the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.
fundBLACKfounders is a rewards-based crowdfunding platform that uses the flexible funding method. Flexible funding method means that you keep your money, no matter the amount you raise towards your goal. Keep in mind that the goal is to raise enough to be helpful for your business goal.
There are levels to crowdfunding and while there’s nothing wrong with equity-based platforms, we recognize that many founders, especially black founders, shouldn’t have to worry about stockholders as they lay the foundation for their venture. This allows founders to focus on scaling their businesses without the added pressure of focusing on arbitrary deadlines. Does this mean we won’t ever offer equity-based crowdfunding? Only time will tell, but we haven’t ruled it out completely.
We welcome everyone to raise on our platform but it was designed and created with Black founders in mind.
Why Black Founders? Because Black founders are the fastest growing group of entrepreneurs in the United States but receive less than one percent of funding available. fundBLACKfounders is our answer to the funding gap.
While we don’t charge a fee to create a campaign, we do have a platform fee of 5% on all funds raised. Our fee is deducted from the fees that you actually have raised and not from your overall goal. There is also a fee that our card processor charges 3%.
Each of the founders on our platform will offer creative rewards and incentives to motivate supporters to fund their campaigns. Each founder is responsible for designing their own rewards program and fulfillment. You should expect to see rewards ranging from swag to beta testing to exclusive first adopter access.
fbf. works to ensure that their founders have a clear understanding on the fulfillment needs of their incentives, but we can not guarantee that our founders will produce or deliver their incentives. Founders will be responsible for refunds for any unfulfilled incentives. To request a refund, please contact the founder directly using the “Contact Me” button on their project page.
We vet our campaigns through our application process to ensure that they have a legitimate business presence online to validate the venture that they are raising for.
We like to think of ourselves as the Friends, Family, and Fans (also known as FFF) round for black founders. Black founders often face a tough time raising early capital to get their ventures off the ground, with crowdfunding, black founders are allowed to pool all of their resources (friends, family, fans, colleagues, and everyone in between) to fund their dream. There are a few steps, that we’ll help you take to ensure that you’ve laid down the foundation to identify your FFF’s and early supporters before you launch your campaign.
That’s entirely up to you, your venture and your budget. The goal of fbf. is to help you grow your business and that should be the goal of your fundraising. We recommend that you look at the budget in your business plan and decide what expenses you’d incur in order to launch your venture and create your business. We encourage everyone to dream big but to be realistic. At the end of your campaign, you should raise enough to reach your goal, but in the event that you don’t raise enough, that you are able to move forward with your venture in other ways. Please remember that your fundraising goal shouldn’t be an arbitrary number, it should be realistic and feasible for your goal.
The amount that you raise is completely up to you, however, your goal should be realistic and feasible – in order to have a successful campaign. You will have to show how you are allocating the funds you raise, so the amount you intend to raise should be adequately explained.
- Low platform fee – 5%
- Rewards based – save your equity
- Expert & culturally relevant startup coaching
- Pitch Prep
- Financial Advisory Support
Custom tailored resources for black founders
Private community of Black founders
Campaign promotionneed we say more?
Any person that meets our creator requirements is eligible to launch a project on fundBLACKFounders. By visiting our start page, you’ll be able to create your campaign. Once you’ve created your account to begin building your campaign, you’ll receive tips on structuring and running your project in our Campaign Guidebook. Before building your campaign, please refer to our rules to make sure your project idea is a good fit for fundBLACKfounders. Meanwhile, feel free to save your project as a draft and return to finish it up or submit it for review at a later date.
Campaigns on fundBLACKfounders cannot be created for any illegal activities, to cause harm to any person or property, or as a way to scam others. It is the lone responsibility and sole liability of the campaign owner to comply with all applicable laws and regulations in connection with their campaigns, and not to make any false or misleading statements in connection with their campaign.
For a complete list of products, services, and campaigns that are not allowed on fundBLACKfounders, please take a look at our Terms & Conditions.
No. We are a flexible crowdfunding platform. That means you keep whatever you raise (less our fees and the fees of our processing partner). This is why we stress the importance of keeping the goal realistic and feasible because if you don’t reach your goal, the amount you raise at the end of your campaign, should be able to support a goal outlined in your allocation of funds.
To fund a campaign, browse through all available campaigns, once you see a campaign that interests you, just click the black “Support Now” button on the campaign page. You can also scroll down to select a reward tier.
After you’ve selected your reward tier, you’ll be prompted to enter your payment information. If your reward involves shipping, be sure to select the appropriate country from the drop-down.
Lastly, click the “Pledge” button and you’ll be all set! You should receive a confirmation email after completing your pledge.
If you want to support multiple campaigns, we’ve created our own fund, to help support our founders, you can just click and support FundBLACKFounders Fund and make a contribution, all donations to the fund will be distributed amongst all the campaigns on fundBLACKFounders on a rotating monthly basis.
Because we are a flexible funding crowdfunding platform, payment will be processed immediately for your contribution to the campaign you’ve chosen.
We’re sorry you haven’t received your reward yet! The fun (outside of investing Black founders) is in the rewards, but don’t worry, here’s what to do if for some reason you haven’t received your reward:
- Make sure that the founder has your correct mailing address and instructions.
- Rewards haven’t been released yet. Double check the campaign you supported to ensure that your expectations are aligned with when the founder said they expect to release or ship rewards.
If that doesn’t work, please reach out to the founder via their website, social media or contact information listed on their campaign page. If you can’t reach the founder, let us know via our contact page and we will try to connect you.
Your contribution to the campaign you chose is non-refundable via fundBLACKfounders, but the founder does reserve the right to refund your money back to you through a payment system not affiliated with fundBLACKfounders.
You can use a debit or credit card associated with Visa, Discover, JCB, MasterCard, UnionPay, or American Express. Discover, UnionPay, and JCB cards are currently only accepted for US-based projects.
We do not currently accept Maestro or Visa Electron cards. If you are using a pre-paid credit card, please make sure that the card has a value of at least $1 more than your pledge amount.
fundBLACKfounders does not currently support PayPal as a payment or account set up method. In order to contribute to a campaign on fbf., funders must use a valid credit or debit card on our site.
Our payment partner, Stripe, meets and exceeds the most stringent industry standards for security. You can learn more about the technical details of Stripe’s secure infrastructure here.
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