Photo credit; David Pacey on Flickr

Australia now has its own crowdfunding platform.

OzCrowd launched recently, starting its first campaign at the beginning of July.

“As well as providing the opportunity for individuals to contribute to fellow Aussies’ causes, OzCrowd will be providing a new way for corporate sponsorship, directly to particular causes as opposed to organisations,” marketing director Marika Karolidis said in a news release.

Founder Nick Karolidis, a lawyer and entrepreneur, states that this “direct funding model should allow for a much more efficient way for funds to flow between big business and individual causes”.

Australians are often hesitant to make donations because many organisations take up to 40% of donations as administration fees, meaning only a fraction of funds donated actually reach the target individual.

But with the low cost of an online platform, Nick Karolidis expects upwards of 90% of funds to be received by individuals.

Individuals with fundraising ideas can sign up at OzCrowd.com, authenticate their identify through Facebook and post their fundraising campaign within minutes. Organisations seeking to get involved should contact partners@ozcrowd.com