Coop Danmark has announced that the first round of its Coop Crowdfunding project has been successful.
Three months after its introduction, the first crowd-funded projects have reached their deadline. Coop Danmark says that 10 out of 11 million kroner requested (€1.5 million) has been raised by around 1,900 contributors.
Supporting Local Initiatives
Coop Crowdfunding aims to bring together food producers that often lack funding to bring their ideas into fruition, and Coop Danmark's network of over 1.7 million members who increasingly want to get involved in ideas and local initiatives.
The crowdfunding projects allow members to get back more money than they invested, depending on each project’s risk assessment. However, participants risk losing their money completely or partially if the project is not successful.
Members of Coop Crowdfunding also receive a reward in exchange for their investment, which varies for each project.
After the first successful round of projects, Coop Danmark is planning to launch six new ones in the near future.
“We are very pleased with how well the Danes have received Coop Crowdfunding. We found a way to support food producers now and in future. We have a vision of creating a cooperative movement where we all pull together,” said project director Charlotte Skovgaard.
“We want to use the Coop Crowdfunding platform to create awareness of the food producers’ ideas and to get connected to customers. However, we noticed that we have to offer better rewards than there were in some of the first projects.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Larissa Zimmer. Click subscribe to sign up to ESM: The European Supermarket Magazine.