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At StartingFive Partners, its mission is embedded in its name.
Cofounded by Boston entrepreneurs Jeff Glassand Andy Miller with backing from General Catalyst Partners, the Harvard Square startup lab aims to create five tech companies in the next five years. And it recently announced its first: FundLatinos, a crowdfunding website targeting the Latino community.
Latinos are traditionally philanthropic, although their giving tends to be focused on family, friends, church, and neighborhood institutions. FundLatinos “brings that giving to an online platform to make it easier, and opens it up to people beyond your local community,” said the site’s general manager, Andrew Vassallo.
At least one Latino-focused crowdfunding site already exists — HIPGive, created by Hispanics in Philanthropy — but partners only with nonprofits. FundLatinos can be used to raise money for all types of causes, from weddings and quinceaneras (celebrations of a girl’s 15th birthday) to medical bills and education expenses to community-based initiatives.
Among the site’s clients are Colombian-born sisters Angelica and Diana Cardona Ramirez, who are trying to raise money to open Chocolaffee, a store in Revere selling Colombian food specialties.
Like many other crowdfunding sites, FundLatinos charges a 5% fee on every dollar raised (nonprofits are exempt from that charge), but (take note, bargain hunters) it’s waiving the fee during the month of November.
— SACHA PFEIFFER