CrowdIt launches with bevy of projects

Less than a week into its live launch, Springfield-based crowdfunding venture CrowdIt has a bevy of projects off the ground.

CrowdIt.com launched its fundraising platform June 4 and currently has 16 projects with some level of funding. CrowdIt - which was created with backing by Baron Venture Capital LLC and operates out of Missouri State University's downtown business incubator, The eFactory - utilizes the collective social fundraising technique and aims to provide professional advice, peer view, collaboration and networking for project starters.

As of this morning, the highest-grossing project would fund a CrossFit gym in Cave Creek, Ariz. The project has five backers, or "believers," through the site, and has earned $3,475 of its $15,000 goal with 68 days to go, according to the project page on CrowdIt.com.

The current highest-grossing local project, which is also the second-highest grossing initiative on the website, would help Axumite Trading Co. distribute Ethiopian coffee in the U.S. The Springfield-based company, which has an agreement in place for exclusive distribution rights to To.Mo.Ca. coffee of Addis Ababa, Ethiopia, is seeking to raise $10,000. So far, it has raised $1,181 via 26 contributors.

CrowdIt began accepting project proposals in March. At the end of a 75-day period beginning June 4, CrowdIt will donate $10,000 to the highest-grossing project.

CrowdIt Chief Financial Officer Paul Freeman said the the website currently has 176 approved projects, with some 300 others in some stage of the process not yet ready to be placed online.

"Our goal was to start with about $3.2 million in funding requests. We started with $7.2 million," he said.