For Immediate release
Date: 20/01/2011, London
Buzzbnk, the new crowd-funding model for social enterprise ventures, today marked its formal launch by pledging to help finance 80 social change initiatives over the coming year.
The ambitious target follows a successful pre-launch period, in which Buzzbnk attracted more than 40 projects and has already started to raise funds for 11 new social venture projects.
Michael Norton, Chairman and co-founder of Buzzbank, today predicted that the innovative scheme to bring together supporters and social enterprise could attract a million backers by 2015.
Norton, the charity-sector entrepreneur, author and founder of the Directory of Social Change, said: “We are today launching a unique new online crowd-funding platform that is set to change the way people give, offering a whole new way of doing good with their money to make bright ideas a reality.”
Buzzbnk (www.buzzbnk.org) utilises an online marketplace to connect social ventures and projects with financial backers. It will equip ventures and entrepreneurs with tools to raise funds for specific projects, business ideas or start-ups. Theresa Burton, Buzzbnk co-founder and Chief Executive, said: “Users can browse through projects, choose the ones they want to support by pledging money, time or both while inviting their own social networks and communities to join them in supporting those ventures. In return they receive benefits and can participate in social loans to upcoming social enterprises.”
The Buzzbnk model raises small financial sums from a large “crowd” of people to reach funding targets within a specific time frame. By doing so, it offers ventures and entrepreneurs the chance to raise seed capital, gather funding from family, friends and other networks, and keep them in touch with the progress of a project.
Norton said Buzzbnk would differ from alternative fundraising platforms by offering greater flexibilityto backers: from classic donations to receiving goods or services in return for providing project capital to participating in social loans which offer interest payments or a percentage of revenue participation.
Notes to Editors:
Buzzbnk is a trade mark of SellAVenture LLP, a limited liability partnership incorporated in England andWales, registration number OC351199, an initiative of the Centre for Innovation in Voluntary Action(CIVA), Reg. Charity No. 1122095.
Michael Norton & Theresa Burton are available for comment or interview on firstname.lastname@example.org or email@example.com
Notes to Picture Editors:
Images are available on request.
Contact details are below.
Contact Oana Neumayer, Interim CEO on 020 7396 3562 or 077 5772 9622 or e-mail firstname.lastname@example.org
16 Lincoln’s Inn Fields, London, WC2A 3ED
Registered in England and Wales, LLP OC351199