The city of Detroit, Michigan, in the heartland of the United States, has rapidly become a melting pot for a new type of entrepreneur: the crowdfunding pioneer. Visionary business heads have been quick to capitalize on the growing trend for crowdfunding and peer-to-peer financing. This article will focus on the key players based in Detroit, giving an insight into their operations and their contribution to this exciting market.
Crowdfunding refers to the practice of generating capital investments or funds through a large number of individuals primarily via the internet and social media channels. The industry is becoming increasingly popular among aspiring entrepreneurs, who use it as a way to raise funds for their startups or venture. At the same time, it also offers people with spare funds the chance to invest in a new business or idea that they believe could be profitable.
Detroit is fostering a bustling crowdfunding hub, with a growing number of platforms being headquartered in the city. With this increasingly diverse and vast market, it is crucial to understand the players and what they bring to the table. Here are several noteworthy crowdfunding companies in the Detroit region that are making waves in the industry.
CrowdRise is more than just a crowdfunding platform. Co-founded by Edward Norton, Jeffrey Wolfe, Robert Wolfe, and Shauna Robertston, it’s a powerful online fundraising tool for charities, nonprofit organizations, corporate foundations, and events. Crowdrise has joined forces with GoFundMe to form an all-in-one social fundraising solution that leverages a community of over 40 million donors. Among its partners are high-profile corporations, celebrities, charities, and events.
Loveland Technologies is on a mission to digitize America parcel by parcel. Co-founded by Jerry Paffendorf, Larry Sheradon, and Mary Carter, the firm uses crowdfunding to gather information about properties in clear, actionable ways. Based in Detroit and San Francisco Bay Area, Loveland works with governments, developers, and neighborhood groups to combat issues like tax foreclosures and blight.
BoostUp, founded by John Morgan, is a savings platform that helps people reach their significant purchase goals. With over 53,000 users, BoostUp has helped purchase over $165,000,000 worth of products and services. By allowing individuals to automate savings, roundup purchases, and receive purchase offers from brand partners, BoostUp makes saving rewarding.
Launched in 2013 by Roger Mensah and his father Dr. Vincent Mensah, Endless Crowds initially helped to support America’s troops, first responders, and families with secure online money donations. In 2017, Endless Crowds rebranded to AmericanCrowds.com.
Co-founded by Amany Killawi, Chris Blauvelt, and Omar E. Hamid, LaunchGood was created to revitalize the Muslim global entrepreneurial spirit. It enables users to support great ideas in the community and challenge themselves to think bigger.
Non-profit organization Invest Michigan is funded by the Michigan Strategic Fund and puts its focus on investing in early-stage high-tech businesses based in Michigan. As fund manager for both the Michigan Pre-Seed Fund 2.0 and the University Commercialization Fund, Invest Michigan is committed to the economic growth of the state.
Operating in the realms of banking, crowdfunding, and real estate, Marketplace Home Mortgage, L.L.C. plays a vital role in the financial services sector in Detroit.
CrowdLanding provides research, tools, and analysis for the global equity crowdfunding industry. It mitigates the necessity for investors to navigate numerous platforms and sift through hundreds of companies to find an appealing investment.
The Invictus Equity Group, founded by Christos Moisides, operates in the areas of banking, crowdfunding, and financial services, playing a vital role in the Detroit Fintech landscape.
Started by Jeffrey Wolfe, StreetHippo Ventures is a significant player in Crowdfunding, Financial Services, Insurance, and Venture Capital industries.
Michigan Funders, initiated by David Tessler, is the first homegrown equity crowdfunding platform in the state of Michigan. Its purpose is to enrich the state’s business development, providing consulting, crowdfunding and financial services.
From helping charities to propelling startups and encouraging savings, Detroit’s crowdfunding scene continues to influence a broad range of sectors. On the backdrop of a recovering economy, these platforms provide individuals and businesses with new funding options and investment opportunities while injecting vitality into the city’s entrepreneurial ecosystem.