A prominent tuition project helped a user raise $25,000 for an out-of-state tuition to a PhD program. GoFundMe also has a special section dedicated solely to users who are trying to raise money to cover their tuition costs. Although it does allow projects that are meant to fund other projects for musicians, inventors, etc., the business model is set up to allow for donations to personal causes and life events such as medical bills. GoFundMe is unique to crowdfunding in that the company is not an incentive-based crowdfunding website. Payment processors collect 2.9% and $0.30 from each GoFundMe transaction. If the user receives no donations, then no charge is made. Those who donate can also leave comments on the website. People can then donate to a user's cause through the website using a debit card or credit card and track the funding. Once the website is created, GoFundMe allows users to share their project with people through integrated social network links (Facebook, Twitter, etc.) and email. During this process, members can describe their fundraising cause and the amount they hope to raise, and upload photos or video. GoFundMe allows users to create a website with which they raise money. Ballester remains on the board of directors and holds an undisclosed stake in the company. In January 2017, GoFundMe acquired CrowdRise. The deal valued GoFundMe at around $600 million. Damphousse and Ballester stepped down from the day-to-day oversight of the company. In June 2015, it was announced that Damphousse and Ballester had agreed to sell a majority stake in GoFundMe to Accel Partners and Technology Crossover Ventures. The company receives over $140 million in donations per month and made 2016 $100 million in revenue. In March 2017 GoFundMe became the biggest crowdfunding platform, responsible for raising over $3 billion since its debut in 2010. GoFundMe was founded in San Diego, California. Damphousse and Ballester originally created the website under the name "CreateAFund" in 2008 but later changed the name to GoFundMe after making numerous upgrades to the features of the website.
Both had previously founded Paygr, which is a website dedicated to allowing members to sell their services to the public.
The company was founded in May 2010 by Brad Damphousse and Andrew Ballester. 5.3 Help Chelsea Manning Pay Her Court Fines.5.1 Official George Floyd Memorial Fund.
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