Fundable

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Fundable is a peer-to-peer service that lets groups of people pool money in ‘group actions’, for whatever goal or purpose they like. Similar to an online auction, a group action has its own page, describing how much money will be collected and what the money will do. It has only been in business since last month, but so far, Fundable seems to attract a mix of fundraisers and tech savvy group buyers (for example, 10 people just completed a group buy for a USD 1,100 HP server; each person ponied up USD 110, for which they will receive 10GB of server space, 1GB bandwidth per month, and at least 1 year of hosting. The deal was initiated by ‘Louie’). None of the participants takes a risk: if the collection for a group action falls short of its target or deadline, all collected money is refunded. Unlike an online auction, however, Fundable acts as a sort of escrow service between groups of people and the person who collects their money.

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