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A Venice-based equity crowdfunding platform and social network has raised $3.5 million of its own funding, beating its initial expectations by $1 million.
Crowdfunder, established in October 2011, raised $1.5 million in seed funding earlier this year. For this round, as star investors such as Tim Draper offered to kick in more money than the site asked for, Crowdfunder's leadership adjusted its goal upward. VC firms and individual accredited investors lined up to buy pieces of the site's action.
Crowdfunder plans to use this new cash infusion to continue its powerful growth and invest in more small businesses in the growing grey area between tech, digital media, and entertainment.
Between the explosion of crowdfunding applications such as Kickstarter and the implementation of Title II of the JOBS Act last September, the startup investment landscape has opened considerably. Many companies campaigning for equity on Crowdfunder gained their initial validation and momentum from projects on Kickstarter, Indiegogo, and their ilk.
[ibimage==33548==Large==none==self==ibimage_align-center]“Crowdfunder is a terrific resource for time strapped entrepreneurs,” said Michael Quigley, former Idealab managing director, current managing director at Clearstone Venture Partners, and an investor in Crowdfunder's Series A. “In a matter of weeks, a start-up can fill its coffers with the capital it needs to build and launch a new product or service. After more than 20 years of funding startups, I am excited that a resource like Crowdfunder has arrived. In a matter of minutes, I am able to identify the best new business concepts and most talented entrepreneurs who fit my investment profile.”
Lots of influential figures use Crowdfunder. Its network boasts a broad roster of investors and celebrities, including Mark Cuban, Neil Young, Barbara Corcoran of Shark Tank, Jerry West, Tim Draper, and Danny Zappin, the former CEO of the YouTube production and distribution firm Maker Studios.
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