Crowdfunding: Invesntors and Charity
Global crowdfunding experienced accelerated growth in 2014, expanding by 167% to reach $16.2 billion raised, up from $6.1 billion in 2013.
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Almost half of the amount – $6.7B – was collected by entrepreneurs. Massolution collected information on 1250 active crowdfunding platforms across the world. In 2014 they raised the record-breaking amount of $16.2B. The industry is expected to more than double once again and reach to $34.4 billion, in 2015.
KickStarter (US)
Many technology start-ups aim to become “unicorns” – the companies that are valued at $1 billion or more on their way to probable vast riches. Yancey Strickler and Perry Chen have no interest in that. As co-founders of Kickstarter, the popular online crowdfunding website that lets people raise money to help fund all manner of projects, including cooking gadgets and movies, Mr. Strickler and Mr. Chen could have tried to take their company public or sell it, earning millions of dollars for themselves and other shareholders.
Instead, they announced in September that Kickstarter was reincorporated as a “public benefit corporation,” a legal change they said would ensure that money — or the promise of it — would not corrupt their company’s mission of enabling creative projects to be funded.
“We don’t ever want to sell or go public,” said Mr. Strickler, Kickstarter’s chief executive. “That would push the company to make choices that we don’t think are in the best interest of the company.”
Public benefit corporations are a relatively new designation that has been signed into law by a number of states. Delaware, where Kickstarter is reincorporated, began allowing public benefit corporations in 2013. Under the designation, companies must aim to do something that would aid the public (such as Kickstarter’s mission to “help bring creative projects to life”) and include that goal in their corporate charter. Board members must also take that public benefit into account when making decisions, and the company has to report on its social impact.
Kickstarter’s move builds upon its decision last year to become a B Corporation, a voluntary designation certified by a nonprofit group called B Lab. To become a B Corp, companies must meet rigorous environmental and social-responsibility standards, which they report annually to shareholders — though taking on the status has no legal impact. Other companies, including the e-commerce site Etsy, which went public in April, and Warby Parker, the eyeglasses retailer, have also opted to become B Corps.
All of this stands in stark contrast to the behavior of many tech start-ups these days. Becoming a public benefit corporation does not prevent Kickstarter from selling itself or going public, and it remains a for-profit entity. Still, as a B Corp and now a public benefit corporation, legal experts say, Kickstarter is holding itself to a particularly high standard of transparency.
[su_pullquote]Kickstarter’s ultimate hope was that becoming a public benefit corporation would set an example for the next generation of entrepreneurs.[/su_pullquote] Kickstarter is exceptionally charitable, for instance, donating 5 percent of after-tax profits to causes that support the arts and combat inequality. Kickstarter has also agreed to “not use loopholes or other esoteric but legal tax management strategies to reduce its tax burden.” Kickstarter decided to become a public benefit corporation because “there’s a huge difference between a values document and the legal foundation of your company,” said Mr. Chen, who serves as chairman but focuses on making art.
Kickstarter still has investors to answer to. Mr. Chen and Mr. Strickler say their company has been profitable for years — in the $5 million to $10 million range per year for each of the last three years — and has continually reinvested that money in the business. While the company has not yet raised much money — less than $15 million, with the founders retaining majority ownership — some well-known tech investors have backed it.
They include Chris Sacca, a former Google executive who became a big investor in Twitter, as well as Union Square Ventures, a venture capital firm based in New York, and Jack Dorsey, co-founder of Twitter and Square.
Rejecting the idea of an IPO or acquisition may hurt Kickstarter’s recruiting, since those common practices attract engineers to start-ups with the promise of prosperity. But the Kickstarter co-founders said the company’s stance had attracted like-minded people — those more focused on the overall mission and less on the value of their equity. “It’s allowed us to find people who have a similar idealism,” Mr. Chen said.
Mr. Chen and Mr. Strickler said their ultimate hope was that becoming a public benefit corporation would set an example for the next generation of entrepreneurs. “As younger companies come up and think about how they operate and how they want to be structured, maybe they won’t be so easily swept up by all the usual choices,” Mr. Chen said. “Maybe they’ll be thinking long term, thinking about how to look after the things they care about.”
Since 2015 people in Germany can crowdfund their bright ideas using Kickstarter. If it comes as a surprise that they haven’t been able to do so for a long time, that’s understandable. Germany, after all, is the fourth biggest economy in the world. It has the largest population in the European Union. Entering Germany at its own pace is entirely consistent with Kickstarter’s way of doing things, which tends to be measured and thoughtful. In its six years of existence, the company has only rolled out in 10 countries. Germany is number 11; France made it a dozen.
Also Kickstarter launched Spotlight – it is a special page design that kicks in only after a project is funded. Unlike in-progress Kickstarter projects, which don’t allow for a lot of design customization, Spotlight allows creators to customize their Kickstarter pages with different text and background colors, insert full-bleed images, add a short text description of where the product has headed since it received funding, and more.
IndieGoGo (US)
Indiegogo helped kick-start the crowdfunding era, and it has taken a boundary-pushing approach ever since. In January 2008, more than a year before Kickstarter launches, Indiegogo debuts at the Sundance Film Festival.
Its name is explained by its initial target market: independent filmmakers. In June 2011 Jessica and Sean Haley, a Florida couple, turn to Indiegogo to pay for fertility treatments. Their son, Landon, born in 2012, becomes the first crowdfunded baby. In July 2013 Scanadu’s Scout, a health-monitoring puck designed to read your vital signs, raises $1.66 million.
Indiegogo always welcomed medical devices; Kickstarter forbid them until June 2014. In April 2014 GoBe, a gizmo that claims to count the calories you’ve consumed, raises more than $1 million. Though experts call it an impossibility, the device goes into production. It’s not the first—nor the last—time Indiegogo is plagued by allegations of fraud.
In December 2014 Indiegogo Life launches, letting users seek funding for personal events, including weddings, charitable campaigns, education, and medical emergencies. Finally, in January 2015 successful campaigns can convert crowdfunding pages into ongoing e-commerce sites, continuing to accept contributions, manage perks, and distribute newsletters for as long as they like.
That sets the company apart from Kickstarter, which states that it’s interested solely in helping worthy creative projects—such as movies, artisanal foodstuffs, and inventive gizmos—become reality. Judging them on their potential to turn a buck would sully that vision. Indiegogo’s mission is more all-encompassing, says Rubin: “Our North Star is that we’re trying to democratize funding.”
“There are some people who will be like, ‘I can either invest in Facebook or IBM, or I could invest in this local pizza shop—I’d rather invest in the local pizza shop because I’m trying to support the community,’ ” says Rubin. Which means that this new form of funding could serve its purpose—even if that pizza place doesn’t go on to become the next Shake Shack.
The company is happy to raise money for nearly any goal that isn’t illegal, dangerous, or a form of hate speech, including charitable efforts, paying for personal medical emergencies, and other activities that Kickstarter bans.
Still, the logistics involved with a site like Indiegogo getting into equity crowdfunding would be extraordinarily complex.
“Facilitating regulated investments is very different from giving away T-shirts or hats or putting people’s names in the credits of a movie,” says Ryan Feit, CEO of SeedInvest and co-founder of the Crowdfunding Professional Association. To ensure that its transactions meet SEC rules, Indiegogo might have to trade in its laissez-faire atmosphere for something a little more buttoned-down.
Turning crowdfunding campaigns into investment opportunities would also magnify the impact of any mishaps a company makes. In its current form, Indiegogo makes no attempt to vet the quality of campaigns or the competence of those who submit them, leading to occasional catastrophic failures such as Kreyos, a smartwatch company that raised $1.5 million in 2013. It collapsed before it had delivered watches to every entitled backer.
Ask Indiegogo’s Rubin how he’d go about making investing in private companies safe for the uninitiated, and he brings up the earliest days of e-commerce in the mid-1990s, when the very idea of making purchases over the Internet was new and scary. Rather than try to eliminate risk, the government allowed the emerging field to work out its own kinks.
Today, he argues, “government needs to give the industry a little bit of time to figure this out, and then if it doesn’t work they can then come in and regulate it more.”
Although Indiegogo is eager to open equity to the masses, it’s not a given that the companies that find success on its platform will be as enthusiastic. In 2013, security startup Canary raised $2 million on Indiegogo for its first product, a pint-size gadget containing a camera and sensors for monitoring motion, temperature, and air quality.
“We got 10,000 customers immediately, which gave us great product feedback and enabled us to demonstrate to investors what sort of interest there was from day one,” says Adam Sager, the company’s cofounder and CEO. “That proved to be extremely helpful to us.”
When crowdsourced investing does become a reality, it could be less about getting in on the ground floor of the next billion-dollar acquisition than giving very small businesses a boost.
“There are some people who will be like, ‘I can either invest in Facebook or IBM, or I could invest in this local pizza shop—I’d rather invest in the local pizza shop because I’m trying to support the community,’ ” says Rubin. Which means that this new form of funding could serve its purpose—even if that pizza place doesn’t go on to become the next Shake Shack.
Angel investor Gil Penchina had partnered with Indiegogo to launch a new syndicate on AngelList dedicated to investing in successful campaigns. It launched yesterday and had $75k in capital committed in the first five hours. Total carry of syndicate per deal is 20%, it is expected to make 5+ investments per year with a value starting from $1000.
Also IndieGoGo continues testing insurance against default.
“Greek Bailout Fund” is the brainchild of 29-year-old U.K. man Thom Feeney, who thinks regular citizens can succeed where the Greek government and European bankers have failed. He invites people to donate as little as €3 and receive a postcard from Greek Prime Minister Alex Tsipras, or €6 to get a “feta and olive” salad. After the media picked up news of the project, it received a jolt of popularity. A trickle of donations became a flood and, by 4 p.m. ET, the total eclipsed €160,000 before the campaign’s Indiegogo page abruptly crashed.
Facebook wants to become the platform for giving
Countless people already go to Facebook to talk about causes they support, and more than 150 million users are connected to one on the platform. Now users can put their money where their mouth is. A new feature, announced by Facebook in November 2015, will allow registered U.S. nonprofits to hold fundraising campaigns on the social network.
Similar to a campaign on Kickstarter, nonprofits will launch a page that tells the story of the campaign, collects donations, and tracks progress to a goal. When a person donates to the campaign using Facebook’s payment tools, they can chose to share their donation on their timeline. A post will appear on their friends’ News Feeds with a “donate” button—making it easy for friends to contribute, too, with just a few clicks.
“Imagine you are seeing what your friends are donating to. That’s just so much more effective than getting a notice on the home page asking you to donate,” Naomi Gleit, Facebook VP of product management and leader of its Social Good team.
“This is really the next step in how we can have a great impact at scale.”
In addition to holding fundraisers, nonprofits will also be able to add what Facebook is saying is an improved donate button to both their page and regular posts that users see in the News Feed—the button will lead to a one-page donate form without the user leaving Facebook. All of these tools will first be available to 37 nonprofit beta partners, including three—Mercy Corps, National Multiple Sclerosis Society and World Wildlife Fund—that launched campaigns today.
One bigger question is what happens if or when Facebook controls a major portal to charitable giving, and nonprofits are more beholden to the company. In what could be a parallel, as media companies have relied on Facebook for more and more of their traffic and revenue, the power has shifted to terms Facebook can dictate. Even now, Facebook is applying its own filter to the process: how are they deciding which nonprofits can apply for the donate button.
And with its algorithm, it can push users to see more posts from specific charities or for specific causes, and no one would ever know.
Facebook’s on a quest to absorb the Internet, and now it looks like it could invade crowdfunding. But if you just take the “non-“ out of “nonprofit,” what Facebook built becomes a highly viral Kickstarter competitor.
The fact is that social networks drive an enormous percentage of crowdfunding contributions. Few people are just browsing Kickstarter and Indiegogo desperate to plop down cash. Even campaigns prominently featured by those platforms only get about 25 percent of their traffic that way. 12% is more typical, and it can range down to 3$, Plinth Agency crowdfunding consultant Desi Danganan told. Most campaign organizers rely on promotion to their own social graphs and re-sharing through places like Facebook to raise dollars.
Crowdfunding campaigns on Facebook could offer discovery, payment and virality baked right into the platform. The Fundraiser feature already lets users who want to support a campaign without spending money “Join” to receive updates, post to their feed, or easily invite friends. The social network offers better ways for organizers to stay in touch with donors and encourage sharing than a dedicated crowdfunding site ever could.
Streamlining the crowdfunding process could feed into Facebook’s mission while also making it some money. The company’s goal is to connect people, and crowdfunding projects are becoming the premier way people rally together. Whether it’s an invention, art project, or good cause, crowdfunding unites communities. It doesn’t matter if they’re geographically condensed groups of real friends, or far-flung believers in a common purpose. Tackling crowdfunding seems right up Facebook’s alley.
Making it easier aligns with the company’s other initiatives to absorb the Internet, from Instant Articles and hosted videos to small business mobile Pages that can substitute for complex apps. Facebook already has several products that rely on you saving payment information with it. There’s friend-to-friend payments in Messenger, Buy buttons on News Feed, and the revamped Donate button for charities.
Crowdfunding projects could lure in more payment info, as people may be inspired to go through the one-time set-up flow to back a friend’s campaign or something they want birthed into the world. That payment info helps all of Facebook’s other products.
Once crowdfunding campaigns live on Facebook, you can be sure organizers will advertise on Facebook to promote them. You already see plenty of ads leading from the social network to projects on Kickstarter and Indiegogo. But some users are surely discouraged from clicking because they don’t want to interrupt their Facebook experience.
New entrants
The new crowdfunding site Fig, which launched in August 2015, is focused on helping indie game developers bring projects to fruition—but it’s offering a lot more to potential investors than just free games and T-shirts. It wants to give you the chance to invest in games directly for royalties.
This is a direct answer to one of the criticism of crowdfunding, which is that a game blowing up on Kickstarter and the like could result in a developer being acquired, while those who helped get the company noticed don’t benefit in any way financially. Although the first few projects on Fig will only allow accredited investors to invest, the company is moving to open up investments to the public later this year.
“We put a structure together. We are working really closely with a law firm and the SEC to figure out how we can open that up to all un-accredited investors as well. And that is not too far off. So that every game that is on Fig, anybody can invest in,” Fig CEO Justin Bailey tells Fast Company.
Bailey came out of Hollywood finance and the game publishing. He saw an opportunity to help others bring their ideas to life. He previously worked as the COO of Double Fine studios during its two hugely successful Kickstarter projects, Broken Age and Massive Chalice (a total of $4.5 million raised).
The site has an interface that feels like a mixture of Kickstarter’s crowdfunding projects and game distribution platform Steam’s design. There are some improved features, such as image and video carousels, an interactive timeline of a project’s schedule, a streamlined interface for buying additional products beyond your reward, and online paperwork to complete the investment in a project.
With a focus on video games alone, Fig also aims to make indie developers stand out versus the thousands of other projects on crowdfunding sites.
Schafer says, “The ability for people to be able to invest in these projects is really important to me. That’s a really new thing. The idea that the people that helped you can actually participate, and get something back, is really important to me. It’s the future for Double Fine. It would be ideal to fund everything this way from now on.” Bailey says, “We have our coalition of studios. We have 10 titles already lined up for the platform. And they are a mixture of really big titles and known franchises, to completely unknown indies and new ideas.”
Omaze, the charity platform that democratizes traditionally pricey prizes so that everyone can participate, announced the close of a $9 million Series A led by FirstMark Capital. A number of Omaze’s early seed and angel investors also participated in the round, including Michael Eisner’s Tornante Company, Vayner/RSE, Warby Parker co-founder and co-CEO Dave Gilboa, Boulevard Capital’s Dave Leyrer, CrossCut Ventures, FFVC, and Adam Press. Omaze was founded by Matt Pohlson and Ryan Cummins, entertainment industry professionals, who were disheartened after attending a charity auction looking to sell off a special experience with Magic Johnson.
Tumblbug, a South Korean crowdfunding platform for the creative arts, announced it has raised KRW 17 billion (just over US$15.5 million) in series A investment.
The funding comes from DCM, Strong Ventures, and Naver, the maker of messaging app Line.
SkolaFund is new Singaporean fintech start-up aims to make higher education affordable and accessible to all who qualify. Students go to its crowdfunding platform to raise funds for school fees or stipends. Since its launch in April 2015, it has completed 16 out of 21 crowdfunding campaigns. Its main business is in Malaysia but it will be promoting the service to Singapore in the new year. Pledgers’ donations can be as low as $1.
They do not get rewarded in the form of T-shirts or new products as on conventional rewards-based crowdfunding platforms and the pledgers do not get their money back. Skolafund takes a 5 per cent commission on each successful campaign. Its success depends on the charity and goodness of people to pledge funds for the development of another person. Watch it closely to see if this bold new business idea will take root.
Can crowdfunding find similar success in Indonesia? Culturally, Indonesians are familiar with the “gotong royong” principle. “Gotong royong” means working together as a community. But today, Indonesia’s crowdfunding sites – like – KitaBisa, Wujudkan, AyoPeduli, Crowdtivate, GandengTangan, – are still far removed from the volume and success of platforms like Kickstarter.
InvestUp, an aggregating platform that offers investments through different crowdfunding sites, was launched. InvestUp already has 1500 registered users and aggregates 13 crowdfunding sites.
Giveffect, alumnus of the famous Y Combinator, is building a service platform for non-profit businesses, covering services like online payments and CRM-system, as well as crowdfunding tools and other. Giveffect already has more than 300 customers. In the U.S. non-profits sector processes more than $300B each year.
Crowdinvesting platform Fundable has acquired Clarity.fm, the service that connects startups with distinguished mentors (over the phone). Let us recall, Fundable has recently acquired LaunchRock, a service that helps startups create landing pages, Bizplan, which helps startups develop business plans and the startup blog KillerStartups. Fundable builds a unified crowdfunding ecosystem under the new umbrella brand Startups.co.
Mumbai-based crowdfunding platform for social, personal and creative projects Ketto has raised $700,000 in funding, led by Pradyumna Dalmia, a member of Calcutta Angels and Sudhir Rao of The Chennai Angels. Others who participated in the round include Singapore Angel Network, Anupam Mittal, Indian Internet Fund, LetsVenture, The Chennai Angels, Calcutta Angels, Intellecap Impact Investment Network (I3N), Ah Ventures and Project Guerrilla.
With this funding, the startup plans to double its technology and business development team with an aim to reach $100M in volume by crowdfunding. Ketto also wants to expand operations to Singapore, Indonesia and Malaysia, among other Southeast Asian countries.
How IndieGoGo and KickStarter help filmmakers and directors to raise money?
Film festivals used to be do-or-die moments for movie makers. They were where you met the producers that could fund your project, and if the buyers liked your flick, they’d pay to have it distributed to the only place it could be seen — the grande ole cinema.
But if they didn’t dig the idea or rough cut, your film never got made or was dead on arrival. Fast-forward and it’s a very different scene. You might want connections to film’s elite or a critically acclaimed premier, but you don’t need them. Armed with just a rough concept, you can raise millions on crowdfunding platforms like Indiegogo and Kickstarter.
Once you’ve made your film, you might want it to get picked up by a major studio for widespread release, but you don’t need it. You could sell it directly from your website; cut revenue share deals to sell or stream it on sites like YouTube, Vimeo, or Netflix; or strike a major brand sponsorship to monetize. If it’s truly compelling, virality will do the rest of the work for you.
“Since we launched in 2008, we’ve sent money to over 40,000 filmmakers in 166 countries” Indiegogo CEO Slava Rubin told. “Obviously that means you don’t have to come to Sundance to get the money.”
“Maybe 10 years ago, it was almost as if it was a requirement to go through the film festival process. If you said ‘What is your biggest challenge?’ to filmmakers, they’d say ‘give me the money everything will be fine.’ Now they can get the money and can concentrate on other pain points.”
The big studios’ iron grip on distribution used to mean fans didn’t have much say. Rubin remembers catching the midnight Sundance screening of Korean neo-noir revenge masterpiece “Oldboy” that went on to become a cult classic. “I walked out and was like ‘This is amazing! This is unique!’ and right away I wanted to tell my friends about it but that was hard because YouTube didn’t exist and there weren’t as many instant ways to see this stuff on the Internet.”
Yet last year saw a film vaulted from the Internet to the big screen thanks to its audience. Dear White people began as a YouTube short lampooning the racist stereotypes and clichés common in black cinema. It’s the kind of incendiary art that doesn’t “play well” with the mainstream film industry.
Despite some viral traction, no studio would back the feature-length project. So the creators of “Dear White People” went on Indiegogo and raised $40,000, well surpassing their $25,000 goal, and convinced Code Red Films to provide some formal financing. The film was made, it premiered at Sundance last year, won some awards, and thanks to an audience that had already raised their hands online, it was picked up by distributors Lionsgate and Roadside Attractions.
Dear White People hit theaters in October, and Rubin says it’s grossed $4.4 million and counting, making it the biggest box office return for a crowdfunded film, surpassing Zach Braff’s “Wish I Was Here”. “I think Dear White People is an example of a film that does not get made unless there’s Indiegogo, plus YouTube and the audience.
Other films that sprung from Indiegogo include Roger Ebert documentary Life Itself, A Girl Walks Home Alone At Night, and A Connected Universe — the latest motion picture to complete funding on the platform.
Emboldened by the success, Indiegogo just announced a partnership with Vimeo that will see the video site set aside $1 million to invest in Indiegogo film products. Vimeo in turns becomes the crowdfunding service’s preferred distribution partner featuring a video-on-demand marketplace specifically for Indiegogo films.
But with the democratization of any medium comes an inevitable onslaught of homemade crap. Thanks to inexpensive production gear, along with crowdfunding and digital distribution, you can quickly go from dumb idea to stupid film shoot to moronic movie. So while Sundance might no be a bottleneck for money any more, it is still a bottleneck for curation. Now it feels like you’re almost as likely to run into some virtual reality startup founder as a movie star. That might be a good thing, though. Movie makers are probably wise to study the tricks mobile apps use to keep millenials engaged.
How to fight poverty? It’s simple: give cash to poor people
There’s a very long list of ways that nonprofits have tried to attack the problem of global poverty. Some give microfinance loans, others create skills training programs. Still others give laptops to kids. Of all the methods, however, only a few have actually been proven to really help people move up the economic ladder. One that has been one of the most successful is also incredibly easy, yet hard for many philanthropists with a pet cause to fathom. The simple trick: If people are living on less than $1 a day, just give them cash and let them decide how to spend it.
“It’s a very simple, direct, and low-cost way to help people who are poor,” says Yale University economist Dean Karlan. In 2002, he founded Innovations for Poverty Action, a nonprofit that uses randomized, controlled trials to test which poverty interventions actually work. These trials are the gold standard in science and are often used for testing the safety and effectiveness of new drugs or other medical interventions. But they are much more rarely used to evaluate social interventions, partly because they are difficult to set up.
In 2009, a group of grad students from Harvard University and MIT were looking for a way to give their money in a way that would have the most impact and started looking at the latest research in global development. So, that year, the group decided to start their own organization, called GiveDirectly.
It took advantage of the fact that it had recently become possible to transfer money via mobile phone, helping eliminate typical opportunities for corruption. All the founders had to do was find the poorest people in the world and start to hand over the money. By 2011, after testing it first with friends and family, they had opened it to the public for donations.
In Kenya, GiveDirectly uses data to identify the poorest households and then transfers them $1,000, the equivalent of a year’s salary, no strings attached. The recipients can spend the cash on whatever they need most. In many cases, in Kenya, one of the two countries GiveDirectly works, families spend money on replacing a thatched roof with a metal one that lasts longer without repairs, saving the family money over time.
Others have spent money on health expenses, paying a dowry, and buying a motorbike for a business. GiveDirectly tracks spending through surveys and separately through formalized studies. In the next year, it plans to reach around 20,000 households and 100,000 recipients. Today, attitudes are much more positive.
In 2014 alone, it had given out $6.6 million and raised another $17.4 million. After some early investment from Google.org, the nonprofit just received another $25 million from Good Ventures, a foundation started by Facebook co-founder Dustin Moskovitz.
Silicon Valley loves the nonprofit’s data-driven approach, which carefully measures the best way to do everything from identifying households most in need to how to split up payments. The founders have designed an operational model that allows constant experimentation and testing—and the tech crowd adoption of the “effective altruism” movement eats it up.
Of course, cash is not a panacea. Poor people have problems that go much deeper than not having money. “This solves the ‘I don’t have money’ problem, but what if the problem is also a matter of aspiration, a matter of hope, a matter of information about markets or trading?,” says Kaplan. And because more and more philanthropists are becoming data-driven, direct cash transfers risk become a pet cause unto themselves.
But every other needed intervention could now be studied and compared to cash. “Roads are not going to build themselves, hospitals are not going to show up out of nowhere,” Faye says. “There are lots of public goods that we will need. But we do think that there is a large fraction of it that is likely worse than cash and needs to be benchmarked against cash.”
Photos: Getty, company profiles
Life.SREDA VC is a global fintech-focused Venture Capital fund with HQ in Singapore
