At the moment, that isn't in place, here's what the developer told me:

"The funds get deposited in a “war chest” and the community decides once a month for what project they should be used. We will have a preference towards charitable causes and non-profit projects that support the development of Vertcoin. Should this happen you’ll be kept fully informed of how your pledge was spent."

The vertcoinmarket.com developer has spoken to the developer of Moolah, and is expecting to be able to use the Moolah platform to put functionality in place to refund pledges if a project doesn't achieve full funding. He said hopefully within a few days, but I don't want to commit him to a timescale that might not happen (I haven't personally spoken to the Moolah developer about this) so I will just say it is in the works.