iFundWomen Review 2021: Resource-Rich Crowdfunding for Women

iFundWomen focuses on women-owned startups―and on providing plenty of fundraising support.
iFundWomen
iFundWomen
  • Check
    Keep-what-you-raise funding model
  • Check
    Extensive crowdfunding guidance
  • X
    No stats on success rates
  • X
    Few user reviews

If you’re a female entrepreneur, iFundWomen’s crowdfunding platform probably sounds like a great idea for your startup. After all, it offers a way for women-owned businesses to raise money that doesn’t have to be repaid like a business loan would. But can iFundWomen actually help your women-led startup launch a successful crowdfunding campaign?

In this review, we’ll help you figure that out. We’ll tell you all about iFundWomen crowdfunding, including how its campaigns work and what kinds of resources it has to offer female founders (like expert business coaching).

By the end, you should know if iFundWomen offers the platform and mentorship you need―or if your startup should look at other funding options.

iFundWomen is best for women-led startups that want fundraising guidance

First things first, iFundWomen focuses on women-owned and led businesses, but anyone can use its rewards crowdfunding platform.

Of course, backers on the site are probably looking to fund specifically women business owners, so you might want to factor that in as you decide whether or not to use iFundWomen. For women, that might mean you get access to backers looking for fundraisers like yours. But for others, that might mean you get passed over because backers want to focus on supporting women-owned businesses.

Either way, all types of businesses can succeed on iFundWomen. While iFundWomen offers only rewards campaigns (which usually work better for product-based businesses), we’ve seen successful campaigns for both product-based businesses (like fashion and jewelry) and service-based businesses (like life coaching and accountants).

Even nonprofits often have successful fundraisers on iFundWomen, with backers choosing its “Just Because I Care” donation option instead of a reward (making iFundWomen a good GoFundMe alternative).

Pros
Pro Bullet Keep-what-you-raise funding model
Pro Bullet Extensive crowdfunding guidance
Pro Bullet Extra services, like private coaching and pro video
Cons
Con Bullet No stats on success rates
Con Bullet Lack of user reviews

No matter what type of small business you have, iFundWomen can offer you plenty of support with your fundraising. All users get access to a course on the iFundWomen Method, which the site claims will boost your crowdfunding success by a lot. How much, exactly? iFundWomen claims the method helps users raise 27 times more than average crowdfunding. (More on this later.)

You can also pay for additional support, including private coaching and professional video services.

Plus, you might benefit from iFundWomen’s Pay It Forward Grant. iFundWomen uses its platform fees to help fund some of the campaigns on its site. Like other small business grants, iFundWomen's grant program offers free money to recipients―between $2,500 and $100,000, in this case. (You do have to submit an application.)

Put simply, iFundWomen offers way more guidance and support for your crowdfunding efforts than the average fundraising platform. So while it doesn’t have the name brand recognition of some other crowdfunding sites, iFundWomen could be a great fit for your business’s capital needs.

To make sure, let’s talk more about how iFundWomen crowdfunding actually works.

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iFundWomen alternatives

Don’t think iFundWomen is the crowdfunding platform for your business? Find the right one on our list of the best crowdfunding sites for startups.

iFundWomen crowdfunding options

While some crowdfunding platforms offer various types of campaigns and funding models, iFundWomen keeps things simple.

As we said earlier, iFundWomen focuses exclusively on rewards crowdfunding. That means that your campaign will offer backers rewards (like swag, social media acknowledgement, or some of your product).

But again, a surprising number of people on iFundWomen do donate at the “Because I Care” level (a donation tier that offers no rewards), so you don’t always have to offer tangible rewards. (You’ll probably find more success if you do, though.)

iFundWomen crowdfunding

Campaign type
Funding model
iFundWomen fee
Payment processing fees
Get started
RewardsKeep what you raise5%2.9% + $0.30

Data effective 7/7/21. At publishing time, pricing is current but subject to change. Offers may not be available in all areas.

iFundWomen uses a keep-what-you-raise model on all campaigns (just like GoFundMe), which lets you keep any money your campaign earns―even if you don’t meet your fundraising goal. (In contrast, all-or-nothing crowdfunding sites make you reach your goal before you get to keep any money.)

On the one hand, that means you don’t have to stress about missing your fundraising goal by a few dollars (or thousands of dollars).

Keep in mind, though, you’ll still have to deliver rewards to your backers even if you don’t meet your goal. If that could cause financial problems for your business, you’re better off with an all-or-nothing platform like Kickstarter.

iFundWomen fees

Like most crowdfunding platforms, iFundWomen doesn’t charge any fees until you start earning money. You can create and start your fundraising campaign for free―and then iFundWomen will take a 5% platform fee from any funds you raise.

Your funds will also be subject to payment processing fees. iFundWomen payments go through either Stripe or Paypal―whichever you prefer―both of which charge pretty standard processing fees. 

iFundWomen crowdfunding process

So how do you actually create and run an iFundWomen campaign?

Setup

First you’ll need to create an account. Once that’s squared away, you can begin crafting your campaign page. This is the page that you’ll use to sell your idea to backers, so it needs to be informative and convincing. While you can include and link to a variety of assets, iFundWomen does require the following at minimum:

  • Featured image
  • Campaign title
  • Campaign tagline
  • Pitch (that can include text and images)
  • Rewards

You’ll also need to set a timeline for your campaign. iFundWomen suggests running your campaign for 30 to 45 days. No matter what you choose, you’ll have the option to extend your campaign when it’s running.

At some point when setting up your campaign, you’ll also need to decide if you want to accept payments through Stripe or PayPal. They have similar payment processing fees, so it’s just a matter of which one you prefer. Either way, you’ll need to connect your payment processing account to your campaign.

Approval

When you’ve got your campaign ready to go, you’ll submit it for approval. This takes 24 hours or so (though iFundWomen invites you to send an email if you need a faster turnaround).

iFundWomen approval mostly verifies whether or not your business is legit. Someone will, for example, make sure that you have a web presence elsewhere (like your own website or profiles on Twitter, Facebook, and other social media). 

Once approved, your campaign will go live, and you can start sending traffic to your iFundWomen page.

Payment

Remember, iFundWomen lets you keep whatever you raise. So you don’t have to wait for your campaign end date to get paid.

Your iFundWomen funds will start rolling in 5 to 10 days after the first pledge to your campaign. Your money will appear in your bank account via either Stripe or Paypal―whichever you chose while setting up your campaign.

With any luck, you’ll end up meeting your fundraising goal. But even if you don’t get fully funded, you’ll still get the money you raised.

iFundWomen Method and coaching

While iFundWomen lets you keep any cash you raise, it wants to help you successfully meet your fundraising goal. To help with that, iFundWomen offers training on the iFundWomen Method.

Like we mentioned earlier, iFundWomen claims its crowdfunding method can make you much more successful at fundraising. In fact, iFundWomen says that people who use the iFundWomen Method raise a whopping 27 times more money than the industry average for crowdfunding.1 That’s pretty significant.

So what exactly is this method? Basically, it’s about improving your pitching, networking, and marketing skills―all tailored to your crowdfunding campaign.

You can learn all about the iFundWomen Method with its eight-lesson course. The course includes videos (more than two hours’ worth), PDF handouts, and other media. Plus, you get quizzes to help you test and retain your newfound knowledge. That’s way more than other crowdfunding platforms offer. (Most sites have just a handbook and some FAQs.)

Eight lessons in exchange for a much bigger fundraise seems like a good deal to us. And if you find the course helpful, remember you can always pay for additional iFundWomen expert startup coaching. Plans range from $9 to $199 per month.

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iFundWomen customer reviews

At this point in a review, we normally like to tell you what crowdfunding site users have to say about the platform we’re reviewing―but we haven’t been able to find much in the way of iFundWomen customer reviews.

That’s a bummer, of course, but it’s not necessarily a terrible sign. Truly bad platforms usually get at least a few negative reviews. So at the least, iFundWomen isn’t inspiring people to write those.

Still, the lack of iFundWomen reviews does point to its smaller size overall. iFundWomen doesn’t have the traffic and user base (and therefore the reviews) of a better-known site like Kickstarter. That could mean fewer eyes on your campaign―and fewer backers. 

At any rate, we’ll keep our eyes peeled for iFundWomen reviews and update this review as we can. (And of course, we’d love to hear about your experience if you end up using iFundWomen.)

The takeaway

iFundWomen has plenty to offer women entrepreneurs (and other entrepreneurs too). With excellent resources for crowdfunding, plus additional coaching and mentorship opportunities, iFundWomen can help your women-led business run a more successful crowdfunding campaign.

That said, iFundWomen doesn’t have quite the popularity of other sites, so it has few reviews and fewer potential backers. So some businesses may prefer to stick to better-known crowdfunding platforms.

Either way, we hope you raise the money you need.

Not sure crowdfunding is the right funding option for your business? Peer-to-peer business loans are a solid alternative. Learn more about crowdfunding vs. peer-to-peer lending.

Related content

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Source

  1. iFundWomen, “What Is Crowdfunding Coaching and Why Is It Important?” Accessed July 12, 2021.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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