FREQUENTLY ASKED QUESTIONS
PROJECT OWNERS
How long will the application process take?
Expect a wait of approximately 3 days from the time of your submittal of an application, to being finally approved. Once approved, the Pitch should will be listed on the platform within 3 days.
What information do I require to make by project pitch attractive to backers?
Sportyfunder.com does not prescribe any form or format but a video clip of your project and some information about it should be sufficient.
At What stage does the money from Backers get to my project?
Funds are transferred within 14 days of completion - after all pledges are collected from project backers.
Can I ask for some of the funds prior to reaching my funding target?
No. Sportyfunder.com does not allow any pledges to be collected until the funding target is reached within the time limit set. If the funding target is not reached within the timeframe set out, the pledges will be cancelled.
Do I need to report about progress of the project to Sporty Funder periodically?
No. Sportyfunder.com does not get involved with the project after the funding target is reached. However, backers may require to see the progress made on the project.
How long can my Pitch become listed on the platform?
Generally about 180 days from the date it is listed on the platform.
What fees does Sporty Funder charge?
A fee of 5% is charged when 100% of the funding goal is reached. However, a fee of 9% is charged where the funding goal reaches a minimum of 75%, but not the full 100% of the funding goal.
Can one increase or decrease the target amount I seek, after listing?
No. Once you are listed, you cannot change the target amount. It is important to go through your project proposition very well prior to applying to be listed.
Can one withdraw a pitch after listing?
Generally, no. However, in consultation with the Review Team at Sportyfunder.com, they may be allowed to do so, depending on the special circumstances around the project owners' decision to withdraw.
Can one seek funding from any project backer in the world?
Yes. That is the uniqueness of Sportyfunder.com. We are opening sports funding to the world.
What happens when my funding round is over?
Once your funding round is over, your Project Pitch will be taken off the platform. You can come back for more funding if your project requires it at a future date.
PROJECT BACKERS
How can I back a project?
Firstly, a project backer must register their details on line and become a member. They then need to open an account and make a pledge.
Are there any particular projects Sporty Funder recommends for backers?
No. Sportyfunder.com is only a platform to put Project Owners and Backers together. We do not offer advice or recommend projects. The decision to back a project pitch is solely that of the project backer.
Can project backers invest in projects from any county?
Yes. The uniqueness of Sportyfunder.com is the ability for Project Backers to contribute to any project they are interested in, irrespective of the country. At Sportyfunder.com, sports is open for all.
Will my personal profile and contributions I make be made public?
Confidentiality and security of information is taken seriously at Sportyfunder.com. For this reason, we only disclose on the Backer's profile, only the portfolio of projects they back. We do not disclose the amount made in any project.
Is there a limit for any Backer to contribute to any one project?
Yes. There is a limit of £10,000 per backer on any particular project.
How does a project backer know that a Pitch has reached its target?
All project backers will be sent an email about a Pitch that has reached its target.
What happens if a Backer wishes to withdraw their pledge in a particular Pitch?
Pledges are not redeemed until the Pitch has reached its funding target. However, once the pledge is redeemed after the Pitch's target funding is reached, the Backer will need to refer to the particular project owners for the refund. Prior to completion however, the Backer can withdraw their pledge.
Can a Backer increase or decrease their investment in a Pitch?
Yes. Backers are allowed to increase their pledge/contribution up to a maximum of £10,000.
Do Backers pay fees and charges?
No. However, all project backers using Credit Cards may attract "transaction fees" of 3% - 5%, depending on the type of card.
