Crowd Supply is raising more cash for its “highly-curated” crowdfunding site.
The Portland-based startup added an additional $350,000 to its second seed round that totaled $585,000 in April.
New investors include MIT Media Lab Director Joi Ito, Seven Peaks, and Bialla Venture Partners.
The money will be used to hire employees, move into a bigger office, and continue building out Crowd Supply’s crowdfunding platform.
Founded in 2012, Crowd Supply says that it has the highest success rate of any crowdfunding platform and a perfect record for product delivery. The company screens products and creators to help identify the ones that will have the best chance for success. It also acts somewhat like an incubator, offering campaign strategy development tips, product marketing and PR help, introductions to great manufacturers, and help with fulfillment, shipping, and logistics.
Crowd Supply CEO Josh Lifton told GeekWire in April that while his company’s closest competition is Kickstarter, there are “significant differences.”
“Kickstarter is nothing more than a facilitator for crowdfunding, and they make that very clear,” he said. “Kickstarter has also developed a reputation for products that never ship, and worse, a growing reputation for scams and flakes.”
Crowd Supply has launched more than 80 products supported by backers hailing from every state in the U.S. and 70 countries abroad. Total funding to date is $1.4 million.