Creating and running your crowd-funding project
Once you register as a Community Member, you can create and post details of your Project to a publically accessible webpage on crowd-velocity.co.uk (‘Project Profile page’) using the functionality we provide.
We have specific rules regarding the types of Projects that you can post on crowd-velocity.co.uk. You may not raise funds via another online Crowdfunding site or similar platform (website or App) during the Funding Period of your Project, as it will only distract you and your community focus to meet the Funding Target. All Pledges from Community Members must be made through crowd-velocity.co.uk.
Although we recommend you have no more than one active Project at any one time, you can post as many active Projects as you like ensuring requirements are met.
There is no limit on the Funding Target you select for each Project. If you are a business that is registered for VAT, please take this into account when calculating the Funding Target for your Project.
The minimum Fundraising Period is 2 weeks and the maximum is 8 weeks, unless specifically agreed by us in writing.
Your Project may take up to 3 working days before it goes live and your Project Profile page is made available on crowd-velocity.co.uk. From time to time we may provide a Crowdfunding Mentor to provide guidance relating to your Project, think of ideas for Rewards and offer tips for marketing and press exposure.
Please note that Mentors provide general guidance and information only and neither they, nor us, will be liable to you in connection with the Project Goal, any Project, Rewards, performance and/or promotion and marketing of your Project, which remain solely your responsibility. Please see the About Us page for further information regarding our Mentors.
Once you have submitted your Project details for posting you cannot change its Project Goal, the Funding Target or the Fundraising Period. You can however change the Rewards for your Project provided that you have not received any Pledges.
You may post content and other material (e.g. promotional material such as a video containing your Project) and post Project updates to keep Backers updated on the performance of your Project.
If you are using the ‘All or Nothing Payment Scheme' you may withdraw a Project at any point before the end of the Fundraising Period. Once you have done so, you will not be entitled to any Pledges when you withdraw. You also will not be able to resume that Project at a later date or retain any of the Pledges received at the time of withdrawal. If you are using the 'Flexible Option Payment Scheme' you may withdraw a Project at any point before the end of the Fundraising Period. Once you have done so, you will be entitled to any Pledges up to that time. You will not be able to resume that Project at a later date.
We reserve the right, but are not obliged, to attempt to verify your identity and other information you provide to us and to reject, cancel, interrupt, remove, or suspend an active Project at any time and for any reason. In particular, Projects or Pledges that are flagged to us as fraudulent by Backers or third party payment processors will be subject to review. If we find fraudulent Pledges have been made to your Project, we will cancel those Pledges and the details of the associated Backer from your Project Profile page.
If, at our sole discretion, we determine your Project to be a high fraud risk we may ask you for more information and you agree to respond to such requests, and provide such information, within a reasonable time. We, or our payment processors, may also perform an examination before any funds are distributed to you. We will not be liable to you for any losses that you suffer or incur as a result of us taking any actions as a result.
If your Project closes unsuccessfully you may choose to recreate your Project and repost it for submission.
You must offer a different Reward for at least 5 different Pledge amounts although Backers may choose not to receive a Reward for making a Pledge. The minimum Pledge amount is £1.00, the maximum amount for PayPal is £15,000; Stripe £10,000; and Go Cardless is £100,000.
You can choose whether or not to limit the number of Rewards you offer for each Pledge amount.
You must have all the permissions, consents and licenses that are necessary to offer all Rewards relating to your Project before you offer them on your Project Profile page.