Patrick Schofield, founder of Thundafund. Image supplied by Thundafund.
The site went live on June 10 with six projects available to be funded. One of the first projects on the site, Mooibos: Space Saving Vertical Gardens, has already completed its target of raising ZAR10,000 (US$1,000) and surpassed it with 47 days left.
Patrick Schofield, founder of Thundafund, said: “Crowdfunding is going to fundamentally change the way we start many new enterprises in South Africa.
“Crowdfunding allows many to vote with their wallets to decide what is made in our world. Thundafund will be driving this movement in creative and innovative development in South Africa and Africa.”
South Africa currently has a shortage of crowdfunding sites, while they are hugely popular and successful in the United States and in Europe.
HumanIPO did however report FundFind in April, which was launched by Steve Larter as he looked to address the lack of an effective crowdfunding platform.
Schofield sets Thundafund aside by emphasising the business support and mentorship the platform can offer.
It provides “Thundavettors” and “Thundachampions”, industry professionals who “review and guide project creators” and aim to support entrepreneurs.
In the first week of the site, more than ZAR60,000 (US$5,900) has been raised in total.
A crowdfunding platform works by allowing a large number of people the chance to invest a small amount of money each and then offer rewards related to their investment.
There are 12 categories on the site for ventures to list under, including Technology and Games, Media and Publishing, Design and Film and Video,
Schofield added: “Crowdfunding is the ultimate in the democratisation of finance. The many, coming together to back people who create products that they would like to see materialized in the world.”