5ichuang is a Kickstarter-like crowdfunding service, which aims to establish a communication platform for entrepreneurs and investors. The site was launched in this December under the support of startup service agency Feimalv, which has helped tens of startups to raise over 300 million yuan ($49.01 million) of funds in the past two years.
Like Kickstarter, 5ichuang claims no ownership over the projects and the work they produce. Project creators can choose a funding goal and demo their ideas on the platform to attract attentions of both institutional and individual investors, which the company introduced as a B2B2C model.
Individual investors, who only can invest in projects that are approved by institutional investors, will enjoy the same investment provisions as institutional investors and the minimum investment amount is 30,000 yuan.
The ideal model for the service is that individual investors can nominate and vote for the projects they are interested in on 5ichuang beforehand. When these projects actually receive financing from institutional investors, individuals who have voted for the projects can follow the investment and enjoy the same credits as institutional investors.
The ideal individual investors are also the potential users of these startups, like a mobile gamer for mobile game companies.
5ichuang recently launched an online registration platform for SETV’s popular entrepreneurial reality show Aipincaihuiying (No Pain No Gain), enabling the audience to vote and invest in projects pitched in the show.
AngelCrunch, a similar AngelList-clone, attracted thousands of projects and around 700 individual investors, raising over 200 million funds (source in Chinese). Hit apps like DidiDache, Dayima and Xiachufang all closed their first round of investment on the platform. DemoHour recorded less than 100 projects as of January 2012, according to earlier media reports.