PORTLAND, OR – April 10, 2015 – Crowd Supply, a full-service crowdfunding and product development platform for hardware engineers and product designers, today announced it has raised a second seed investment round of $585K. Led by the Portland Seed Fund, and followed by SOSVentures, Inspiration Ventures and a consortium of angels, the round will help Crowd Supply grow its team and business operations to help a global community of engineers and creators successfully fund, launch and deliver new products to satisfied backers, on schedule.
Since launching in 2013, Crowd Supply has proven out its hands-on approach to crowdfunding with the highest success rate of any platform, a perfect record for product delivery, and a campaign funding average over twice as high as Kickstarter. Other options leave logistics and fulfillment to creators to figure out for themselves, resulting too often in unfulfilled orders, scams, and unhappy backers. Crowd Supply prequalifies products, and works hand-in-hand with creators to give them the best chance for success, from setting strategic funding goals and providing guidance on design and development, to marketing, pre- and post-campaign sales, and fulfillment and delivery services.
“Funding a project online is a great way to validate market interest, but too many creators don’t have the know-how or resources to tackle everything that happens after a crowdfunding goal is met,” said Angela Jackson, Board Member and Managing Director for the Portland Seed Fund. “Led by experienced product engineers from MIT Media Labs and seasoned eCommerce entrepreneurs, Crowd Supply knows what it takes for a new product to become a success. They have proven their ability to help creators fund, develop and deliver products as promised, and we’re proud to be leading this investment round.”
Crowd Supply focuses on high quality, physical products that can be shipped. It welcomes a variety of lifestyle products like accessories and tools, but has attracted special attention from the open hardware and privacy community. Andrew “Bunnie” Huang used Crowd Supply to launch his Novena Open Source Laptop before becoming an advisor to the company, and has more in the pipeline. Other hardware examples include the USB Armory stick computer, and a variety of other hackable products.
“Working with Crowd Supply to launch Novena surpassed my greatest expectations — they were a true partner and made the process surprisingly painless,” said Bunnie Huang, creator of the Novena laptop and advisor to Crowd Supply. “We exceeded our funding goal by over 300% and are shipping the final units out now. Their assistance was instrumental to our success, and they’ve helped keep our customers satisfied. Crowd Supply’s service offering makes developing open hardware accessible and practical, especially for small companies.”
“A successful crowdfunding campaign isn’t just meeting your campaign goal - it’s delivering a great product in a reasonable timeframe to happy customers,” said Joshua Lifton, co-founder of Crowd Supply. “We’re the only crowdfunding platform that can say that 100% of its products have been, or are on track, to be delivered to backers. We help creators keep the promises they make.”
Crowd Supply raised an initial seed investment round of $500K in 2013 and was founded by a team of eCommerce experts and experienced product engineers from the MIT Media Lab. To date, it has launched over 80 products supported by backers in all fifty states and over 70 countries. To learn more about Crowd Supply, visit visit www.crowdsupply.com.
About Crowd Supply
Crowd Supply is the product development and crowdfunding platform for the world’s most innovative new products, hardware, and artisan goods. With a perfect record for product delivery and the highest campaign success rate of any fundraising platform, Crowd Supply ensures the satisfaction of backers by giving engineers, designers and makers the resources, know-how, and network required to scale their ideas from prototype to production. Crowd Supply is backed by the Portland Seed Fund, SOSVentures, Inspiration Ventures and a consortium of angels. It was founded in 2012 by a team of hardware engineers, designers and entrepreneurs, and is based in Portland, OR. For more information, visit www.crowdsupply.com.