Aescuvest Leads Alliance of Crowdfunding Platforms in Fight Against COVID-19
On the initiative of Aescuvest, Germany’s crowdfunding platforms are forming an alliance to provide the best possible financing for start-ups in the fight against the coronavirus.
A neutralizing antibody therapy against coronaviruses, a novel antiviral agent with cellular targets, and a contactless laboratory test for COVID-19 are the first innovations that the #CrowdBeatsCorona platform alliance is releasing for financing.
“The coronavirus crisis shows us that health does not stop on national borders,” says Aescuvest founder and CEO Dr. Patrick Pfeffer, who initiated the merger of the platforms under the slogan #CrowdBeatsCorona.
As a platform specializing in the health and life sciences sector, Aescuvest enables start-ups that are seriously engaged in the research and/or development of products and solutions to combat the COVID-19 pandemic to launch short-term financing campaigns in order to accelerate their market entry. In the “Call for Innovations” event launched last March 2020, more than 30 companies from all over Europe applied for a campaign. Relevance and feasibility were assessed by Aescuvest’s Investment Committee, our independent panel of industry experts.
The currently existing alliance of German crowdfunding platforms aims to support start-ups even more effectively, for example in the development of tests, vaccines, and medicines. Under the consortium leadership of Aescuvest, platforms such as bettervest, Companisto, Fundernation, Moneywell, and LeihDeinerUmweltGeld have so far been supporting the common goal.
During the coronavirus crisis, politicians have repeatedly called for less dependence on individual companies and countries in the health sector. Most recently, Ursula von der Leyen, head of the EU Commission, stated that the Green Deal must be supplemented by a “white,” i.e., medical component. Crowdfunding enables the public at large to participate in making health a public good again, to make a contribution, and to take responsibility.
Two more companies are currently in an advanced stage of the assessment process. The first public funding campaign is expected to start in early June.
Dr. Pfeffer further adds, “Through our #CrowdBeatsCorona alliance, start-ups can access funding much faster than through normal channels. Moreover, through our connections in the European healthcare sector, we can help companies gain access to regional, national, and EU funding or subsidies as quickly as possible.”