By Neil Parmar A frozen-yogurt chain is trying to spark interest among potential buyers with a new take on crowdfunding.Late last year, Forever Yogurt Franchise Co. launched a platform called CrowdFranchise.com, where franchises can fund new outlets by letting multiple people buy ownership stakes and thereby pay a lot less than they would for a whole store. Forever Yogurt, which operates more than 20 locations in the U.S. and China, has secured $650,000 for a new store in Chicago. The 25 investors will get a proportional share in the profit and have a say in who acts as the location's operating manager. They can also advise on day-to-day decisions if they choose.The company is seeking funds for 12 more outlets, while other businesses have signed on to raise funds through the platform.The effort comes during a tough time for would-be franchisees. The demand from potential buyers has steadily increased since 2010, and outpaced what banks have been willing to lend. CrowdFranchise is trying a twist on equity-based crowdfunding, where people buy shares in a company online.The twist? In most cases, people who invest this way must be accredited—they must have a substantial net worth and meet other criteria. But CrowdFranchise investors don't need to be accredited, because the franchises themselves are offering the deals, and franchises are allowed to award multiple people pieces of an outlet. (Franchises must give each investor at least 14 days to review disclosure documents and other information.)But the site faces a big hurdle: Franchisees themselves can't try to raise startup funds from online crowds, unless they follow the current stringent rules on accredited investors. That means a big chunk of potential users can't take full advantage of the model.But Congress is looking at changing the requirements on accredited investors. Mandy Calara, chief executive of Forever Yogurt and founder of CrowdFranchise, says the company is waiting to see what happens before changing its approach. Mr. Parmar is managing editor for WSJ.Money magazine. He can be reached at neil.parmar@dowjones.com.