What is "peerbackers"

Peerbackers is a crowdfunding web site where entrepreneurs can post projects and raise money to fund those projects. It was founded in 2011 by Andrew Rachmell and Sally Outlaw. Entrepreneurs will submit proposals which will be reviewed by Peerbackers staff, after which they are posted and members of the public can make individual investments. Peerbackers takes 5% of the money raised.