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Indiegogo Inks $40MM Series B

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The Guardian is reporting San Francisco based, crowdfunding platform, Indiegogo just raised a Series B round of $40MM in new equity from Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners (IVP), with existing investors Insight Venture Partners, MHS Capital, Metamorphic Ventures and ff Venture Capital also participating.  No word yet on the valuation, but the funds will be used to make key hires, expand globally, and boost its mobile presence.  The Company last raised $15MM in Series A in June 2012, which brings the total funding to $56.5MM ($1.5MM in seed funding in September 2011).  It looks like Jules Maltz from IVP and John Doerr from KPCB could be added to the Board of Directors.  It currently has 20 employees.

A key benefit of crowdfunding is the ability to validate ideas and products by avoiding traditional gatekeepers. CEO and Co-Founder Slava Rubin seems excited about the market opportunity,

“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. We bring the crowd to crowdsourcing.”

Unlike Kickstarter, which makes public much of its crowdfunding stats, Indiegogo is more secretive, though apparently it has hosted >190,000 campaigns from almost 190 countries since 2008, according to TechCrunch.  Funds raised through the Company have grown 1,000%.  Another big difference between Indiegogo and Kickstarter is the open platform, as IVP general partner Jules Maltz notes,

“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.”

Kickstarter raised $10MM back in March 2011, so wouldn’t be surprised to see them announce a new funding round soon.  In any event, congratulations to the Indiegogo team and looking forward to hearing more from them!

Christopher Chiou

Bay Area based for 12 years and originally from the NYC area. My career has been spent as a technology dealmaker, advising clients on M&A and capital raising, and as a principal investor backing great companies and teams. I'm passionate about technology trends, traveling, sports, politics, Knowledge, and Duke basketball.

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