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Vamos que Vamos, Uruguay’s first crowdfunding platform, was launched

The first crowdfunding platform was launched in Uruguay. Through Vamos que Vamos, anyone can support a project in two ways: donations (from $400) or “rewards” (the amount varies according to each initiative) and receive a product in return, which can range from products, merchandising, or personalized items.

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Vamos que Vamos is the name of the first Uruguayan crowdfunding platform that was launched this week and already presents its first four ventures to support.

The idea of the local crowdfunding project through the Internet emerged at the end of 2020 and germinated in full pandemic under the leadership of Fernando Uval, Leonardo Maiche, and Marcelo Fontanarossa. After several months, this week it saw the light with four initiatives that can be supported financially, both with donations and advance purchases.

“It was created to promote innovative projects with a social slant and bring them closer to the people so that together they can give light to the ideas,” explained Uval, co-founder of data.org.uy, an NGO that creates tools for collective, participatory and collaborative action with public data.

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People can support crowdfunding campaigns on Vamos que Vamos in two ways

Through Vamos que Vamos, anyone can support a project in two ways: donations (from $400) or “rewards” (the amount varies according to each initiative) and receive a product in return, which can range from products, merchandising, or personalized items.

“Everyone sets their goal, the amount and the deadline, which generally does not exceed three months,” he added.

However, the platform not only works as a “showcase” to present projects and raise funds but also provides advice and collaborates on how to present them so that they achieve their goals. For example, it uses its social networks for their dissemination, produces advertising and videos, and advises on how to present themselves to a potential investor. According to Uval, the platform also works as space where investors “can find attractive projects to invest their money in”.

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To be part of the platform Vamos que Vamos all you have to do is submit your idea in written or audiovisual form. Then, the founding team evaluates it according to its quality of “interesting, innovative and social development”. If accepted, the applicant fills out a form with information on how much time and money he/she is looking for and it is published.

As they arrive, the funds are deposited in an account of Vamos que Vamos and, once it is finished, if the minimum target collection is reached, the commission (8% of the total) is deducted and given to the entrepreneur. If the minimum is not reached, it is returned. The execution period, once the money is awarded, does not exceed six months, Uval explained.

As for projects, the platform accepts both ideas and advanced initiatives. “We wanted to create a local crowdfunding platform that works as a step before going to other global platforms such as Kickstarter, so that entrepreneurs can try out projects here and test their level of innovation,” he concluded.

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(Featured image by QuaintPlanet via Pixabay)

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First published in El Empresario, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.