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UniCredit Bank Austria provides €100,000 for culture crowdfunding

UniCredit Bank Austria provides a total of $122,000 (€100,000) as part of the “Reward-Based” crowdfunding initiative. The financing of the projects is staggered: One-third of the financing amount – up to a maximum of $6,000 (€5,000) per project – will be paid in by UniCredit Bank Austria as soon as the financing of the first third has been secured by at least 20 supporters.

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Just in time for the upcoming comeback of art and culture, UniCredit Bank Austria is entering the seventh round of its “Reward-Based” crowdfunding initiative for the domestic cultural scene starting on Tuesday, May 18th, 2021. Since 2015, UniCredit Bank Austria has supported cultural projects with social relevance with a total of $122,000 (€100,000) annually. In cooperation with the cultural crowdfunding specialist “wemakeit,” a total of more than two million euros have been raised in recent years.

If you want to read more about the “Reward-Based” crowdfunding initiative and how is UniCredit Bank Austria involved, download for free the Born2Invest mobile app. Our companion app keeps its readers up to date with the latest business news in the world.

Time to look ahead

“After more than a year of the most difficult conditions for cultural activities, it is now time to look forward again. Art and culture are part of Austria’s identity. They broaden horizons and create perspectives. That’s why we’re looking forward to supporting as many projects as possible this year as part of our crowdfunding campaign. The launch of the initiative hopefully marks the beginning of a sustainable return of cultural life in Austria and also internationally,” said UniCredit Bank Austria CEO Robert Zadrazil.

Last year, despite the pandemic, a total of 35 projects were realized with the help of 2,500 supporters. The average amount of support rose noticeably from $139 to $166 (€114 to €136). The average funding target of $11,970 (€9,800) was also exceeded by a full $732 (€600) per project. With 264 supporters and $24,400 (€20,000), “Die Sendung mit der Mai x3” was the most successful last year.

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Staggered funding

UniCredit Bank Austria provides a total of $122,000 (€100,000) as part of the “Reward-Based” crowdfunding initiative. The financing of the projects is staggered: One-third of the financing amount – up to a maximum of $6,000 (€5,000) per project – will be paid in by UniCredit Bank Austria as soon as the financing of the first third has been secured by at least 20 supporters. The financing of the remaining third must then again be provided by the company’s own network – the crowd. The total amount will be paid out once the campaign has been successfully completed.

From May 18th, 2021, projects can be registered on wemakeit.com for the UniCredit Bank Austria crowdfunding campaign. Once the project page has been set up, the projects receive feedback from the “wemakeit” project coaches and notification as to whether the campaign meets the requirements for support from UniCredit Bank Austria. After approval, there is nothing standing in the way of launching one’s own campaign at a time of one’s choosing. Participating projects also have the opportunity to take part in webinars and online tutorials on the topic of crowdfunding campaigns on the “wemakeit” website.

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(Featured image by Attac Austria CC BY-SA 2.0 via Flickr)

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.