Freya van Lessen and Mike Barnard are asking members of the public to help in their efforts by donating £1 each towards the Finsbury Park event.
Since then, the UpRise team has been working to create a new free music, arts and culture festival.
"We are passionate about keeping the memory of Rise alive through UpRise and we know that thousands of Londoners feel the same way. Although we are asking for a lot of money, if each of the 100,000 people who attended Rise Festival in 2008 donated just £1, we would reach our target," said Barnard.
"With the Mayor of London slashing funding for a series of cultural events, and a rise in publicity for far-right views, UpRise aims to display the true picture of London, which is that of a united, vibrant and diverse leading capital city. We want the festival to once again be a landmark event in London's calendar, as it was for the 14 years prior to its cancellation," he added.
Support for the one-day event has already been secured from a number of organisations that were previously involved in Rise, including the Trades Union Congress, which set up the original Rise Festival in 1996.
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