Buzzbnk is an online crowdfunding platform that connects positive thinkers with enterprising doers.
Buzzbnk brings social ventures looking for start-up or growth capital together with like-minded people keen to participate in a new way of funding social change.
Social enterprises or charities can raise funding for a wide range of projects in a variety of ways, from offering fun and engaging benefits in return for goods or services, or as a loan.
With rewards/donation-based crowdfunding, each venture devises a variety of backer levels and benefits in return for their backers’ support. These benefits can be unique events, goods and services, money-can’t-buy experiences, or connecting to the good people are supporting by illustrating their positive impact.
Organisations can also raise loan-based crowdfunding. There are four different types of loans (organisations can offer whichever best fits their needs), which provide a way to recycle funds back to the lenders, who can choose to either re-lend again to the next social or environmental project or withdraw the funds. In doing so, Buzzbnk wants to create “a virtuous circle of good”.
By February 2014, Buzzbnk had helped to raise over £680,000 for more than 70 projects bringing positive social change.
Buzzbnk’s co-founder Michael Norton, OBE says, “It’s not just about raising money, it’s about co-venturing. Buzzbnk believes raising the crowd is as important as raising the money, helping organisations become more resilient and sustainable in the future with a crowd of cheerleaders, ambassadors and advocates behind them.”
Buzzbnk is a member of Social Enterprise UK, a founding member of the UK Crowdfunding Association and a founding member of the Social Economy Alliance.
Award and follow-on funding
In October 2012, Buzzbnk was awarded £50,000 to develop its mobile app ‘Daily Deals for Good’. It is now available for the iPhone and you can download the app from iTunes.
Buzzbnk was awarded an additional £150,000 to develop the crowdfunding platform further including a fresh new look and feel, new partner pages, easier user journeys, the ability for projects to capture in-kind and in-time pledges, self-service functionality for project owners, further development of the ‘white-label’ offering and preparation for FCA loans-based crowdfunding authorisation.
Buzzbnk were paid £194,000 of the total award made.
Launched in January 2011, Buzzbnk is a social enterprise owned over 50% by leading charities and foundations in the UK and has a social purpose mandate to support the social enterprise, social investment and charitable sector.
CEO & co-founder
“Buzzbnk is a pioneer that should be celebrated. Its launch allows us all to be investors in social enterprises that seek to transform society.”
– Nigel Kershaw OBE, CEO, Big Issue Invest
“We are very excited to be part of a group of organisations seeking to bring a step change in how people support social and environmental progress in the UK.”
– Theresa Burton, CEO and co-founder of Buzzbnk
“It’s such an exciting way to raise money. We wanted to create an active community of backers who would not only feel invested in our work, but also be rewarded for their contribution.”
– Eugenie Teasley, founder, Spark+Mettle (hosted two crowdfunding projects on Buzzbnk)