Crowdtilt gets $23 million in Series B round led by Andreessen Horowitz

By Nicel Jane Avellana

Dec 16, 2013 10:04 AM EST

San Francisco, California-based Crowdtilt said it was able to secure $23 million for its Series B round. Andreessen Horowitz led the financing, which was also participated in by SV Angel, Sean Parker, Matt Mullenweg, Oliver Jung, DCM, Felicis Ventures, Naval Ravikant, Alexis Ohanian, Elad Gil and other angel investors. Proceeds from the round were said to be used to help the firm add to its workforce and grow globally.

Crowdtilt was founded last year. The technology firm provides a platform to easily collect, raise funds or pool funds. Whether it is for small-scale group objectives or large-scale funding campaigns, Crowdtilt provides open and accessible crowdfunding tools. Brands like Microsoft, Jamba Juice, Reddit, Soylent, McSweeney's and Local Motors are just some of the brands that have used or are now using the products of Crowdtilt, the company said.

In a statement, Crowdtilt also said that its technology is also friendly not only for consumers who are launching fundraising campaigns but also for developers who are building on the Crowdtilt API as well. Through, Crowdtilt API and its open-source tool Crowdhoster, users can make and tailor-fit crowdfunding campaigns for any objective.

Crowdtilt Chief Executive Officer James Beshara said in a statement, "We are grateful to have Jeff, Marc, Ben and the entire Andreessen Horowitz team as mentors as we grow our business. Our mission is to bring crowdfunding to the entire web and the entire world. From bite-size crowdfunding campaigns on Crowdtilt to powering complex, customized, and self-hosted crowdfunding campaigns through our API or our open-source tool, Crowdhoster, we're excited about the next generation of this space."

Andreessen Horowitz Partner Jeff Jordan said he believes that the Crowdtilt founders have built a product that changes how things are funded. He added, "We believe they are well on their way to building the definitive horizontal platform for crowdfunding, and are thrilled to double down on our investment to support the company's growth."

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