Posted 06/17/2015 at 10:10 AM
Posted 2 years ago
Etsy, the online e-commerce giant dedicated to artisans, is getting into the crowdfunding business.
After taking the company public this past April, Etsy has begun to offer financial tools to aid artisans in their camp.
To that end, they’ve launched an initiative called “Fund On Etsy”.
The program helps sellers to raise money via Etsy’s website to obtain funding for making new products.
Etsy would collect an extra 20 cents for each posting in the program to go with their usual fee of 3.5 percent on every transaction.
A spokesperson for the Brooklyn, New York-based company said of the program: “Fund on Etsy fits in seamlessly with sellers’ business lifecycles, from ideation to product creation to financing to retail and even to wholesale.”
The company is honing in on a growing industry with the program, and has a large base of 20 million current buyers to work with.
Etsy also stands to gain from this program in the wake of revelations that a particular artisan who was making a six-figure income through the website was found to have outside help in manufacturing her goods.