Crowdfunding platform Indiegogo has been abuzz about the Flow Hive, an invention that aims to help beekeepers better harvest honey. Launched on 22 February, the campaign reached its goal of $70,000 within the first eight (!) minutes, and the donations kept pouring in, hitting a record-breaking $2.18 million in the first 24 hours. Impressive? Yes!
However 24 hours later, on 23 February the campaign of Pebble Time got started, breaking all records. Their campaign launched at the crowdfunding platform of Kickstarter. It was fully funded at $500,000 in just 32 minutes according to Kickstarter. It crossed $1 million in funding 16 minutes later and exceeded $5 Million within 5 hours. That’s by far the fastest ever crowdfunding project to reach $5 million. On Tuesday, about 24 hours after launch, Pebble has amassed nearly $9 million and counting.
Kickstarter and Indiegogo are the two biggest alternative finance platforms offering services for reward-based crowdfunding. The biggest online platform for alternative finance is Lending Club, its offers P2P lending. The IPO of Lending Club officially hit the $1 billion mark in December 2014 with underwriters exercising their full option to purchase 8.7 million shares.