110799

Crowdtilt raises $23M to expand internationally

The round was led by Andreessen Horowitz, and brings its total funding to $37 million

Technology trends and news by Steven Loeb
December 16, 2013 | Comments
Short URL: http://vator.tv/n/33c5

Over the past few years, crowdfunding has become a more useful tool, especially for those without connections and resources, to find ways to fund their projects. But chances are most people will not be building a world changing device, or making a feature film, and will, therefore, only be able to participate in crowdfunding from the investor side. It limits how people get to interact with new wave of social interaction.

Crowdfunding website Crowdtilt is trying to broad what crowdfunding can be, simply by opening it to smaller campaigns and projects, as well as the typical campaigns that crowdfunding is used for. That means that Crowdtilt can be used for anything from getting money from friends for a party, to funding for disaster relief.

And now the company has raised $23 million in Series B funding to help make that happen, it was announced on Monday.

The funding round was led by Andreessen Horowitz, with participation from SV Angel as well as Sean Parker, Matt Mullenweg, Oliver Jung, DCM, Felicis Ventures, Naval Ravikant, Alexis Ohanian, Elad Gil, and others.

The company had previously raised $14 million, including a $12 million Series A from Andreessen Horowitz, Sean Parker, SV Angel, DCM, CrunchFund, Alexis Ohanian, Elad Gil, Naval Ravikant, Sam Altman, Matt Mullenweg, Dave Morin and Justin Kan in March of this year.

The company has now raised a total of $37 million.

Crowdtilt will be putting this new money into two areas: growing its team and expanding internationally. A spokesperson would not share any details about what departments, how many people the company would be hiring or where it will be expanding to, though it will be announcing its first new countries soon.

Founded in 2012, the San Francisco-based Crowdtilt is crowdfunding site that is dedicated to help regular users fund smaller projects, in addition to companies that want to use it to fund larger scale campaigns. Brands that have used the site to crowdfund include Microsoft, Jamba Juice, Reddit, Soylent, McSweeney’s and Local Motors.

While other sites, like Kickstarter and Indiegogo, are Crowdtilt's main competition, the company differentiates itself in offering more verticals to its users.

Both companies have done a great job of bringing awareness to the idea of group funding; however both are targeted a very specific verticals," a company spokesperson said.

"Crowdtilt enables users to fund anything, and we mean anything, from a private concert with Vanilla Ice or a party bus with friends to a million dollar effort to get a company or product off the ground. We are still in the early days, but believe crowdfunding will something people do 2-3x a week, not just 2-3x a year."

The company, which has grown by three times in the last 12 months, is now on track to launch more campaigns per day than any other platform

(Image source: www.crowdtilt.com)


Related companies, investors and entrepreneurs

Default
Crowdtilt
Startup/Business
Description: Kickstarter for groups of friends. We've taken our favorite elements of crowdfunding and provided them for groups of friends instead. So ...
blog comments powered by Disqus