MORE than £1700 per hour is being raised through crowdfunding in the UK, a new report has found.

Data compiled by The Crowdfunding Centre suggests more than £5.7 million has been pledged to 2600-plus equity and rewards projects which have been launched this year.

Projects deemed to have been successful raised an average of about £9500 each, generating a combined total of £2.4m.

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Barry James, founder of The Crowdfunding Centre, said: "Now we have the data we know that crowdfunding is a vital force capable of creating significant numbers of new livelihoods and new jobs while helping regenerate the UK economy.

"The CBI (The Confederation of British Industry) is right to say that more can be done to help startups and SMEs (small and medium-sized enterprises) access new forms of finance and we too call on the government to work with us to nurture and expand the UK's vibrant alternative finance market."

The Crowdfunding Centre said it is now working with researchers around the world to analyse the data.

Mr James added: "What is clear is that this will give us many new and valuable insights into what this exciting, dynamic market can deliver.

"But it's absolutely crucial that the government recognises the value of the alternative finance market and does all it can to support it."