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FundRazr

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FundRazr
File:Fundrazr logo.png
Type of site
Crowdfunding
Available inEnglish
URLfundrazr.com
Launched1 September 2009 (2009-09-01)

FundRazr is a Canadian crowdfunding site and Facebook app first released in 2009. It allows users to set up crowdfunding pages and/or embed fundraising apps on their Facebook pages to raise money for a variety of causes such as medical care, memorials, and animal rescue causes.[1] Tens of millions of dollars have been raised from over 40,000 fundraising campaigns.[2]

History

FundRazr was founded in 2008 by Daryl Hatton. The head office is located in Vancouver, Canada. The platform was initially a Facebook app that allowed users to crowdfund money over Facebook.[3] It has since developed into a full crowdfunding site.

FundRazr has been recognized for its innovation in the crowdfunding space numerous times, including being the first crowdfunding platform to provide a collaborative community payment model, wherein funds are deposited directly to a company or cause - the most notable example of which being their partnership with Heritage Education Funds to allow families to crowdfund directly to a Registered Educations Savings Plan (RESP) - a first in Canada.[4]

In November of 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.[5]

Business model

FundRazr uses the donation/perks crowdfunding model, where users keep everything they raise minus the 5% transaction fee.[6] 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.[7][8] FundRazr is in partnership with PayPal which allow users to deposit and withdraw funding in real time.[9] FundRazr announced on Sept.12, 2013 that it was selected as the preferred fundraising platform for Season 1 of the upcoming TV series, the Crowd Funder show, which launches September 22nd, 2013 on FOX affiliate WUTV.The weekly show will feature 6 FundRazr projects each episode and provide insights into the projects.[10]

On August 20, 2013, FundRazr introduced Crowdfunding as a Service Technology as PoweredBy FundRazr, which allowed web publishers and companies to run crowdfunding service on their site.[11] FundRazr subsequently announced its first official PoweredBy partner, HealthLine on Dec 17th, 2013.[12]

As of 2013, illness, medical and health-related causes represent 58% of money raised. Memorials/tributes represents another 12%. On February 28, 2013, Fundrazr announced that it had raised $20 million for its users.[13][14][15][16] In May 2013, FundRazr announced that it had raised $25 million from 37,000 campaigns.[17][18] As of March 2014, FundRazr has raised $44 million.[19]

Reception

Forbes ranked FundRazr as one of the top 6 crowdfunding platforms in the world in 2013.[20]

Awards

  • 2015 Vancouver UX Awards Nominee - UX for Good [21]
  • 2013 UK Trade and Investment Global Competition Winner[22]
  • 2013 BCTIA Technology Impact Award - Most Promising Start-up[23]
  • 2013 Vancouver Social Media Award - Best Social Media Campaign (non-profit)[24]
  • 2013 #30 on Profit`s Hot 50 Rankings[25]
  • 2014 CFWR Top UK Donation and Reward Crowdfunding Site[26]

Notable projects

Rank Total raised Project start Project description
1 $1,040,687 October 2015 Researchers 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.[27]
2 $1,007,356 March 2012 Professional 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.[28]
3 $414,869 July 2011 Wikileaks Staff Legal Defence Team raises £233,650 as of Nov. 7th, 2013 for Wikileaks staff costs and Julian Assange's legal defence.[29]
4 $110,536 November 2015 Over $110,000 raised for Peterborough Mosque that was attacked and burnt.[30]
5 $107,742 November 2013 Over $100,000 raised for Australian King Hit victim.[31]
6 $103,034 December 2013 Over $100,000 raised for father with incurable brain cancer[32]
7 $103,014 August 2013 Wikileaks Staff Legal Defence Team raises $63,969 as of Nov. 7th, 2013 for Edward Snowden's legal defence[33]
8 $97,969 July 2013 Almost $90,000 raised for single mother who lost 3 limbs in a dog bite accident[34][35]
9 $93,402 April 2012 Over $90,000 raised for Tiger Woods' foundation to send 10 deserving students to college[36]
9 $30,544 October 2013 Over $30,000 raised for "good hearted boy",who used the money to pay off overdue lunch accounts in local elementary schools.[37]
10 $28,718 October 2013 Over $27,000 raised for internet viral, craiglist pitbull.[38]
11 $25,000 December 2015 Cancer patient Brice Royer surprises homeless woman with crowdfunding campaign for a home for Christmas, sparking international paying it forward movement.[39]

See also

References

  1. ^ Ivor Tossell, “FundRazr pushes crowdfunding to next level with social platform”, The Globe and Mail, 7 October 2013.
  2. ^ Mike Hager, “Entrepreneurial minds meet at Sprout Up”, The Vancouver Sun, 3 October 2012.
  3. ^ Knowlton Thomas, “Exclusive Interview: Vancouver's FundRazr raises the bar with monumental PayPal and Facebook collaboration” Techvibes, 8 August 2010.
  4. ^ "Crowdfunding for RESPs: Toronto company launches ‘simple solution’ to raise money for child’s education" Financial Post, 2 December 2015.
  5. ^ "FundRazr, Dexterity Ventures to Launch Partnership on National Philanthropy Day" TechVibes. 10 November 2015.
  6. ^ Stephen Hui, “Vancouver startups put a new spin on crowdfunding”, Straight.com, 27 November 2012
  7. ^ Nelson Bennett, “Social media harnessed to raise investment dollars”, Business Vancouver, 24 July 2012
  8. ^ Kate Taylor, “6 Top Crowdfunding Websites: Which One Is Right For Your Project?”, Forbes, 6 August 2013.
  9. ^ “Exclusive Interview: Vancouver's FundRazr raises the bar with monumental PayPal and Facebook collaboration” Knowlton Thomas, Techvibes, 8 August 2010.
  10. ^ “FundRazr Wins TV Show Nod”, Yahoo!, 12 September 2013.
  11. ^ Rob Lewis, “FundRazr Introduces Crowdfunding as a Service” Rob Lewis, Techvibes, 20 August 2013.
  12. ^ Joseph Czikk , “VANCOUVER’S FUNDRAZR TO HELP AMERICANS CROWDFUND HEALTHCARE COSTS” Joseph Czikk, Betakit, 17 December 2013.
  13. ^ Sumari MacLeod, "Vancouver's Fundrazr Hits $20 Million in Donations", Techvibes,28 February 2013
  14. ^ Cheryl Alkon, "'Crowdfunding' sites pay medical bills, raise hopes", USA Today, 18 January 2013
  15. ^ Lauren Dugan, “PayPal Makes Online Fundraising a Social Experience with FundRazr”, SocialTimes, 19 August 2010
  16. ^ Hansen, Evan; Tate, Ryan (11.01.12). "Can Facebook Army Supercharge Nonprofit Fundraising? First Test: Sandy". Wired (magazine). Retrieved 13 November 2012. {{cite web}}: Check date values in: |date= (help)
  17. ^ Dianne Buckner, "Crowdfunding websites trying to cash in on crowded field", CBC,18 June 2013
  18. ^ Charles Luzar, "FundRazr: $25 Million Raised For 37,000 Crowdfunding Campaigns Since 2010", Crowdfund Insider,21 May 2013
  19. ^ Bret Conkin, "The Funding Continuum Enters Stage Left", Crowdfund Insider,27 March 2014
  20. ^ Kate Taylor, "6 Top Crowdfunding Websites Which One Is Right For Your Project", Frobes,06 August 2013
  21. ^ http://www.vancouveruxawards.com/finalists/#finalists-good, "UX for Good", Vancouver UX Awards ,1 December 2015]
  22. ^ "Canadian innovation heads to the UK", GOV.UK,12 July 2013
  23. ^ Cassandra Leger, "FundRazr Crowdfunding Platform Named Most Promising Startup At The Technology Impact Awards", Right Startups ,10 July 2013
  24. ^ Sumari MacLeod, "http://www.techvibes.com/blog/the-good-and-the-bad-of-the-2013-vancouver-social-media-awards-2013-04-01", Techvibes ,1 April 2013
  25. ^ "FundRazr (ConnectionPoint Systems Inc.)", ProfitGuide ,2013
  26. ^ "Four Stars and Top International Honors", Crowdfunding Website Reviews Dec 2014
  27. ^ “American Gut Project Crowdfunds $1 Million to Study the Human Microbiome”, UC San Diego News Center, 29 October 2015.
  28. ^ Kate Cox, “Gaming Provocateur Aiming to Raise $1 Million for Humanitarian Aid”, Kotaku, 27 March 2012
  29. ^ John Hudson, “Why WikiLeaks Is Raising Money Using MasterCard and PayPal Again”, The Atlantic Wire, 2 March 2011.
  30. ^ “Faith manages: Peterborough rebuilds as mosque fire deemed a hate crime”, Globe and Mail, 17 November 2015.
  31. ^ Emma-Jayne Schenk, “Ongoing battle for king hit victim Matt Scarff”, Bendigo Advertiser , 4 January 2014.
  32. ^ Amy Remeikis, “Homecoming for Rome Torti”, Brisbane Times , 3 January 2014.
  33. ^ “WikiLeaks launches site for Edward Snowden's legal defense” Adrianne Jeffries, The Verge, 28 October 2013.
  34. ^ “Ottawa mother loses 3 limbs after dog bite infection” CBC News, CBC News, 21 July 2013.
  35. ^ “How an Ottawa mother lost three limbs to rare dog bite infection, but not her spirit” Sarah Boesveld, National Post, 22 July 2013.
  36. ^ Tiger Woods Foundation, “Help send 10 deserving students to college”, Tiger Woods Foundation, 19 April 2012.
  37. ^ “'Good-hearted boy': 8-year-old pays off overdue lunch accounts”, Today (U.S. TV program), 04 March 2014.
  38. ^ “This Craigslist Ad Will Break Your Heart And Put It Back Together Again”, Huffington Post, 28 October 2013.
  39. ^ “Craigslist ad for 'unconditional love' sparks chain of kindness for homeless woman”, NBC Today, 3 December 2015.
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