Success! With less than two weeks until its Crowdcube campaign comes to an end, Photocrowd, a global photography community, has surpassed its initial £450,000 funding goal and is currently sitting at £544,250 thanks to 431 investors.
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.”
Photocrowd 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.
Mike Betts, Photocrowd CEO, said:
“It’s rewarding for our team to see so many people from the investment community, and our own Photocrowd community, show their belief in what we’re doing at Photocrowd. Photocrowd is fun, engaging, and allows you to make money from your best images. Nowadays it doesn’t matter where you live, how much experience you’ve got, or what camera you’re using. A great picture is a great picture, and on Photocrowd it’ll get recognized and given the attention – and the sales – that it deserves. Achieving our target during this round gives us the ability to build more quickly, get the message out further and louder, and establish ourselves as one of the leading places online to indulge your love of taking pictures.”
Photocrowd’s community has grown by 43% since the start of the year, with 34,000 photographers, a third of whom are professional or semi-professional, across 166 countries.
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.
The campaign is set to close at the beginning of June.
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