Innov8tiv has covered numerous start-ups both from Africa and other continents that have launched their fundraising campaigns on crowdfunding platforms such as Kickstarter and Indiegogo. This may come as a surprise to some of you that Africa has its very own crowdfunding platform. Known as StartCrunch, it a crowdfunding platform launched in Nigeria by FASMICRO.
StartCrunch has been tailor made to suit the needs of African indigenous start-ups equipped with payment gateways that include; bank deposits, bank transfers, PayPal, Interswitch, and major international credit cards. StartCrunch also offers USD and Naira currency option to campaigns running under two funding strategies – Fixed and Flexible funding plans.
The platform supports the following categories of funding; health, education, business, NGOs, kids, designs, music, sports, wedding, election, politics, arts, fashion, film and dance among others. Anyone from any part of the world can use the platform to raise funds as long as they have a PayPal or bank account. However, project creators who are not Nigeria’s residents will use USD as their natural currency while projects creators living within Nigeria will use the Naira.
Once project creators have launched their campaign on the StartCrunch platform, they will embark on social networking to garners supporters for their projects who will in return offer perks and rewards. After a successful campaign, FASMICRO will transfer the funds raised to the project creators’ accounts minus the commissions and fees due. For the project creators running their campaigns from Europe, Canada and USA. They will receive their payment via PayPal, those from other countries will get the money via bank wire transfer from FASMICRO’s U.S. bank account and those in Nigeria will get their money through local banks.
The platform does not support Western Union or similar types of products. Users can back their projects either in USD or Naira regardless of the currency the project is created. The site has been up and running since last year, and users must register in order to use its services. For detailed steps on how to use the StartCrunch platform, click here or watch the video below.
FASMICRO is a world renowned engineering company with its headquarters based in Owerri, Nigeria. It has been a West Africa business partner to Microchip Corp USA and Altera Corp USA. It has launched several projects both within Nigeria and beyond. It has a software unit that has developed numerous products and services that include educational tools and analytical systems in used by governments and private firms.