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GoFundMe
GoFundMe is an American for-profit crowdfunding platform that allows people to raise money for events ranging from life events such as celebrations and graduations to challenging circumstances like accidents and illnesses. From 2010 through early 2024, more than $30 billion has been raised on the platform, contributed by over 150 million donors.
The company was founded in May 2010 by Brad Damphousse and Andrew Ballester. Both had previously founded Paygr, a website dedicated to allowing members to sell their services to the public. Damphousse and Ballester created the website under the name "CreateAFund" in 2008 but changed the name to GoFundMe after making numerous upgrades. The site was built off of PayPal's API. GoFundMe was founded in San Diego, California.
In March 2017, GoFundMe became the biggest crowdfunding platform, responsible for raising over $3 billion since its debut in 2010. The company receives over $140 million in donations per month and in 2016 made $100 million in revenue. In June 2015, it was announced that Damphousse and Ballester had agreed to sell a majority stake in GoFundMe to Accel Partners and Technology Crossover Ventures. Damphousse and Ballester stepped down from the company's day-to-day oversight. The deal valued GoFundMe at around $600 million. In January 2017, GoFundMe acquired CrowdRise. GoFundMe's CEO is Tim Cadogan.[citation needed] Ballester remains on the board of directors and holds an undisclosed stake in the company.
Members describe their fundraising cause and the amount they hope to raise, and upload photos or video. Once the website is created, GoFundMe allows users to share their project with people through integrated social network links (Facebook, Twitter, etc.) and email. People can then donate to a user's cause through the website using a debit card or credit card[citation needed] and track the funding. Those who donate can also leave comments on the website. The person raising funds is not charged.[citation needed] Payment processors collect 2.9% and $0.30 from each GoFundMe transaction.
GoFundMe is unique to crowdfunding in that the company is not an incentive-based crowdfunding website. Although it does allow projects that are meant to fund other projects for musicians, inventors, etc., the business model is set up to allow for donations to personal causes and life events such as medical bills. GoFundMe also has a special section dedicated solely to users who are trying to raise money to cover their tuition costs. A prominent tuition project helped a user raise $25,000 for an out-of-state tuition to a PhD program. A 2014 tuition project raised over $100,000 for a homeless high school valedictorian to attend college and help his family.
GoFundMe targets social media platforms to create awareness for campaigns, and encourages individual users to promote their fundraiser on social media throughout a campaign. According to a 2018 report by GoFundMe based on past campaign data, a donor sharing a campaign on social media results in $15 of donations on average, while any share of a campaign on social media, regardless of whether the user donated to the campaign, results in $13 of donations on average.
In 2015, GoFundMe announced that it would no longer support legal defense funds after the site suspended funding for the defense of Sweet Cakes by Melissa, a bakery that was fined for refusing to bake a cake for a same-sex wedding. As of November 2017[update] GoFundMe's terms and conditions allow for campaigns for certain kinds of legal defense.
In November 2017, GoFundMe announced it would no longer charge a 5% fee per donation for US, Canada, and UK individual campaigns, and instead rely upon tips left by donors to support the website. The processing fee for online credit card payments still applies to donations.
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GoFundMe
GoFundMe is an American for-profit crowdfunding platform that allows people to raise money for events ranging from life events such as celebrations and graduations to challenging circumstances like accidents and illnesses. From 2010 through early 2024, more than $30 billion has been raised on the platform, contributed by over 150 million donors.
The company was founded in May 2010 by Brad Damphousse and Andrew Ballester. Both had previously founded Paygr, a website dedicated to allowing members to sell their services to the public. Damphousse and Ballester created the website under the name "CreateAFund" in 2008 but changed the name to GoFundMe after making numerous upgrades. The site was built off of PayPal's API. GoFundMe was founded in San Diego, California.
In March 2017, GoFundMe became the biggest crowdfunding platform, responsible for raising over $3 billion since its debut in 2010. The company receives over $140 million in donations per month and in 2016 made $100 million in revenue. In June 2015, it was announced that Damphousse and Ballester had agreed to sell a majority stake in GoFundMe to Accel Partners and Technology Crossover Ventures. Damphousse and Ballester stepped down from the company's day-to-day oversight. The deal valued GoFundMe at around $600 million. In January 2017, GoFundMe acquired CrowdRise. GoFundMe's CEO is Tim Cadogan.[citation needed] Ballester remains on the board of directors and holds an undisclosed stake in the company.
Members describe their fundraising cause and the amount they hope to raise, and upload photos or video. Once the website is created, GoFundMe allows users to share their project with people through integrated social network links (Facebook, Twitter, etc.) and email. People can then donate to a user's cause through the website using a debit card or credit card[citation needed] and track the funding. Those who donate can also leave comments on the website. The person raising funds is not charged.[citation needed] Payment processors collect 2.9% and $0.30 from each GoFundMe transaction.
GoFundMe is unique to crowdfunding in that the company is not an incentive-based crowdfunding website. Although it does allow projects that are meant to fund other projects for musicians, inventors, etc., the business model is set up to allow for donations to personal causes and life events such as medical bills. GoFundMe also has a special section dedicated solely to users who are trying to raise money to cover their tuition costs. A prominent tuition project helped a user raise $25,000 for an out-of-state tuition to a PhD program. A 2014 tuition project raised over $100,000 for a homeless high school valedictorian to attend college and help his family.
GoFundMe targets social media platforms to create awareness for campaigns, and encourages individual users to promote their fundraiser on social media throughout a campaign. According to a 2018 report by GoFundMe based on past campaign data, a donor sharing a campaign on social media results in $15 of donations on average, while any share of a campaign on social media, regardless of whether the user donated to the campaign, results in $13 of donations on average.
In 2015, GoFundMe announced that it would no longer support legal defense funds after the site suspended funding for the defense of Sweet Cakes by Melissa, a bakery that was fined for refusing to bake a cake for a same-sex wedding. As of November 2017[update] GoFundMe's terms and conditions allow for campaigns for certain kinds of legal defense.
In November 2017, GoFundMe announced it would no longer charge a 5% fee per donation for US, Canada, and UK individual campaigns, and instead rely upon tips left by donors to support the website. The processing fee for online credit card payments still applies to donations.
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