CrowdPal, a new equity crowdfunding platform, announced on Tuesday it has officially launched its website to connect Palestinian entrepreneurs with investors. The funding portal’s description reads:
“CrowdPal is the first online equity crowdfunding platform purpose-built to support Palestinian entrepreneurship. The company was created with the singular focus of driving a positive social and economic impact on a region long encumbered by high and low involvement in emerging businesses, although it has a high potential due to the prominent quality of its business professionals and their endless desire to succeed.”
The CrowdPal team stated the ongoing political unrest and economic struggles presented difficulty in finding venture capital opportunities for Palestinian-based founders. It was reported with an unemployment rate over 20% and low GDP per capita, securing funding to get startup businesses off the ground has been a constant uphill battle. CrowdPal Founder and CEO, Anas Hamed, stated:
“Through investing in promising startups, we can drive economic and social development as a step forward to pave the way for peace.”
Anas also noted he and his team created CrowdPal to allow Palestinian-founded companies or other international entrepreneurs who want to invest part of their funding in early stage Palestinian startups or employ/outsource professionals in Palestine to support the entrepreneurial ecosystem. Users can seek investment funding by reaching out to personal contacts or by leveraging CrowdPal’s community of investors, who can be located anywhere in the world. Co-founder and CVO, Alejandro Dughman, commented:
“Palestinians and peace supporters all over the globe that wish to do their part to and make an investment in the future of Palestine haven’t had a sound place to put their investment. With CrowdPal, now they do.”
The CrowdPal Team then added that entrepreneurs using the platform would have access to a mentorship and advisory network that will provide founders with educational resources, including online materials, video tutorials, and advice. The funding portal will also have a job search and hiring feature.