Furthering our commitment to offering alternative finance and supporting the creative industries, Creative England has invested £150k in the UK’s largest Crowdfunding network, Crowdfunder. Our CEO Caroline Norbury, has also joined the Crowdfunder Board, effective immediately.
The news comes shortly after a recent report from Nesta found that the alternative finance market is expected to grow to £1.74 billion this year, providing over £1bn of growth and working capital to over 7,000 SME’s.
“We know that there is a wealth of talented individuals and businesses in the regions that have a great idea and a great business plan, but have trouble accessing finance through traditional routes," said Creative England CEO Caroline Norbury. "Crowdfunding continues to grow as a fantastic way to launch new projects, and by working with Crowdfunder there’s the opportunity for us to mix this with private and public funding so these projects and businesses have an even greater chance of finding creative and commercial success.”
Phil Geraghty, MD of Crowdfunder, said: “We are delighted to announce our relationship with Creative England and welcome Caroline to our Board.
Crowdfunding is fast becoming an essential tool for those distributing funds. This investment from Creative England is a clear indication to the whole UK funding industry that they need to understand and be using crowdfunding to engage with the UK public."
The announcement follows the first joint campaign with Crowdfunder, Queen of Code, which invites female games makers to upload their projects on to the Crowdfunder platform. The first five to hit their target are each due to receive an additional £3k boost from Creative England. The investment is supported by the Regional Growth Fund (RGF) and follows funding from Nesta.
This announcement closely follows the release of a special report by Crowdfunder called Grants, loans and crowdfunding – the new funding mix. For more information, head here.
- Creative England
- Caroline Norbury
- Crowd Funding