The equity crowdfunding campaign aimed to save Blipfoto, a company that went into liquidation last year, by establishing a Community Interest Company that would buy the assets and keep the community alive.
The team behind Blipfuture – Annie Andrews, Graham Colling, Bob Hamilton and Ian Stevenson – said the takeover marked the culmination of almost five months’ “intensive work” and the social network is now owned by the people who use it each day.
Our Microsite technology enabled Blipfuture to quickly setup and launch an equity crowdfund.
The Blipfuture team said ShareIn allowed them to buy the site and “provide enough working capital to keep it running while they consult with users on future developments.”
Stevenson, one of Blipfuture’s directors, said: “When the owners contacted us back in October we knew immediately that we had to mount a bid.
“We‘ve been working feverishly for almost five months to make this happen. We are really excited now we have exchanged contracts and made this a reality. The site’s future running costs will be paid through subscription fees.”
Reaching out to a community of “Blippers” that stretch across all 7 continents in over 150 countries, Blipfuture successfully reached its initial target of £120,000 from over 1,500 Blippers who have invested to save Blipfoto’s future. This is the first time an online community buy-out has taken place – social media users working together to save their community from closure.
With Blipfoto, every day thousands of ordinary people upload a photographic glimpse into their lives. 5 million days of human life are saved from thousands of users across the world with people sharing real and personal stories, creating a collective human history. This puts a unique lens on the world and has built an extraordinary community, where strangers become friends.
Blipfuture said that the outlook for the social network’s archive of images and journals would have been “uncertain” if the crowdfunding initiative had not been successful.
Colling, the communications director for the buyout team, said: “We are extremely grateful to the owners for making the offer to the membership and for supporting the site’s operation during the crowdfunding.
“We now have the exciting prospect of working with the community to re-establish Blipfoto as the premier site to keep a daily photographic journal.”
The crowdfunding campaign is open until March 1st. Pledges can still be made here.
Read the full story via The Scotsman.