The Big Give is launching another massive match funding scheme this year, partnering with sector specific organisations to raise a target of £20m for charities before Christmas.

The philanthropy website is looking to join with organisations to create sector specific match funds for charities, kicking off with a partnership with Arts & Business. The Big Arts Challenge, as part of the overall Big Give challenge, sees Arts & Business and Reed Foundation open with an initial fund of at least £500,000 with the aim of raising £3m for arts charities this year.

Other sponsors for different causal areas are lined up, and will be announced in the coming weeks.

Colin Tweedy, chief executive of Arts & Business, said, "In this pilot we anticipate raising at least £8 of new cultural wealth for every £1 Arts & Business invests through the catalyst fund."

Big Give chief executive Jon Brooks reported that the arts fund had already a "really big" level of interest on the day of its launch late last month.

As with last year's match fund challenge, charities will have to fundraise from their major donors and trustees to put together a match fund and then solicit public donations for that fund. Those that do will qualify for the December Big Give match fund challenge, when public donations made through the website will be matched on the Big Give site. The Big Give expects that around 500 charities could benefit from the December challenge.

The organisation has simplified the challenge process – which last year raised £8.5m– in response to criticism by some charities that last year's challenge was too complicated.

Brooks said that the organisation is talking to potential religious partners, but added, "The Reed Foundation won't be working with religious sponsors, because that's the way they fund."