Live Crowdfunding Raises Half a Million to Increase Social Impact
13 November 2018 at 8:38 am
Australia’s first blended live crowdfunding event has raised close to half a million dollars for three grassroots social enterprises, and has been touted as an innovative way to raise funds for the social enterprise sector.
The three social enterprises – KOCO Global, Injalak Arts and Ethical Harvest – pitched their case for support to the crowd at the 2018 Impact Investing Summit, and were judged in a “shark tank” style panel, with each judge representing areas of finance such as debt, equity and philanthropy.
Grilled on financial sustainability, business models and growth plans, they then turned to the crowd, and asked them to pledge financial support, which in turn raised $410,200 for the three enterprises, helping them to scale impact in the Philippines, Northern Territory and India.
All three enterprises also used the event to launch their online crowdfunding campaigns.
The session was convened by big sector players, including the Impact
Investment Summit, Red Hat Impact, The Funding Network, Start Some Good and The Social Impact Hub, to demonstrate potential of this new fundraising initiative.
The Funding Network Australia CEO Julie McDonald said this new and innovative method of crowdfunding showcased how critical a mix of investment types are to social enterprises.
“We were overwhelmed with the response from the audience. The innovative collective giving event enabled everyone to band together and invest in new, exciting ways that create lasting social change”, McDonald said.
This years’ summit brought together over 300 people, including leading actors and international delegates from private investment, institutional investment, family foundations, government and the social sector.
Melanie Greblo, executive director of the Impact Investment Summit, said impact investing in Australia had grown significantly over the last ten years and she was excited to see its growth in future years.
“We’re excited to be showcasing the first ever blended finance live crowdfunding event and the remarkable results this can achieve for the sector,” Greblo said.