Spacehive has two fundraising models that you can select at the start of your campaign:
‘Keep What You Raise’: You receive any money raised by the closing date of your campaign even if you do not hit your target. This is suitable for projects that can deliver something even if the target isn't met, like a community garden with scalable options. If you choose this model and don't hit your target, post an update on your project page explaining how you will use the funds.
Please note if you receive a pledge from a Partner, such as a local authority, then you must hit your funding target in order to receive it. Partner funding is tied to the specific outcomes of the project so if you don’t hit your target, the Partner pledge will be removed and you will receive the remaining amount.
‘All Or Nothing’: You must hit your fundraising target by the closing date to receive the funds that have been pledged. If you don't hit your target then backers will receive a refund. This is best for ideas that can only be delivered with the full amount of the fundraising target, like building a bridge.