8 Arab Crowd Funding Platforms You Should Know
You must heard the term crowd funding, it exploded in the recent years in US with sites such as Kick Starter and Indiegogo.
Crowd funding comes in many forms, the most popular is offering a donation for a cause or a product and there is collecting investments from the crowed for exchange of equity.
Here is a list of 8 crowed funding platforms in the Arab world, if you plan to use any of them we advice you to do more du-diligence to make sure they are inline with Sharia and do not have affiliation with governments and suspicious NGOs :
Zoomaal is a crowed funding platform for the Arab world that is based in Lebanon, it takes 5% fee for every successful project for donors, offers different payment models, including CashU, Cashi, and Ukash, through a partnership with Gate2Play, as well as taking PayPal and credit cards.
Zoomaal targets both startups, hardware designers and the film and so called art sector and is based on donations. However for products you might get the product it self depending with your donation amount.
Started in July of 2012 Aflamnah – which means “our films” in Arabic — It is based in Dubai or UAE. It targets filmmakers from the Arab world, but it also accepts science inspired projects and any form of creative ideas.
Unlike zoomaal you do not need to reach funding goal to get the money, its fees are fixed US$100 upload fee to post the project to their site, then they ask for a 6% commission on the money raised and don’t penalize those who haven’t reached their target goal with extra fees.
The platform was launched in Cairo, in order to fully support startups, Shekra provides many activities before and after funding. Shekra works by asking its network of investors to offer small amounts of capital in order to fund a startup or a specific project,
Instead of charging companies a percentage of the money raised, Shekra takes an equity stake in the startups, which fits well with the principle of risk-sharing in Islamic finance. It also takes a “minimal” fee for services provided.
This is a non-profit crowdfunding Arab platform based in Egypt launched in 2012.
the platform helps small and medium-sized businesses to innovate via crowed innovation model. Companies post innovation challenge and the crowed comes to offer a solution and if they get it they get rewarded with cash and other incentives, while products can be bought from the site via crowed funding mechanism.
Eureeca, the first crowdinvesting (equity crowdfunding) platform in the region, connecting SMEs (small & medium enterprises) with investors.
Businesses are required to set a funding target and are provided a standard 90 day period to raise funds from investors on the website. If the funding target isn’t reached within that period the funds will be returned to the investors.
based in Jordan Afkarmena is crowdfunding reward-based online platform for all creative ideas ranging from game development, music albums, supporting a cause through an NGO, AFKARMENA is here to help make that happen. AfkarMena charges the project creator fee of 5%.
“NGO/NPO projects will be charged an AFKARMENA fee of 4%. They also have the opportunity to keep any money they raise regardless of whether they reach their funding goal or not. Rewards still need to be provided.”
The first online real estate crowdfunding platform in Egypt
Here’s how AqarFunder works: the platform prescreens all real estate offerings on the website, then offers them online to registered users (it’s free to sign up), complete with the supporting legal and financial documentation. Properties include retail, office and industrial warehousing options. Registered users can screen real estate deals.
After a user runs across an appealing deal, he or she can enter the precommitment phrase, which allows AqarFunder to measure interest in a project. To finalize the investment, users can then jointly commit funds to acquire the property. Each investment has a transaction and management fee, which varies depending on the nature of the property.
If the funding target is reached, users immediately become investors in the project, with investor updates accessible through AqarFunder’s website. If the funding target is missed, or the time limit elapses, investors’ funds will be returned in full
Tennra Is based in Egypt gmaified crowed funding platform, Crowdfunding platforms like Eureeca and Zoomaal support projects by either pledging or sharing the project video on social media. Tennra has those options but they’re also aim to get visitors to play games online and challenging each other, as they were inspired by the success.
They take a 7% cut of the total amount raised for each campaign, and much like most similar platforms, entrepreneurs have to hit or exceed the funding goal for both the project and Tennra to get paid, otherwise the backers are reimbursed. This is why Tennra supports the projects and helps them through their resources to reach their funding goals, another plus is that they accept cash, offering an integrated offline payment system, as well as an online one.
It is worth mentioning that one of Tennra cofounders is an American female.
#This list has been acclimated in part thanks to Ahmad Sufian Bayran blog post.