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.

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