Fondomat

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Fondomat
Commercial? Yes
Type of site
Crowdfunding
Available in English
Launched July 2011
Current status Offline

Fondomat was an online crowd funding platform founded in 2011 by Joe Wakeford and Conrad Watts originally launched in Prague, Czech Republic then relocating to London, England[1] in Pound Sterling.[2] The website handled the administration of charitable donations and the funding of individual projects. Online fundraising tools were used to raise awareness of projects via social networks while enabling the electronic collection of donations. The company was dissolved in January 2015 with the founders moving on to run companies established using the crowdfunding methods originally employed by Fondomat.

Fondomat provided its service throughout the United Kingdom for individuals and companies wishing to raise money for various endeavours, creative projects and business start-ups. The site used the power of social networks and the wisdom of crowds to help fund these activities The concept gave charities a distinct advantage by offering a significantly lower cost way to raise money than traditional fund-raising methods. It is currently the cheapest to use on the market compared to those companies who offer similar services.[3] For creative people, crowdfunding opens a door to a whole new world.[4] [5]

Model[edit]

Project owners choose a timeframe deadline and a target funding goal; they can add a description, a relevant YouTube video and photo to their project page along with non-monetary rewards if desired. Unlike many forums for fundraising or investment, Fondomat claims no ownership over the projects and the work they produce.

If the selected funding target is not reached by the deadline, the project owner is still able to keep the collected funds (unlike US site Kickstarter). The site levies a 4% fee for fund-raising campaigns. As of 2013, it offers funding in Pound Sterling (£) and Euros (€).

Fondomat was the first crowd funding website in the Czech Republic and the only service of its kind to accept transactions in the Czech Koruna.[6] It has since relocated to England. Fondomat is not an investment vehicle, a broker or a business networking institute.[7] It is important to note that even if the Fondomat platform collapses, no money will be lost as it is sent directly to the founder(s) of each project.[8]

Competitors[edit]

Competitors include Sponsume (EU), Sellaband, Kickstarter (USA) and RocketHub (USA).[9]

See also[edit]

References[edit]

External links[edit]