Indiegogo Raises $40 Million From Institutional Venture Partners and Kleiner Perkins

Crowdfunding platform Indiegogo has raised $40 million led by new investors Institutional Venture Partners and Kleiner Perkins Caufield and Byers, bringing the six-year-old site to $56.5 million in total funding.

The site has hosted nearly 200,000 campaigns around the world and distributes millions of dollars per week. The money is to be used on product development — particularly mobile products — and global expansion.

After a big 2013, crowdfunding is on the verge of a mainstream breakthrough, predicted Indiegogo CEO Slava Rubin in an interview Monday. “This is like social networking in January 2004. People are just starting to learn about it now, but [it will be so pervasive] I don’t think anybody will talk about crowdfunding in 10 years.”

Still to be determined are U.S. rules around equity crowdfunding, something Indiegogo has long said it will support when it is fully legal (as compared to competitor Kickstarter, which has said it has no interest in helping its campaign backers becoming investors).

IVP partner Jules Maltz is joining the Indiegogo board and Kleiner Perkins partner John Doerr will be an adviser. Other investors include Insight Venture Partners, MHS Capital, Metamorphic Ventures and ff Venture Capital.

This article originally appeared on Recode.net.

Will you support Vox’s explanatory journalism?

Most news outlets make their money through advertising or subscriptions. But when it comes to what we’re trying to do at Vox, there are a couple of big issues with relying on ads and subscriptions to keep the lights on:

First, advertising dollars go up and down with the economy. We often only know a few months out what our advertising revenue will be, which makes it hard to plan ahead.

Second, we’re not in the subscriptions business. Vox is here to help everyone understand the complex issues shaping the world — not just the people who can afford to pay for a subscription. We believe that’s an important part of building a more equal society. And we can’t do that if we have a paywall.

So even though advertising is still our biggest source of revenue, we also seek grants and reader support. (And no matter how our work is funded, we have strict guidelines on editorial independence.)

If you also believe that everyone deserves access to trusted high-quality information, will you make a gift to Vox today? Any amount helps.

One-Time Monthly Annual

$5/month

$10/month

$25/month

$50/month

Other

$

Yes, I'll give $5/month

Yes, I'll give $5/month

We accept credit card, Apple Pay, and Google Pay. You can also contribute via