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Fundable. A kind of group hug escrow scheme. Very cool idea. The super interesting thing is that a) you can link in your eBay feedback status to give you an instant sort of reference, and b) after the beta is over they’re releasing the software for free download under Open Source. Which means that anyone will be able to set up collaborative funding schemes at will. Tres neat. [via metafilter]

 Fundable is a new service that lets groups of people pool money for various purposes in what are called “group actions.” Similar to an online auction, a group action has its own page, describing how much money will be collected and what the money will do. No participant takes a risk: if the collection for a group action falls short of its target on deadline, all money is refunded.

Red – who has written posts on The Red Ferret Journal.

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