Localfunded is a new crowdfunding platform with a particular focus on projects that will directly benefit the local community. The site also offers deals and rewards on local services and goods.

This new crowdfunding site is innovative in its use of the internet as a local tool. In a recent study; Campaign to Protect Royal England, statistics showed that every £10 spent in a local shop is worth £25 to the local community, and small independent shops hire three times as many staff than large supermarkets for the same amount of turnover. This study highlights the importance of investing in local businesses.

The Localfunded site; Localfunded.co.uk, enables local projects and events to raise funding, and rewards the backers of those projects with incentive rewards and perks. Participators also get to see the money they spend directly benefitting their local economy.

The project will be launched in late March and was founded by ex-investment banking and private equity professional Sweta Chattopadhyay. Speaking about the project, Sweta says, "Localfunded offers you the opportunity to directly engage with and take ownership of what goes on in your community. Given the localised nature of the projects, it also allows potential backers to ask questions of the people behind the projects, to build a level of trust, accountability and credibility that crowdfunding sometimes lacks.”

The project aims to combine community-based real life experience with the proven success of crowdfunding online to achieve the highest possible level of success. Localfunded also operates as an online shop whilst providing advertising opportunities for local businesses.