On their Kickstarter project page to fund initial development they have raised nearly $21,000 USD. However, per Kickstarter requirements, unless they reach their goal of $25,000 USD in the next 62 hours, they will not be funded. So if a real-time cloud-enabled collaborative video editor that's open-source is of interest to you, they may be interested in your donation. (If not, you should consider a Phoronix Premium subscription ;)).
On this page is more information about the aspirations of the Novacut project. There's also lots of information on the Ubuntu-hosted Novacut Wiki for those interested.