Photocrowd, a global photography community, has recently launched a Crowdcube campaign to secure £450,000 for upcoming expansion products.
The company’s platform, which is looking to become the Etsy for photography, connects, inspires, and gives photographers of all abilities an e-commerce platform from which to sell their best images. The website currently has 31,000 members in 166 countries, over 2 million page-views a month, and membership growing organically at over 8% each month during 2016.
“Photocrowd makes that possible, and in a way that respects the photographer and pays them an ethical share of the profit that rewards their dedication and skill.”
The company noted that photographers sign up for free and create their storefront. It takes care of payment, production, and global shipping. Photographers earn at least 50% commission on sales, rising to a market-leading 80% if a subscription is taken out.
“Our members are good photographers – about a third describe themselves as professional or semi-professional. And we’ve started earning money. Our first two revenue streams – print sales and user subscriptions – went live in March and in our first three weeks generated £6,000 in gross margin.”
Mike Betts, Photocrowd CEO, stated:
“Making money out of your passion for photography is no longer the exclusive preserve of a handful of professional photographers. A great image is a great image, no matter who took it, where they live, and whether they were using a phone or the most expensive camera. Photocrowd is a platform that empowers photographers globally, and inspires their photography in the process. This crowdfunded investment round gives us the ability to realise that vision more quickly, and more fully.”
Funds from the initiative will be used for the following:
- Expansion of our development team and hiring a Marketing Director.
- Digital marketing spend and increased operational costs.
Since its debut, the campaign has already raised £204,000. Photocrowd is now offering 20% equity for those who participate in the Crowdcube round, which will close at the end of May.
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