Umergence – connecting ideas, capital, and labor
Umergence is a unique platform that connects people with ideas to people with skills and capital.
Project details:
About the Client:
Umergence founders came to SumatoSoft with an idea of a crowdfunding platform that would allow multiple types of investments and donations for individual investors. The platform should have a key feature – to allow entrepreneurs to involve or hire other platform members to speed up the development of ideas or campaigns.
- Location – USA
- Industry – Crowdfunding, Finance
- Team size – 8 specialists (3 Backend Developers, 1 Frontend Developer, 1 Designer, 2 QA Engineers, 1 Project Manager/Business Analyst)
- Project duration – 1+ year, in progress
Business сhallenge
The platform should combine features of both crowdfunding, project management and hiring services.
Additional requirements:
- develop a web application which works with various investment flows;
- integration with Edgar and Fund America;
- create the design that allows users to easily understand and follow the flow from publishing an idea to fundraising and project management;
- implement escrow functionality for hiring module.
Our solution
SumatoSoft planned, designed, and developed a complex web-based application which includes big functional modules like Startup Ideas creation and development, Fundraising campaigns creation, verification, publishing and raising capital, Investment types management, Freelancer jobs posting/application, and Hiring and managing people for the project. The solution also incorporated distinctive features such as creating campaigns and collecting money in an escrow-like way, selling shares in an escrow-like way, filling in and building XML files for EDGAR forms, online chatting, a feed panel, publishing vacancies, a Kanban-like dashboard, Sprints functionality for hourly rate vacancies, and a payment process.
Fundraising and investment management
This part of the application handles various investment flows, integrates with platforms like Edgar and Fund America, and manages different types of investments and donations, making it a critical component of Umergence. The complexity arises from the need to comply with various financial regulations and to offer a user-friendly interface for both investors and fundraisers.
Additional features:
- escrow functionality for hiring;
- XML file generation for EDGAR;
- real-time online chatting;
- real-time feed panel;
- flexible job posting for freelancers;
- comprehensive dashboard for project management;
- sprints functionality for time-based projects;
- secure payment processing.
Business value
Before:
- Fragmented investment and fundraising process, with limited methods and no unified platform.
- Slow development of startup ideas due to the absence of an efficient system for talent and resource management.
- Challenging and disjointed approach to idea verification, fundraising, and project management.
- Difficulty in navigating and complying with the strict recommendations and regulations of US financial institutions.
After:
- Multi-functional platform enabling diverse investment and donation options, streamlining the process.
- Enhanced project development speed and efficiency, achieved by a unified platform that streamlines collaboration among investors, entrepreneurs, and talent.
- Streamlined and efficient workflow for idea verification, fundraising, and project management within a single platform.
- A convenient platform that guides and helps its users in terms of compliance with US financial regulations.
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