Crowdfunding Platforms Need Funding Too: Indiegogo Announces $40M Round
Indiegogo already has campaigners and contributors in nearly 190 countries, but is aiming to expand its platform even further.
By Betsy Mikel (Contributing Writer, Women 2.0)
Asking the Internet for money is now one of the most popular methods for entrepreneurs to launch new products, artists to fund creative projects and the Jamaican bobsled team to fund their travel to the Sochi 2014 Winter Olympics. Crowdfunding is big and it’s getting bigger; some projects have raised millions of dollars from backers across the world.
Yet the platforms that support these projects and causes also need money to grow. Thanks to a $40 million Series B investment, crowdfunding platform Indiegogo is poised to do just that.
According to a press release, this round is led by Institutional Venture Partners (IVP) and Kleiner Perkins Caufield & Byers (KPCB), with additional funding from existing investors Insight Venture Partners, MHS Capital, Metamorphic Ventures and ff Venture Capital.
Indiegogo plans to use much of the investment to expand internationally. The platform is already available in several languages and currencies and receives about 30% of its campaigns and backers come from international users.
“We’ll continue working to build out our infrastructure into more localized global regions and improve our payment options over the coming months and years to ensure our customers across the globe enjoy as customized of an experience as possible,” said co-founder and Chief Customer Officer Danae Ringelmann.
To expand its platform globally, Indiegogo needs to expand its team, too. The $40 million will also go toward new key hires.
“We’ll further empower and expand our 85-person team by recruiting fearless and collaborative people to join us in achieving our mission to level the funding playing field and ensure all ideas have the opportunity to come to life across the world,” said Ringelmann. “We’ll also continue to pioneer and accelerate crowdfunding through product and customer experience innovation.”
Ringelmann ensures that this large round of funding will not fundamentally change Indiegogo’s direction, but simply feed their mission to democratize fundraising, no matter where you live.
“Since we launched Indiegogo six years ago, we’ve been committed to democratizing the way people fund what matters to them and gain access to capital worldwide. Our vision remains the same and nothing will change this for us at Indiegogo.”
To hear more about Ringelmann’s challenges and triumphs as Indiegogo co-founder, hear her speak at our upcoming conference!
Betsy Mikel is a freelance copywriter and content strategist who helps brands, businesses and entrepreneurs tell their stories. A journalist at heart, her curiosity drives her to find something new to learn every single day. Follow her on Twitter at @betsym.