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Saturday, July 2, 2022

Ambitious Project Or A Scam: When Crowdfunding Project Doesn't Find A Host

Dinosaur park with a tropical atmosphere – That’s what Jurase Park wants to build in the suburbs of Vantaa, Finnish town near Helsinki. But why doesn’t any crowdfunding platform seem to want to host them?

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One of this year’s most noted crowdfunding campaign in Finland has been so far Jurase Park – a dinosaur theme park planned to be built in Vantaa, Greater Helsinki metropolitan area, during this year.

According to Jurase Park website, the company is looking for €1.45 million funding by the end of February – but the project will be funded with the minimum of €450,000. The budget for the project is over €13 million euros of which 10 million will be a subordinated loan from China, tells the company on their promotional video.

But a dinosaur theme park called Jurase Park – does the name sound somehow familiar? FundedByMe crowdfunding platform actually declined to support the project according to local newspaper Helsingin Sanomat due to possible copyright problems as well as limited financial information provided by the company.

But FundedByMe isn’t the only Nordic crowdfunding platform that has refused to host this unique project. Jurase Park had announced for their partner, City of Vantaa, that Finnish crowdfunding platform Invesdor will host their campaign – but Invesdor CEO Lasse Mäkelä responded in a blog post that the project didn’t reach their due diligence criteria. Mäkelä emphasizes that it is the responsibility of the crowdfunding platforms to dig deep into the facts, figures and estimates of the projects and check also the backgrounds of the founders. While the investors make their own decisions, the crowdfunding services have be strict as being gatekeepers, says Mäkelä.

Since finding a host became quite of a challenge for Jurase Park – now the company is running the campaign through their own site. Unfortunately we can’t see live – like on crowdfunding platforms – what’s the up-to-date situation with the funding at the moment.

Would you invest in a project that doesn’t reach the criteria of crowdfunding platforms?

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