For immediate release: February 15 2012
Buzzbnk wins one of 15 investments from NESTA and the Cabinet Office
Buzzbnk, an online crowd-funding platform supporting charities and social enterprises, has been awarded a £50,000 investment from the £10million Innovation in Giving Fund. Created by the Cabinet Office and NESTA, the fund aims to find and back innovative ideas for increasing volunteering and charitable giving.
The Innovation in Giving Fund was launched in September 2011 by Nick Hurd, Minister for Civil Society as part of a £34million package to increase levels of social action. It is managed by NESTA, the UK’s innovation agency. 450 applications for funding were received and 62 were shortlisted to pitch their ideas to a selection panel between December 2011 and March 2012. Buzzbnk was one of the first ten to be selected by the panel.
“We are very excited to be part of a group of organisations seeking to bring a step change in how people support social and environmental progress in the UK,” says Theresa Burton, CEO and Co-founder of Buzzbnk.
“Buzzbnk brings a new approach to fundraising. Rather than just raising money, it creates a sense of co-venturing, strengthening the relationship between the supporter and the venture,” says Michael Norton, OBE, Chairman and Co-founder. “They share the journey and they share the benefits. It’s about more complex relationships with long term value: building engagement and reciprocity.”
With NESTA’s support, Buzzbnk will be taking the next step to go mobile— strengthening the website for use on a wide range of mobile phones and tablets as well as building apps to support the way people interact, communicate and give today. The funds will also be used to strengthen the social media integration – an increasingly important way in which people engage and share.
The investment from NESTA comes just after Buzzbnk has celebrated its first anniversary. During the last 12 months it has helped 26 projects raise over £248,000 for socially- and environmentally-minded projects. There has been a huge array of campaigns: from disadvantaged young people launching their own micro social enterprises, through to established organisations raising sizeable loans for international programmes.
Notes for Editors
Photographs of successful projects and project leaders, and screen shots of website and mobile app available on request.
Buzzbnk is an on-line crowd-funding platform that brings social ventures looking for start-up or growth capital together with like minded people keen to fund with small amounts of money. Social enterprises or charities can raise funding for a wide range of projects in a variety of ways, from offering fun and engaging benefits, in return for goods or services, or as a loan. It’s a whole new way to do good.
Buzzbnk is a social enterprise owned 63% by leading charities and foundations in the UK and has a social purpose mandate to support the social enterprise, social investment and charitable sector.
Buzzbnk is a registered trademark of SellAVenture LLP, OC351199 16 Lincoln’s Inn Fields London WC2A 3ED, UNITED KINGDOM
Theresa Burton,CEO and Co-Founder: firstname.lastname@example.org, office: +44 20 7396 3517