| URL | http://www.fondomat.com |
|---|---|
| Commercial? | Yes |
| Type of site | Crowdfunding |
| Available language(s) | English, Czech |
| Launched | July 2011 |
Fondomat is an online crowd funding platform founded in 2011 by Joe Wakeford and Conrad Watts in Prague, Czech Republic[1] quickly and effectively in the Czech currency. [2]
The website handles the administration of charitable donations and the funding of individual projects. Online fundraising tools are used to raise awareness of projects via social networks while enabling the electronic collection of donations.
Fondomat provides its service throughout the Czech Republic for charities and individuals wishing to raise money for charitable endeavours, creative projects and business start-ups. The site uses the power of social networks and the wisdom of crowds to help fund these activities
The concept gives 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]
Competitors include Kickstarter (USA) and RocketHub (USA).[4]
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 2011, it offers funding in Czech Koruna (CZK) and is bilingual in both Czech and English.
Fondomat is the first crowd funding website in the Czech Republic and the only service of its kind to accept transactions in the Czech Koruna.[5] Fondomat is not an investment vehicle, a broker or a business networking institute. [6]