LEO stated that the platform will draw on its core education skillset, to provide project creators with support and advice on pitching, how to secure funding, and guidance on growing their businesses. Much like Kickstarter, backers will pledge funds and get a reward from the successful project. If the project succeeds in reaching its funding goal, the pledged money is paid out at the end of the funding period. If the fund falls short, no one is charged. Funding is all or nothing.
Speaking about the launch, CEO and co-founder of LEO, Dan Andersson, said
“We continue to operate at the frontiers of financial technological innovation, and the digital currency we pioneered has continued to go from strength to strength. Yet we are always looking for new ways to push the boundaries in access to finance and new avenues for entrepreneurs to finance their great business ideas. For too long, some of the best ideas have been held back because it’s been too hard for them to raise money.
“Over recent years, crowdfunding has changed the way that many entrepreneurs fund their new ideas. But many more could participate from this exciting method of financing, and what better way of doing that than by connecting our network of entrepreneurs together for peer-to-peer investment. We are therefore delighted to be able to launch LEOcrowd, as a platform to get great ideas off the ground and to help people realise their vision.”
The full platform will be available this March.