Coinaphoto, a Dublin /Dubai-based photography marketplace, has launched an equity crowdfunding campaign on Crowdcube, seeking £500,000 in funding for growth and expansion of its platform.
Founded in 2015, Coinaphoto explained it has built a global community of over 200,000 contributors and features 55 million images. The rewards-based system connects photographers with both brands and agencies, enabling creatives to earn up to 70% commission for their work. The marketplace also noted that for brands, this model provides access to quality images at a lower cost.
“Coinaphoto also incentivises its users to engage with the wider community through gamification – it runs ‘Photoduels’ photo competitions where a photographer challenges another user in the community to pitch a photo against their own. The photograph with the highest number of community votes is named the winner, providing both tokens and a higher site ranking. To date, there have been 17,000 user-generated ‘Photoduels’ and 1.6 million votes cast.”
While sharing more details about the platform, Coinaphoto CEO, Shahab Mirza, stated:
“Coinaphoto is all about community engagement and we are the only platform where photographers earn tokens from social interaction. In line with our crowdsourcing approach to photography, where brands can connect with unknown creatives all over the world, it is fitting that we look for investment from communities.”
Funds from the Crowdcube round will be utilized to scale our marketing efforts, improve our UX /UI experience by building the team & ensure our IP rights & assets remain secure. Since its launch, the campaign has secured nearly £150,000. It is set to close at the end of August.
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