Philadelphia, September 13, 2012 – The City of Philadelphia announced that it is piloting a new crowdfunding platform, Citizinvestor, which will allow citizens to micro-fund specifically selected city projects. Individuals can log on to Citizinvestor and pledge an investment to meet a set project’s fundraising goal. Citizinvestor’s crowdfunding model requires the full goal be reached before money is exchanged. Projects have 30-90 days to reach their funding goal.
“Crowdfunding is an innovative way for individuals to directly fund civic projects,” said Mayor Michael A. Nutter. “By piloting the Citizinvestor crowdfunding platform, we are encouraging public-private partnerships to achieve community goals and civic participation in City governance.”
The first City funding project to use crowdfunding is the TreePhilly Fall Planting Campaign (www.citizinvestor.com/project/philadelphia-fall-tree-planting). The TreePhilly Fall Planting Campaign has a fundraising goal of $12,875 on Citizinvestor to support its target of making 500 more trees available for the Fall TreePhilly Giveaway.
“Thanks to our great partners, Fairmount Park Conservancy and Wells Fargo, TreePhilly is a tremendous success. People and communities all over the city are being engaged to plant trees. Citizinvestor allows even more people to get involved, and the more that do, the more trees TreePhilly will have to give away and plant,” said Michael DeBernadinis, Deputy Mayor for Environmental and Community Resources.
Citizinvestor Co-founder, Jordan Raynor, added, “It’s only appropriate that the City of Brotherly Love would be one of the first cities in the world to give citizens the opportunity to be micro-philanthropists, financially investing in civic projects to improve their community. We look forward to working with the City of Philadelphia to fund the projects that citizens want to see most in their neighborhoods.”
The City of Philadelphia will add additional projects to Citizinvestor in coming weeks. At the end of the four month pilot period, the Mayor’s Office will evaluate the success of Citizinvestor.
Citizinvestor is a crowdfunding platform for local government projects. Local governments submit pre-approved projects to Citizinvestor.com where citizens can invest in the projects they care about most. Once a project is 100% funded, the project is built! www.citizinvestor.com