During the last decade, crowdfunding has become an extremely popular way to raise funds. It has launched products, provided funds for natural disaster relief, supported personal causes and helped cover medical expenses. The possibilities are unlimited.
It's usually free to create a campaign. However, platform fees can vary according to the amount raised. Factoring in these costs is very important when setting fundraising goals because fees are automatically deducted.
Crowdfunding Platform Fees
Here’s a breakdown of what it costs to raise funds at several well-known crowdfunding sites.
When Erica and Andrew's neighbor verbally threatened them and then vandalized their home, they realized they needed to take steps to secure their home. Their friend Kelly Alice Robinson set up a FreeFunder campaign with a goal of $2,000 to cover the costs of the security system.
This was the fastest fundraiser to reach its goal so far on FreeFunder - in less than 15 hours they reached the $2,000 goal. Within 2 days they had more than doubled it, and ended the campaign after only 2 days because they did not need more money! In those 2 days they raised $4,090.
"It is hard to find the right words to express the gratitude we're feeling right now. As much hatred as we felt coming from our neighbor, the love we've gotten back in return, from other neighbors, friends, family, and even complete strangers is a zillion times that. We don't even know how to let it all in. We are completely stunned." - Erica and Andrew