The Wave has already raised £32,000 a day after launching a crowdfunding campaign

A project to build a giant artificial surfing lake in Bristol has raised almost a fifth of its £150,000 target less than 36 hours after launching a crowdfunding campaign.

The Wave will be set on a man-made lagoon close to the city and new technology will be used to create ideal surfing waves.

One of the first of its kind in the UK, the project will cost £6.8m to develop, and builders are due to begin work next year.

The Wave is being funded by a combination of private investment, a grant of £840,000 from the Regional Growth Fund and £150,000 from a crowdfunding push on
The campaign went live at 7pm on Monday evening, and will finish on December 22.

 In the first hour-and-a-half after the crowdfunding campaign went live, The Wave raised £25,000 from investors. That had increased to more than £32,000 by Tuesday night.

Nick Hounsfield, The Wave’s founder, said the idea to crowdfund parts of the project came after hundreds of people got in touch asking to be involved.

“Since planning permission has been approved we have received hundreds of emails asking whether people can pre-buy membership to the site. This is not about financing the basic build, but about funding some specific areas of the business that we feel passionately about,” he said.

On the lake, 120 waves will be generated every hour, reaching heights of up to 1.9 metres.

A mock-up of how the lake will look

Multi-functional gardens, green space and activity trails will surrounding the lake.
Some 2pc of the money raised will go to the Making Waves Foundation, an independent trust that has been set up to fund community projects and charities in the local area. When the site opens a percentage of annual profits will also go to the foundation.

View from above

A report earlier this month by innovation charity Nesta suggested that the UK alternative finance market has grown 161pc in the past year and is predicted to reach £4.4bn in 2015.
Earlier this year, it was revealed that a disused factory in Dolgarrog, Wales, was being transformed into the world’s first commercial artificial surfing lagoon.