Crowdfunding website Indiegogo has secured $40m (£24m) in investment to expand its business globally.
The Series B investment round was led by Institutional Venture Partners and Kleiner Perkins Caufield. Further funding was also secured by existing partners MHS Capital, Metamorphic Venture and ff Venture Capital.
Prior to the latest funding round, the crowdfunding platform, used by a number of game developers, had raised $16.5m through investment during 2011 and 2012.
The company claims that in the past two years, funds raised through crowdfunding had grown by over 1,000 per cent. The investment will go toward expanding its operations around the world and improving the user experience on mobile devices.
"We're committed to making Indiegogo the world's funding engine and giving people access to capital worldwide. With IVP and KPCB's support, we can rapidly take critical steps to helping more and more people fund what matters to them," said Indiegogo CEO Slava Rubin, as reported by the International Business Times.