Malta's crowdfunding platform to compete for EU prize

Malta's first very own crowdfunding platform ZAAR will be representing Malta at a European competition for entrepreneurs after it was awarded first prize in its category at the National Enterprise Support Awards. ZAAR forms part of the European Crowdfunding Network and is a joint venture between the Malta Business Bureau and University of Malta, run by PEI Ltd.

The National Enterprise Support Awards prize means ZAAR will now be one of two Maltese entries at the European Enterprise Promotion Awards, to be held in Slovakia later on in November.

“This award gives ZAAR additional exposure and acknowledgement, as well as further credibility. As a result of this exposure, we will be able to make people more aware of the service we offer with regard to alternative finance," said PEI Ltd chairman George Vella.

ZAAR manager Matthew Caruana said that the platform's growth had 'opened the doors for public-private initiatives' in Malta.

The National Enterprise Support Awards are organised by the commerce department together with the enterprise policy and schemes directorate within the Economy Ministry. Their aim is to reward entities that support entrepreneurship and the promotion of enterprise growth. The competition puts a spotlight on the role of the public sector at a local and national level, by creating the right environment for business and boosting their development with specially conceived projects.

Crowdfunding had become highly popular abroad thanks to sites like Kickstarter, Indiegogo and GoFundMe. However, it was only late in December 2015 through ZAAR that Malta's business owners were introduced to the opportunity to tap into the local crowdfunding market. 'ZAAR, Malta's very first crowdfunding platform. is designed to address a particular niche for causes that strike a chord within our local community and which perhaps would not necessarily pitch well internationally,' said George Vella.

Crowdfunding allows ideas to take flight by raising small contributions from a large group of people. Budding business owners also get to retain 100% of their equity instead of selling off parts of their enterprise to larger investors. This is because people who contribute to a crowdfunding campaign receive rewards rather than shares.

Contact Grant Thornton today for more information on ZAAR and how local individuals or SMEs can benefit from its financing potential. Call on 21 320134 or send us an email.