Crowdfunding site Hubbub raises $650k… by crowdfunding

University crowdfunding site Hubbub has raised $650k (£400k) through a crowdfunding campaign on Crowdcube.

The platform – not to be confused with the local food delivery service of the same name – hosts crowdfunding for universities to fundraise their own projects.

The Crowdcube campaign far exceeded its original target of $400k (£250k) with 178 people eventually investing.

Giving something back

Hubbub provides universities with branded crowdfunding platforms so they can fundraise for projects by their own students, staff, faculties and societies.

The idea is to help universities showcase its student creativity alongside its more ground-breaking research.

It also means alumni can more easily donate to specific projects that mean something to them, as opposed to giving general donations.

Currently UK universities raise £750m a year from alumni, but Hubbub says this a tiny percentage (1-2%) of the addressable alumni market.

Crowd control

The campaign comes after Crowdcube itself raised $1.9m (£1.2m) of an $8m round on its own platform in July.

As well as growing the team and the UK service, the money raised will also go towards exploring opportunities abroad, particularly the US, and in new market segments such as charities.