Crowdfunding began as a simple way for entrepreneurs to raise money for projects, but it has since diversified into more niche areas. Unbound is a crowdfunding site for authors, Junction is a site specifically for film finance – so perhaps it should come as no surprise that there is now a crowdfunding platform for horseracing.
Crowdracing is the first crowdfunding site designed to allow the public to fund a racehorse, and become a part owner in the process. Launched in November 2013, it is a unique idea and has the right tools to succeed; its technology partner is Crowdcube, one of the most successful crowdfunding platforms on the market, who have raised over £16 million since their launch.
Founder of the site, Craig McKenna says, “Crowdfunding is growing in popularity as a way for young businesses to raise finance from ‘the crowd’. Now Crowd Racing is taking this model into the wonderful world of horse racing. Owning racehorses will no longer be reserved for the rich and famous; now anyone can genuinely own a share of a Thoroughbred.”
One off costs begin at £90, and owner benefits always include a share of the prize money and share of the proceeds from the sale of your horse. Exit strategy is set out clearly from the beginning, meaning you know exactly when the horse will be sold and your money will be – touch wood – returned to you.
The site offers investors the chance to work with some of the best trainers in the UK, including Nigel Twiston-Davies, Jeremy Gask, Fergal O’Brien, Dan Kubler, Nick Alexander and Keith Dalgleish.
For trainers and syndicate managers, it is a new way to fund the purchase of racehorses and stables expansion by crowdfunding for equity, and having a platform to connect with ordinary people interested in racing.
The site is currently offering the opportunity to invest eith ex-footballer Ian Wright. The trainer is Jeremy Gask, one of an elite group to have trained winners in the UK, Australia and Dubai and best known in the UK for his top sprinter Medicean Man. The pair are looking for co-owners and an investment of £80,000, £26,000 of which has already been raised. The colt is by Dark Angel and the first foal from the winning mare Music Pearl. The opportunity is on offer for another 19 days – for more information, visit CrowdRacing.
Miranda Wadham on 12/08/2015 - @mlwadham
