CrowdPal, the first online equity crowdfunding platform purpose-built to support Palestinian entrepreneurship has officially launched its website.
Over the years, due to political unrest and the resulting economic slump, venture capital has not been easy to find for Palestinian-based founders.
With an unemployment rate over 20% and low GDP per capita, securing funding to get startup businesses off the ground has been a constant uphill battle.
"Through investing in promising startups, we can drive economic and social development as a step forward to pave the way for peace," said CrowdPal Founder and CEO Anas Hamed.
The platform will also feature a job search and hiring function, which will allow companies funded through the site to hire from the talent pool in their particular region.
CrowdPal is already garnering early interest in the investment community and with industry influencers. Paul Niederer, a lead pioneer in equity crowdfunding, said, "Crowdfunding for a purpose is very rewarding for the entrepreneurs, supporters and society as a whole. CrowdPal are a passionate, highly qualified team that are serious about making a real difference for Palestinian entrepreneurs wherever they may be."
CrowdPal is launching with an initial concentration on the Chilean market, which has an influential Palestinian community of half a million. CrowdPal will then roll out in the Americas, followed by the Middle East, and then Europe.
Edited by: G. Davila