IndieGoGo Acquires $40 Million to Become the "World's Funding Engine"

IndieGoGo Acquires $40 Million to Become the "World's Funding Engine"

IndieGoGo

IndieGoGo founder Slava Rubin says the site aims to take steps to help "more and more people fund what matters to them."

If you're talking crowdfunding, the big dog in the room is going to be Kickstarter. That said, there's no lack for smaller sites offering more diverse funding options or catering to specific niches. IndieGoGo, for it part, is one of Kickstarter's more prominent competitors and, according to recent reports, it's looking to grow even bigger in 2014.

According to a recent announcement, IndieGoGo has acquired some $40 million in venture financing that it intends to spend "making key hires, expanding globally and improving the user experience with a focus on mobile, personalization and trust." According to the IndieGoGo's founder, Slava Rubin, its new efforts will hopefully help to tilt the global crowdfunding scales more in its direction. "We're committed to making Indiegogo the world's funding engine and giving people access to capital worldwide," said Rubin. "With IVP's and KPCB's support, we can rapidly take critical steps to helping more and more people fund what matters to them."

While we're sure IndieGoGo's drive to expand will bear some fruit, time will have to tell if it's able to become "the world's funding engine" as Rubin hopes. While we don't want to undercut the company's efforts, Kickstarter is already such a big entity in crowdfunding that we could just see it being hard to beat at this stage in the game. Case in point, a grand total of 190,000 projects have tried raising funds through IndieGoGo since the site opened its doors in 2008. Comparatively, Kickstarter hosted more than 130,000 projects in 2013 alone.

Source: NY Times

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Ultimately I would think this battle will come down to which service is better for the companies that choose to use it. I don't imagine many people find things to back by randomly browsing either website. Certainly all the things I have backed I found out about through either the creators or other fans or interested people. If IndieGoGo took a lower cut or was somehow more convenient to use I could easily see it being preferred over Kickstarter. It's not like Facebook where people use it because people use it.

Falterfire:
Ultimately I would think this battle will come down to which service is better for the companies that choose to use it. I don't imagine many people find things to back by randomly browsing either website. Certainly all the things I have backed I found out about through either the creators or other fans or interested people. If IndieGoGo took a lower cut or was somehow more convenient to use I could easily see it being preferred over Kickstarter. It's not like Facebook where people use it because people use it.

Kickstarter didn't take paypal for the longest time and Indiegogo did, that's the biggest reason people used it

A big reason I use Kickstarter is because I can change my pledge level, without going crazy trying to sort that out with the creator! If IndieGogo works that out (ie don't charge immediately), I might be more willing to consider browsing there.

 

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