American Formula 1 driver turns to crowdfunding to compete

Formula 1 driver Alexander Rossi on using crowdfunding to finance his racing team.

American Formula 1 Driver Raises Millions from Crowdfunding

By Sports FOXBusiness

The only American in Formula 1 racing has turned to his friends and family for funding to compete. Twenty-four year old Alexander Rossi discussed his early years with FOX Business Network’s Stuart Varney.

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“From quite a young age, I started go karts at 10, and at the age of 15 and investment fund was set up by my family for potential investors [who] could buy a unit, if you will, and a piece of my future.”

Rossi is competing in the Formula 1 United States Grand Prix in Austin, Texas this weekend.

“Everyone [has] come… I’m the only American. I’m the first once since 07’. Lewis Hamilton obviously is the championship leader, he could win the championship this weekend... For me to race at home is an amazing thing.”

He also discussed sponsorship.

“It’s a constant battle, I think. You’re always trying to raise funding.” He added: “this is my third Grand Prix race. I started in Singapore… four weeks ago... I was racing another championship -- so I’m only just now in Formula 1 for… not even a month.”

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Rossi said if he wins, his investments, which sit between $3 million to $4 million, could grow 200%.

 

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