The US crowdfunding giant Indiegogo has raised $40 million in funding as it targets further global expansion.
Co-Founder Slava Rubin indicated that the funds would be used to finance the global growth of the platform. Rubin also stated that the $40 million would be used to make important hires, to make the site accessible to mobile users, on personalization and on building trust.
“If the 80s were about desktops, the 90s were about commerce and the 00s were about social, then the next decade is going to be about crowdsourcing.”
Indiegogo lead the way in rewards-based crowdfunding – alongside Kickstarter, of course. The site has hosted over 190,000 campaigns in around 190 countries since its commencement in 2008. This latest round of funding will doubtless see them intensify their international efforts in select countries.
The $40 million came from various sources. Leading the charge were Institutional Venture Partners (IVP) and Kleiner Perkins Caufield & Byers (KPCB).
Jules Maltz, General Partner at IVP, said:
“Indiegogo’s flexible funding model and open platform are helping it become the market leader in the rapidly growing crowdfunding space. The company is the Android of crowdfunding – easily accessible and open to all.”
It is a telling fact that this third round of fundraising by Indiegogo raised more than double that of the last round ($15 million in 2012). Institutional investment in alternative finance platforms is bound to spiral upwards in the coming months and years. We suspect that news items of this ilk will become increasingly regular.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.