Sports

F1 team raises over S$2 million through crowdfunding to get to Abu Dhabi Grand Prix

Currently faced with major financial difficulties, Caterham F1 Team has resorted to crowdfunding to ease their financial predicament. 

Caterham hopes that the crowdfunding campaign, launched on Crowdcube.com, would allow the team to earn its place at the Abu Dhabi Grand Prix, which will take place from Nov 21 to 23. 

The site allows individuals and corporations to contribute as little as £5 (S$10).

In return, contributors are also rewarded with F1 related items. 

The campaign, launched just last Friday (Nov 7), has been a success, raising over a million pounds.

Caterham hopes to meet its target of raising £2,350,000.

"This team deserves a future and I’m sure that there are plenty of fans and companies out there that agree with us, so I can’t think of a better way to get us all together and show our support to the team than this one, the Caterham F1 Team #RefuelCaterhamF1 project," said administrator and interim Team Principal Finbarr O'Connell.

Past successful crowdfunding campaigns

1. Coolest Cooler

Platform: Kickstarter

Target: US$50,000

Amount raised:  US$13,285,226


2. The Veronica Mars Movie Project

Platform: Kickstarter

Target: US$2,000,000

Amount raised: US$5,702,153


3. Pebble: E-Paper Watch for iPhone and Android

Platform: Kickstarter

Target: US$100,000

Amount raised: US$$10,266,845


4. OUYA: A New Kind of Video Game Console

Platform: Kickstarter

Target: US$950,000

Amount raised: US$8,596,474


5. 3Doodler: The World's First 3D Printing Pen

Platform: Kickstarter

Target: US$30,000

Amount raised: US$2,344,134

Source: Autoblog, Sky Sports, CrowdfundingBlog.com

Formula 1crowdfundingcrowdcubeKickstarter