Type of site Crowdfunding Website fundrazr.com | Available in English Current status Active | |
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Slogan(s) Powerful. Practical. Proven. Online fundraising made easy. Launched 1 September 2009 (2009-09-01) Motto Powerful. Practical. Proven. Online fundraising made easy. Profiles | ||
FundRazr is a Canadian crowdfunding site and Facebook app first released in 2009. It allows users to set up crowdfunding pages and/or embed fundraising apps on their Facebook pages to raise money for a variety of causes such as medical care, memorials, and animal rescue causes.
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History
FundRazr was founded in 2008 by Daryl Hatton. The head office is located in Vancouver, British Columbia, Canada. The platform was initially a Facebook app that allowed users to crowdfund money over Facebook. It has since developed into a full online fundraising tool set.
FundRazr was the first crowdfunding platform to provide a collaborative community payment model, wherein funds are deposited directly to a company or cause—an example of which is their partnership with Heritage Education Funds to allow families to crowdfund directly to a Registered Educations Savings Plan (RESP).
In November 2015, FundRazr partnered with Place2Give to enable users to crowdfund directly for any registered charity in North America capable of issuing tax receipts directly from FundRazr using the GIVE_api.
Business model
FundRazr uses the donation/perks crowdfunding model, where users keep everything they raise minus the 5% transaction fee. A fee is not charged if no fund is raised. FundRazr allows users to create a campaign page for their cause. The page can then be shared through social media, email or embedded onto a third-party website to solicit donations from supporters. Supporters contribute to a cause through comments, shares, likes, and donations, which are all visible on Facebook. FundRazr is in partnership with PayPal which allow users to deposit and withdraw funding.
On 20 August 2013, FundRazr introduced "Crowdfunding as a Service" technology, which allows web publishers and companies to run crowdfunding service on their site. FundRazr subsequently announced its first official PoweredBy partner, HealthLine on 17 December 2013.
As of 2013, illness, medical and health-related causes represent 58% of money raised. Memorials/tributes represents another 12%. On 28 February 2013, Fundrazr announced that it had raised $20 million for its users. In May 2013, FundRazr announced that it had raised $25 million from 37,000 campaigns. As of March 2014, FundRazr has raised $44 million.