinator.

Rally.org is an American social online fundraising platform for use by a wide range of individuals and organizations. It allows users to set up their own fundraising page, through which supporters can find information about their campaigns and make donations through Rally.org's proprietary payment system. The platform is best known for its use by causes including the Make A Wish Foundation and Jon Bon Jovi's Hurricane Sandy relief effort, filmmakers including the director of Buzkashi Boys, and political campaigns in the United States 2012 election cycle. In May 2012, Rally.org closed the largest Series A round of venture capital ever raised online. The company was founded in Austin, Texas, as Piryx, in 2009 by Tom Serres, Brian Upton, Jonas Lamis and Naveed Lalani.

CrowdFundEDU was a US-based private for-profit company founded in 2012 that provides a crowd funding website for education. People hold online fundraisers to get contributions for tuition, student loans, books and supplies, sports equipment, events and extracurricular activities. Student debt is recognized as a growing financial burden to young adults, but crowd funding brings an alternative to this form of lending and is considered by some to be one of the greatest financial creations of the digital age.

GivingTuesday, often stylized as #GivingTuesday for the purposes of hashtag activism, is the Tuesday after Thanksgiving in the United States. It is touted as a "global generosity movement unleashing the power of people and organizations to transform their communities and the world". An organization of the same name is an independent 501(c)(3) nonprofit that supports the global movement.

Garnering funds in the form of donations has always been a major focus for university leaders. These donations are usually found in the form of large annual gifts by alumni and friends of universities, along with funding from government entities for public universities. More recently, universities have been taking steps to modernize their giving structure through the use of crowdfunding. Crowdfunding is an online tool utilizing peer-to-peer relationships to help gain funds for different aspects of university culture.

Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over US$34 billion was raised worldwide by crowdfunding.

<span class="mw-page-title-main">Classy (company)</span>

Classy is a software company and online fundraising platform designed for nonprofit organizations. Headquartered in San Diego, California, Classy was founded by CEO Scot Chisholm, Pat Walsh, and Marshall Peden in 2006, originally to host fundraising events that benefit charities. The firm transitioned to a software and services company in 2010. Its software as a service products launched in 2011 and focus on peer-to-peer fundraising, crowdfunding, events, supporter management and marketing automation. In September 2016, Classy closed $30 million in Series C funding from JMI Equity, Peter Thiel's Mithril Capital, Salesforce Ventures, and Bullpen Capital. In April 2021, it raised $118 million in series D funding, making Classy a Public Benefit Corporation.

<span class="mw-page-title-main">Donorbox</span> American crowdfunding platform

Donorbox is a technology company headquartered in San Francisco, California. Established in 2014, the company provides an online fundraising platform enabling individuals and nonprofit organizations to facilitate online donations. The platform is utilized by various types of organizations, including charities, religious institutions, schools, animal welfare groups, political campaigns, among others.

GiveSendGo is a Christian crowdfunding website. GiveSendGo has attracted controversy for allowing far-right extremists to fundraise, including neo-Nazis, white supremacists and hate groups.

References

  1. ↑ "Countries & Currencies". FundRazr. Retrieved 12 September 2020.
  2. ↑ "Crowd-funding | Human Rights & Science". www.humanrightsandscience.se. 15 March 2021. Retrieved 14 March 2022.
  3. ↑ "Functionality description". FundRazr.
  4. 1 2 3 4 5 "The 6 Best Alternatives to Kickstarter in 2022". Investopedia. Retrieved 11 March 2022.
  5. ↑ Ivor Tossell, “FundRazr pushes crowdfunding to next level with social platform”, The Globe and Mail , 7 October 2013.
  6. ↑ "Trending fundraisers and crowdfunding campaigns raising money online - FundRazr". fundrazr.com. Retrieved 12 September 2020.
  7. ↑ "Homepage". FundRazr. Retrieved 12 September 2020.
  8. ↑ Thorpe, Devin. "What Is Crowdfunding?". Forbes. Retrieved 14 March 2022.
  9. ↑ "Nonprofit-Crowdfunding". FundRazr. Retrieved 11 March 2022.
  10. ↑ "Crowdfunding Guide - Models, Major Players and Success Stories". ChipIn. 4 January 2017. Retrieved 14 March 2022.
  11. 1 2 "Exclusive Interview: Vancouver's FundRazr raises the bar with monumental PayPal and Facebook collaboration – Techvibes". Archived from the original on 3 September 2017.
  12. ↑ "Crowdfunding for RESPs: Toronto company launches 'simple solution' to raise money for child's education | Financial Post".
  13. ↑ ""FundRazr, Dexterity Ventures to Launch Partnership on National Philanthropy Day" TechVibes. 10 November 2015".
  14. 1 2 "About". FundRazr. Retrieved 11 March 2022.
  15. ↑ "Stephen Hui, "Vancouver startups put a new spin on crowdfunding", Straight.com, 27 November 2012". Archived from the original on 18 October 2014. Retrieved 28 August 2017.
  16. ↑ "Nelson Bennett, "Social media harnessed to raise investment dollars", Business Vancouver, 24 July 2012". Archived from the original on 29 July 2012. Retrieved 24 November 2012.
  17. ↑ Kate Taylor, “6 Top Crowdfunding Websites: Which One Is Right For Your Project?”, Forbes, 6 August 2013.
  18. ↑ "FundRazr Introduces Crowdfunding as a Service". BrainStation®. 20 August 2013.
  19. ↑ "Vancouver's FundRazr to Help Americans Crowdfund Healthcare Costs | BetaKit". 17 December 2013.
  20. ↑ "Vancouver's Fundrazr Hits $20 Million in Donations". BrainStation®. 28 February 2013.
  21. ↑ TODAY, Cheryl Alkon, Special for USA. "'Crowdfunding' sites pay medical bills, raise hopes". USA TODAY.{{cite web}}: CS1 maint: multiple names: authors list (link)
  22. ↑ "PayPal Makes Online Fundraising a Social Experience with FundRazr". 19 August 2010. Archived from the original on 21 March 2016.
  23. ↑ Hansen, Evan; Tate, Ryan (1 November 2012). "Can Facebook Army Supercharge Nonprofit Fundraising? First Test: Sandy". Wired . Retrieved 13 November 2012.
  24. ↑ "About". FundRazr. Retrieved 10 July 2018.
  25. ↑ "Fiscal Sponsorship New". FundRazr. Retrieved 11 March 2022.
  26. ↑ Cassandra Leger, "FundRazr Crowdfunding Platform Named Most Promising Startup At The Technology Impact Awards", Right Startups ,10 July 2013 Archived 19 March 2015 at the Wayback Machine
  27. ↑ "The Good and the Bad of the 2013 Vancouver Social Media Awards". BrainStation®. 1 April 2013.
  28. ↑ "Crowdfunding Market Growth (Status and Outlook) 2022-2028 | Opportunities and Challenges | Industry Size, Share, Revenue Analysis | Reports by Absolute Reports". finance.yahoo.com. 18 January 2022. Retrieved 11 March 2022.
  29. ↑ "7 Ways to Support Standing Rock's Protest Against the Dakota Access Pipeline". Harper's BAZAAR. 23 November 2016. Retrieved 1 December 2016.
  30. ↑ "Sacred Stone Legal Defense Fund". FundRazr. Retrieved 1 December 2016.
  31. ↑ ""American Gut Project Crowdfunds $1 Million to Study the Human Microbiome", UC San Diego News Center, 29 October 2015".
  32. ↑ Kate Cox, “Gaming Provocateur Aiming to Raise $1 Million for Humanitarian Aid”, Kotaku, 27 March 2012
  33. ↑ John Hudson, “Why WikiLeaks Is Raising Money Using MasterCard and PayPal Again”, The Atlantic Wire, 2 March 2011.
  34. ↑ "Water Protector Legal Collective, formerly Red Owl". FundRazr. Retrieved 1 December 2016.
  35. ↑ “Faith manages: Peterborough rebuilds as mosque fire deemed a hate crime”, The Globe and Mail , 17 November 2015.
  36. ↑ Emma-Jayne Schenk, “Ongoing battle for king hit victim Matt Scarff”, Bendigo Advertiser, 4 January 2014.
  37. ↑ Amy Remeikis, “Homecoming for Rome Torti”, Brisbane Times, 3 January 2014.
  38. ↑ ""WikiLeaks launches site for Edward Snowden's legal defense" Adrianne Jeffries, The Verge, 28 October 2013".
  39. ↑ “Ottawa mother loses 3 limbs after dog bite infection” CBC News, CBC News, 21 July 2013.
  40. ↑ "How an Ottawa mother lost three limbs to rare dog bite infection, but not her spirit | National Post". Archived from the original on 16 February 2024.
  41. ↑ "Tiger Woods Foundation, "Help send 10 deserving students to college", Tiger Woods Foundation, 19 April 2012". Archived from the original on 3 February 2014. Retrieved 7 November 2013.
  42. ↑ "Support Heiltsuk Efforts in Diesel Spill". FundRazr. Retrieved 1 December 2016.
  43. ↑ McSheffrey, Elizabeth (18 October 2016). "First Nation considering lawsuit after diesel spill destroys clam beds". National Observer. Retrieved 1 December 2016.
  44. ↑ “'Good-hearted boy': 8-year-old pays off overdue lunch accounts”, Today , 4 March 2014.
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