#Crowd Supply Raises Total of $935K with Second Seed Round Closing#
###Bialla Ventures, Seven Peaks Ventures, and MIT Media Lab Director, Joi Ito, Join Round to Support Crowdfunding and Product Development Platform for Best-in-Class Hardware and Product Startups###
PORTLAND, OR — June 2, 2015 — Crowd Supply has increased its recent seed investment round to a grand total of $935K. In subsequent closings, Bialla Ventures, Seven Peaks Ventures, and Joi Ito, venture capitalist and Director of MIT Media Lab, have joined the round originally announced in April. The initial closing of $585K was led by the Portland Seed Fund and followed by SOSVentures, Inspiration Ventures, and angels.
Crowd Supply is a curated crowdfunding platform and storefront with a perfect record for successfully delivering funded products to backers. It provides creators with a suite of tools and services that support their ongoing success far beyond funding, including go-to-market strategy, marketing, a seamless eCommerce solution that extends long after a campaign ends, and fulfillment and delivery services, with no exclusivity or vendor lock-in. To date, over 80 products have launched and sold on Crowd Supply, including Andrew “Bunnie” Huang’s Novena laptop, Purism’s Librem 15 laptop, and a variety of other open, hackable, and highly-crafted goods.
“An estimated 75% of new hardware products funded on other crowdfunding sites are failing to deliver on time or at all due to unexpected delays in manufacturing, the burden of fulfillment and delivery, and a variety of other challenges creators meet when building a product and scaling a business,” said Joshua Lifton, co-founder of Crowd Supply. “After two years of helping creators successfully launch their products, we’re excited to aggressively ramp up our operations, grow our team, and continue to improve our crowdfunding and eCommerce platform to help even more of the best creators successfully fund their visions and make them a reality.”
To learn more about Crowd Supply and browse its product offerings, visit www.crowdsupply.com.
About Crowd Supply
Crowd Supply is a curated crowdfunding and eCommerce platform for the best new hardware and highly crafted 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 and sell their product visions. Crowd Supply is backed by Bialla Venture, Inspiration Ventures, the Portland Seed Fund, Seven Peaks Ventures, SOSVentures and a consortium of angels, including the MIT Media Lab’s Joi Ito. 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.