Crowdfunding is growing up – but with great power comes responsibility

independent.co.uk

Crowdfunding used to be the wild child of finance. Now it’s become a big business, it’s having to knuckle down and face greater scrutiny.

In 2012, Emilie Holmes needed money to kit out her 1970s Citroen H van, and she needed it fast. With grand ideas for the old truck – she wanted to transform it into a travelling tea shop – she signed up as one of Kickstarter’s first UK projects and raised £14,500 in five days, which was 45 per cent more than her target.

“At the time, it felt serendipitous,” she remembers, midway through another round of funding, this time with Crowdcube. “It felt good to bring people together, and ever since, this community has been a really lovely source of support.” She will soon open a bricks-and-mortar version, with another not far behind.

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