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
Amount raised: US$13,285,226
Amount raised: US$5,702,153
Amount raised: US$$10,266,845
Amount raised: US$8,596,474
Amount raised: US$2,344,134
Source: Autoblog, Sky Sports, CrowdfundingBlog.com