MICROCAPITAL BRIEF: Gate Global Impact, RocketHub, United Nations, US State Department to Launch Crowdfunding Projects in Effort to Improve Access to Finance in Developing Countries

Gate Global Impact and RocketHub, US-based organizations that “crowdfund” small amounts of money online from large numbers of people, have developed partnerships with the United Nations Global Compact, a policy initiative aligning businesses committed to operating in accordance with UN human rights standards, and the US State Department, which manages the United States’ international relations and policy. Gate Global Impact and the UN Global Compact will launch Gateway 2.0, a crowdfunding site that will permit members of the UN Social Enterprise Hub to receive funds totaling from USD 500,000 to USD 10 million from a pool of investors for endeavors deemed “socially responsible,” such as funding the development of an environmentally conscious business model. According to a statement attributed to Rosedel Davies-Adewebi, the Social Enterprise and Impact Investing Project Consultant for the UN Global Compact, her organization intends the partnership to advance crowdfunding as a new approach to impact investing that will address the UN-Post 2015 agenda, which includes goals relating to ending extreme poverty.

Similarly, RocketHub reportedly is working with the US State Department to utilize crowdfunding to fuel social impact projects in 60 countries globally. Financial information for neither Rockethub nor Gate Global Impact is publicly available.

About Gate Global Impact Limited

Gate Global Impact Limited (GGI), which was founded in 2010 by Vince Molinari in the US hamlet of Cold Spring Harbor, New York, is a marketplace whose mission is “to fulfill the increasing worldwide demand for Impact Investing” projects, which are defined as those that have an environmental or “sustainable” feature as well as offering a financial return for investors. The partners of GGI include the United Nations, the Overseas Private Investment Corporation, Microsoft, Yunus Social Business Global Initiatives, Prudential Financial, Inc. and other financial and technology organizations.

By Sarah Luo, Research Associate

Source and Additional Resources

Forbes: Crowdfunding Leaps Beyond Hype to Solve Big World Problems

MicroCapital, July 18, 2014: Crowdfunders Zafèn, Kiva Announce Partnership to Support Small Growing Businesses (SGBs) in Haiti

MicroCapital, March 3, 2014: Crowdfunders Kiva, Vittana Partner to Extend Student Loans for Higher Education in Developing World

MicroCapital, March 22, 2013:  Crowdfunding Platform Pi Slice Launches in Dubai to Support Microentrepreneurs in the Middle East

MicroCapital, January 22, 2012: Crowdfunding May Be Next Frontier for Microenterprise Funding

MicroCapital Universe Profile: Gate Global Impact LLC

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