MH370 disappeared from radar in the early morning of March 8. It was on a routine flight from Kuala Lumpur to Beijing when it vanished over the South China Sea.
Relatives of those missing say: "This mystery has too many unknowns, false leads, unconfirmed facts and missing details.Yet, someone somewhere knows what happened to flight MH370.
"We hope to encourage them to come forward."
The families, who believe there may have been a cover up following the disappearance of the flight, aim to raise at least $5m.
Launching the fundraising initiative on the website indiegogo, they said some of the money would be used to reward "whistleblowers" who come forward with significant information that will help in the search, while some will be used to pay private investigators to follow up any leads.
The funds will also be used to lobby governments around the world "to invoke real change in air safety, aviation procedures, aircraft tracking, passport security and ensure this situation never happens again", they said.
So far, $10,452 has been pledged from 277 "funders". The fund will close on July 8.
Sarah Bajc, whose partner Philip Wood was seated in 11C on board MH370, said: "Governments and agencies have given it their best shot but have failed to turn up a single shred of evidence, either because of a faulty approach or due to intentional misdirection by one or more individuals."
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