Crowd Supply has announced it received $585,000 (£400,000) funding from the Portland Seed Fund, SOSVentures, Inspiration Ventures, and other angel investors to help it become the crowdfunding market leader for engineering and hardware.
The company said it plans to use the funds to become a significant contender in the engineering and hardware space, taking on the big boys such as Kickstarter that is growing a negative reputation for not doing more to ensure backers get the items they stump up the cash for.
Crowd Supply CEO Josh Lifton said:“Kickstarter is nothing more than a facilitator for crowdfunding, and they make that very clear. Kickstarter has also developed a reputation for products that never ship, and worse, a growing reputation for scams and flakes.”
Crowd Supply said it has the highest success rate of any crowdfunding platform because it concentrates on delivering products its investors back. additionally, its team is dedicated to only listing products that are likely to be successful and have a very focused market.
Although it is a crowdfunding platform, giving companies the vehicle in which to get funding, it also offers startups much more than just a place to list campaigns. It also offers businesses tips on campaign strategy, product marketing and PR help, introductions to manufacturersand aid for fulfillment, shipping, and logistics.
So far, Crowd Supply has helped companies launch more than 80 products from 70 countries around the world. It has raised $1.1m to support these campaigns.
We covered the launch of Crowd Supply last week, detailing how it’s trying to get back the positive reputation crowdfunding deserves.
