Founded in 2015, FundStart is a fresh player in the crowdfunding industry that has provided project owners with a community-concept online platform to meet their funding needs. Their innovative projects include different fields such as film, art, design, games, phones, electronics, technology, etc.
FundStart connects users with project owners, combining community participation on specific issues with capital at low risk levels. The fintech also provided consulting services and media support to help projects succeed.
The Vietnam Ministry of Planning and Investment eyes for an official crowdfunding policy for Vietnam to boost the local crowdfunding industry.
- The platform currently only supports donation-based capital contributions (excludes equity-based, debt-based).
- Each project owner is free and independent to launch his/her own campaign if the registered application is approved. The project owner must deposit a fee of 2,000,000 VND (around 45 USD) before raising funds.
- FundStart acts as the intermediary between the project owners and supporters. The funds gathered during the campaign are reserved by FundStart and transferred to the project owners if the campaign is successful in gathering the targeted amount. For failed campaigns, all money is sent back to donating supporters by FundStart.
- Revenue model: management fees on project basis
- Community effect: The crowdfunding platform can bring projects to the public under different categories so people can choose the issues or topics they care about.
- Simplification: Compared to the traditional funding process via banks, the fintech’s P2P funding approach is much easier for project owners in terms of the processing, assets requirements, etc.
- Marketing effect: The fintech has partnered with several local media teams including e-Living Report (www.songmoi.vn), Cars Motorcycles Magazine Vietnam (otoxemay.vn) and Vehicles & Life Magazine -Living Reports to support the online projects.
How to use
- The project owner registers and submits the information & fees required
- The project owner edits and posts the campaign and sets the target funding goal
- After approval by FundStart, the campaign launches publicly
- Supporters view the projects and contribute funding according to the project feasibility and creativity
- For successful campaigns, money is transferred to the project owner by FundStart
- For failed campaigns, all the money gathered is returned to the supporters