Crowdfunding initiatives launched

Two separate crowdfunding initiatives, Yimba and the Community First CrowdMatch Challenge, aiming to unlock grassroots giving, have been launched.

Yimby is targeted at individuals wanting to trial initiatives to address problems in their local communities. While the focus is individual, in its trial phase Yimby found some of these grassroots initiatives evolved into fully-fledged charities. The site will give projects 30 days to get fully funded.

A beta site, which has housed 250 projects, has raised £250,000, with a success rate of 64 percent for projects listed. More than 100 projects have been funded through Yimby already. Yimby is housed within JustGiving, with a team from that company working on the project.

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The Community First CrowdMatch Challenge, which is aimed more at community groups, is backed by funds from the government’s Community First initiative, and supported by the Community Development Foundation, Nesta and crowdfunding platform Buzzbnk.

Organisations which want to access the CrowdMatch Challenge will first have to apply to their local Community First panel. If accepted, they will then be supported to run a crowdfunding campaign and receive match funding from that same panel when their fundraising milestones are reached.

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Crowdfunding is a web-based form of fundraising, whereby an individual or group puts forward a specific project for funding for a specific amount. Individuals are invited to pledge towards that fundraising total and may or may not receive something in return. Typically, if the project is not fully funded, no payments are taken.