Dubai-based venture fund Turn8 has announced that ZingoHub, the global crowdfunding marketplace, has been selected out of 800 startups to take part in its much-coveted Round 7 Accelerator Program.

Through this partnership, Turn8 will invest capital, develop talent and provide mentorship and business development support for ZingoHub. With these assets, the team is looking at innovative ways to add more features and improve their product offering.

Expressing delight at being a part of the venture, co-founder of ZingoHub Haider Aly Reza, said: "We look forward to using this program to help boost innovation in the Middle East through rewards-based crowdfunding."

The one-year-old startup is a first-of-its-kind crowdfunding marketplace that aims to foster a global innovation culture. With a success rate of 80 per cent, ZingoHub has helped over 100 creators and entrepreneurs bring their ideas to life, he stated.

The platform encourages game-changing ideas to raise funds for development and launch by offering immediate feedback through response rates, providing resources and advice on fundraising via Edge, their blog, and the ZingoHub Live feature for entrepreneurs to showcase their offering and raise funds in real time.

Previous success stories include Assaad Lakis of rock band Bull Funk Zoo who crowdfunded their most recent album and raised 104 per cent of their goals as well as artist Stephen Black who completed his fundraising for a conceptual art showcase in just 48 hours.

In order to make commerce more innovative, ZingoHub provides a platform beyond discounts and offers and instead highlights the creators, innovators and stories behind the company the focus point of the funding, said the company in its statement.

ZingoHub runs on an All or Nothing Model: if the campaign fails to raise funds, the money is refunded to its supporters. The minimal fee of 9 per cent for the varied features and functions also sets the company in the forefront, it added.-TradeArabia News Service