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Feb 09 2021

2021: Looking Ahead

A lot of ink has been spilled about 2020 — about its rolling disasters and general upheaval. But here, in this post, we don’t want to dwell on the negative. We want to talk about the positives that happened in 2020, and share our excitement for the year ahead. A lot of awesome stuff happened last year in the world of crowdfunding. Backers funded innovative campaigns, Indiegogo launched sweeping initiatives, and the crowdfunding community learned some key lessons that we can expand on in 2021.

In this post, we round up last year’s top campaigns, discuss the takeaways we’re building on as we look ahead to 2021, and recap the initiatives that Indiegogo set in motion last year.

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Top 10 Campaigns of 2020

10. Amazfit Curved Smartwatch

$2.2M raised
12,041 backers
Beijing, China

This smartwatch has a curved screen and tracks vitals 24/7, using tech to improve health.

9. STRØM CITY W

$2.3M raised
3,291 backers
Copenhagen, Denmark

A stylish eBike made especially for women, created in the biking capital of the world.

8. Monster X

$2.3M raised
3,779 backers
Kowloon, Hong Kong

This generator is powerful enough to let you set up a TV or PS4 in your backyard.

7. ElecHive

$2.8M raised
2,453 backers
San Diego, United States

The ElecHive’s battery can provide a massive 2,200W of power output, just like a standard wall socket.

6. Stoggles

$3M raised
60,753 backers
Los Angeles, United States

Stoggles offer similar eye protection to full goggles but with style, shielding eyes from dirty fingers and airborne droplets.

5. GPD WIN Max

$3.M raised
4,356 backers
Shenzhen, China

GPD WIN Max combines the portability of a handheld gaming console with the graphics of a gaming laptop.

4. Reevo

$3.6M raised
1,777 backeers
Delaware, United States

This hubless design puts an emphasis on style, making it the perfect eBike for a discerning rider.

3. Bluetti AC200 Solar Power Station

$7.5M raised
7,030 backers
Denver, CO

This power station uses solar energy to put out a colossal 2,000 watts of continuous power.

2. Superstrata Bike

$10.3M raised
3,853 backers
San Francisco, United States

Each Superstrata bike frame is 3D-printed with carbon fiber to give the user a custom fit.

1. Babymaker

$14.8M raised
8,731 backers
San Diego, CA, United States

This eBike was the runaway (or bike-away?) hit of 2020, thanks to its sleek, lightweight design.

Five takeaways from 2021

Backers and campaigners are hungry for community and connection

Community is what differentiates crowdfunding: It’s the backbone of everything that happens at Indiegogo. So it was no surprise to find that, in a year when people were feeling isolated, backers chose to not just fund campaigns — they also chose to engage with the communities that are built amongst a campaign’s supporters. Nearly 50,000 backers came to our Facebook Virtual Hangouts, attending events like an unboxing and Q+A with Chase Reeves from Pakt, and roundtables for female entrepreneurs and Indiegogo community favorites. And 2.1 million people tuned into Instagram takeovers, where we gave fan favorite campaigners the keys to our Instagram for a few days to communicate directly with our social audience, sharing exclusive stories and content. Backers also shared tips and tricks on campaign pages: Productivity products alone garnered 50,000 comments as backers discussed their favorite life hacks and offered each other encouragement as they advanced towards their goals, and backers attended live Q+As with creators of productivity-enhancing products like this one with the creators of Midea and this one with Arrow and TimeChi.

Backers are more interested in green campaigns

Crowdfunding has always been an ideal place for entrepreneurs to raise funds for products that can help save the planet. And as more and more people look to make the transition to greener lifestyles, support for green campaigns grew nearly 900% in 2020, as compared to the previous year. Backers are seeking out everything from plastic-free cleaning products to solar panels to portable bidets to help put the planet first. Solar-powered batteries were particularly popular, with power stations like Monster X and Bluetti bringing in millions of donations from backers looking to get off the grid and lower their carbon footprint. In fact, green energy campaigns raised a total of $16.7M in 2020. eBikes also got a lot of love in 2020, as backers looked to ditch their cars and find greener ways to get around. Electric bicycles like Reevo, Superstrata, Babymaker and MATE raised a whopping $24M combined. And, of course, it wouldn’t be crowdfunding if backers weren’t also connecting with the creators of their favorite campaigns. Indiegogo community members attended events like an Instagram Live with QuenchSea, an Instagram Takeover with One Bottle founder Petrice Jones, and a Virtual Hangout on Facebook with ETEE.

Crowdfunding helps underrepresented entrepreneurs achieve their dreams

2020 was a year of reckoning for many industries, as they struggled to overcome their racially homogenous makeup and move forward towards a brighter and more equitable future. Crowdfunding has long been a path for diverse voices to circumvent venture capital firms and other traditional investment avenues, which still give the majority of their money to white men. In 2020, Black female campaigners launched children’s books like The Mermaid Princesses, the Parisian concept store Little Africa, the eco-conscious perfume company Scents and Style, the digital archive of womxn in hip hop The Keeper, and so much more.

Backers come to crowdfunding for global connection

One of our favorite things about crowdfunding is that it lets backers meet and support entrepreneurs from all over the globe. Last year, Indiegogo expanded its reach to Japan, offering resources to Japanese entrepreneurs and allowing Japanese backers to donate to campaigns using Japanese yen. Our new Made in Japan category is off to a great start, with $6M raised amongst 13,000 backers. And with our new partnership with Makuake, the leading pre-order and support platform in Japan, backers can expect to see even more exciting things to come. In 2020, Indiegogo continued expansion into China, helping Chinese brands reach international audiences through crowdfunding.

Games are having a moment

Indie game creators flock to Indiegogo to turn their intricate and creative concepts into games that people can enjoy with their friends in real life, dice and cards and all. And with the pandemic trapping everyone indoors, people found themselves playing tabletop games like never before. With their interest in gaming piqued, 35,000 backers supported up and coming game designers in 2020, resulting in more than a 200% increase in funds raised for tabletop games compared to 2019. One notable standout has been Queeng, a deck of playing cards designed by a 12-year-old girl that raised over $500k. But it wasn’t just tabletop games that had a good year on Indiegogo: Digital games also had a great showing in 2020. The GPD WIN Max console made the 2020 top ten, raising $3.4M and creative approaches to gaming like Polycade gained a following.

Five Initiatives We Launched in 2020

Commitment to uplifting marginalized and underrepresented groups

We’ve been asking ourselves hard questions about how we can do more to foster a diverse and inclusive landscape. In 2020, we launched the Indiegogo Fellowship Program, a six-week course that guides campaigners in running a successful crowdfunding campaign from beginning to end. The Fellowship Program aims to provide guidance and resources to creators from communities that are typically marginalized in tech and innovation, and focuses on helping female-identifying, BIPOC, and LGBTQIA+ entrepreneurs. We also established Juneteenth as a company-wide holiday last year. Indiegogo has been publishing an annual diversity report since 2014 and while we still have tons of work to do, our 2020 report reveals that our internal initiatives have been progressing diversity and inclusion at Indiegogo over the last half a decade.

Local business relief program

2020 was a turbulent year for small businesses, with lockdowns pummeling the local establishments that make up our communities. Last year we launched the Local Business Relief Program, which waived Indiegogo’s platform fees for local businesses, like restaurants and theaters, that operate in the service industry. These businesses launched Indiegogo campaigns to raise money to stay afloat and pay staff until quarantines were lifted. Through this program, local businesses like Fitdog Doggy Daycare in Santa Monica, Baker’s in Seattle, WA, Terrapin Crossroads in San Rafael, CA, and the oldest operating bar west of the Mississippi, Shooting Star Saloon in Huntsville, Utah, were able to raise extra funds to get through the pandemic.

Global launches

Brands often face headwinds when expanding into the global market, whether it’s a language barrier, shifting consumer needs, or cultural differences. Last year, Indiegogo expanded the Global Fast Track program to Japan. The program helps the world’s top innovative products launch in international markets. We partnered with the Japan External Trade Organization (JETRO), and with Makuake, the leading pre-order and support platform in Japan, to give entrepreneurs additional support for launching successful crowdfunding campaigns. Lu Li, the general manager of global strategy at Indiegogo, has been spearheading international efforts, helping entrepreneurs raise more than $260 million in funds. Her dedication and expertise in global crowdfunding has landed her on the 2021 Forbes 30 Under 30 List. Our global expansion wasn’t just limited to Japan: We built out additional tools for our Global Fast Track Program in China like an official WeChat account and informative webinars like our presentations with Facebook and Shopify.

Support for causes that matter

On Giving Tuesday, Indiegogo launched Tips for Indiegogo, a feature that gives backers the option to add a tip for Indiegogo to their contribution during checkout. Indiegogo matches the money given through Tips and donates to causes that are important to the Indiegogo community. Tips for Indiegogo are optional, but if you find yourself in a giving mood, just look for the “add a tip” call-out on Indiegogo contribution pages! “Community has the power to accomplish some pretty incredible things. We see it every day in the campaigns you support, the causes you rally behind, and the projects you bring to life,” says Andy Yang, Indiegogo CEO. “Now we’ll be able to amplify the goodwill together, and make the world a better place while doing it.”

Partnerships

Entrepreneurs are most successful when they have some help along the way. We partner with companies that help entrepreneurs launch great campaigns and deliver perks to their backers. Those partnerships provide everything from one-on-one assistance to educational content to exclusive discounts. In 2020, in-person events moved online, and Arrow, Easyship, and others shared their expertise on webinars about everything from managing supply chains to building medical technology with Analog Devices to Virtual Hangouts, connecting partners and the campaigns they’ve supported directly with the backer community. We helped entrepreneurs in our social community connect with specialists and gain access to new information and expert advice through articles and Q+As. We also welcomed Clearbanc to the Indiegogo family, and their marketing advances helped Reevo and Stoggles make the top ten list last year. Easyship worked with campaigns like the Philips PicoPix Max and the Stereogum Covers Compilation to ship products around the world. And as usual, the Arrow Certification Program helped tech entrepreneurs build viable, working products. The top five Arrow campaigns in 2020 were:

1. Reevo – $3.6M raised
2. NeoRythm – $1.6M raised
3. Tempest – $1.1M raised
4. SPLACH – $783K raised
5. GoSun – $514K raised

Explore our Experts Directory to learn more about our partners.

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Feb 04 2021

Justin Mart, Ryan Yi from Coinbase take a Closer Look at Ethereum, DeFi Growth, Also Review OCC, FinCEN Developments

Digital asset exchange Coinbase recently published its Around the Block #11: “A snapshot of decentralized finance (DeFi) and two sides of the crypto regulatory spectrum” (report), which aims to cover important issues in the crypto and blockchain industry.

In this latest edition, released on February 3, 2021, Justin Mart and Ryan Yi take a close look at the current state of DeFi and the evolving digital currency regulatory space.

During the current crypto bull market, DeFi has “continued its strong rise,” the report confirmed. It pointed out that starting in the summer of last year, DeFi initiatives experienced dramatic growth in Total Value Locked or TVL (as tracked by DeFi Pulse and many other sites).

Coinbase’s report noted that DeFi’s meteoric rise is still “spurred” by the yield farming phenomenon. According to the US-based exchange, this includes “a virtuous cycle: Yield farming mechanics induce participants to add capital → which increases TVL → which drives governance token valuations → which increases yield farming subsidies → which continues the cycle.”

As stated in the report:

“Nevertheless, true zero-to-one innovations in DeFi cannot be discounted as part of the growth story. These are things like synthetic assets (e.g. Synthetix, UMA, and Mirror), increased capital efficiency in financial products (e.g. Aave, Compound), open financial access (including flash loans and emerging remittance use cases), and composable protocols that layer DeFi projects together like Yearn.”

Total Value Locked in DeFi protocols (TVL) currently stands at over $32B at the time of writing, a remarkable 2700% growth year-over-year. Meanwhile, the number of DeFi users has grown to exceed 1.2M, as “defined by the number of unique addresses accessing DeFi services,” the report revealed. It also noted that mainstream protocols such as Uniswap and Compound now claim around 200–500K users, with “most other DeFi apps between 25–50K users.”

DEX (or decentralized / non-custodial crypto exchange) volume has also maintained its steady growth since July 2020. Total DEX volume has “surpassed most centralized exchanges, topping $10B per day in January 2021,” the report confirmed. It also mentioned that volume has been “driven by growth in DeFi, but also tailwinds from broader crypto bull markets and sustained traction in categories where DEXs enjoy competitive advantages.” These include “access to the long-tail of novel DeFi tokens; and efficient swaps between highly correlated assets (e.g. stablecoins),” the report added.

But DEXs today settle trades on the Ethereum mainnet, and are subject to “oppressive” gas prices during periods of increased activity. This “drives continued interest in scaling solutions, with a notable milestone as Synthetix has launched on Optimism (a rollup-based scaling solution),” the report added.

The report further noted:

“DeFi is moving too quickly for any single person to keep track.”

But some major themes include:

DeFi projects are embracing composability: New DeFi projects “either introduce new primitives, or bundle existing primitives to create net new products.” Think of these primitives “as lego bricks, 6 months ago we were designing and building single bricks.” Today we are “combining these bricks into cars, planes, and castles.”
Composability is “extending into DeFi versions of partnerships: DeFi projects are wrestling with key questions around moats, defensibility, and top-line growth.” Most projects seem to “embrace open community collaboration, believing communities create moats (you cannot fork a community).” This exact vision “initially led to the governance token and yield farming phenomenon, and today is evolving into creative partnerships and collaborations, most notable in Sushiswap’s 2021 roadmap.”
Scalability is “becoming a bottleneck, but solutions are coming: As the base Ethereum chain struggles under scale, several protocols are openly exploring integrations with Layer-2 networks or other blockchains.” Look for “significant progress in 2021, especially in Ethereum rollups.”
Regulatory uncertainty impacts development: “In tandem, the SEC lawsuit against Ripple and CFTC lawsuit against BitMEX demonstrate that regulatory bodies are paying close attention to crypto, and not afraid to charge the largest players in the space.” It’s reasonable to “expect increased attention on DeFi based projects, and this uncertainty continues to impact feature development in regulated jurisdictions.”

During the last quarter, FinCEN and the OCC have introduced several crypto regulatory policies, the report from Coinbase noted. While both are under the purview of the US Treasury Department, the guidance appears to be on “the opposite ends of the spectrum toward crypto friendliness,” Coinbase claims.

They explained that FinCEN is responsible for ensuring that companies follow applicable KYC/AML regulations, which are really important for digital currency exchanges (or VASPs — virtual asset service providers) such as Gemini, Kraken, Coinbase, among others. Digital asset exchanges must verify their users’ identities (KYC) and use blockchain or DLT forensic tools to examine digital currency transactions to ensure deposits don’t come from illicit sources.

FinCEN has proposed an amendment to the Bank Secrecy Act’s FBAR regulations, which is specific to cryptocurrencies or VASPs. The new amendment will require US residents to report their cryptoc-asset holdings and transfers valued at more than $10,000 regardless of where these assets are being held.

The amendment could require US citizens to report crypto holdings in excess of $10,000 that are maintained in overseas accounts, and also require exchanges or digital wallets to store client details related to any transfer valued at more than $3,000, and also report these details to FinCEN for any transfers valued at over $10,000.

The public notice only had a 15-day comment period over the recent US holiday break, which made it quite challenging for VASPs to respond properly.

Many crypto firms (Coinbase, Fidelity, Square, CoinCenter, ErisX, among others) have issued strong responses which have noted that the suggested rules may create issues. These companies or organizations have also criticized the rushed nature of the proposal. Since then, the US Treasury decided to extend the comment period, but the future still “remains unclear given the new administration,” Coinbase claims.

The Office of the Comptroller of the Currency (OCC), an independent bureau in the Treasury which is responsible for assisting with the “charter, regulation, and supervising banks,” appears to have “come out on the other end of the spectrum with recent guidance,” Coinbase stated in its report.

Federal Banks are allowed to operate public blockchain infrastructure (January 2021]
Federal Banks are permitted to engage in stablecoins (September 2020)
Federal Banks are allowed to custody crypto-assets (July 2020)

Coinbase added:

“It’s clear that national banks may now participate in the crypto economy through custody and settlement. Notably, Jan 2021 guidance which legitimizes public blockchains as settlement infrastructure, placing blockchains on par with ACH or SWIFT. … federal banks can serve as large validators on blockchains (e.g. miners), or more practically, banks may ultimately settle transactions on Bitcoin, Ethereum, or through stablecoins.”

The exchange further noted:

“This is the first step in regulatory action required to bridge the crypto economy into traditional financial infrastructure. … while the OCC is the federal regulator, it is not the only regulator. There will be an interplay between the interpretation of this guidance from the state vs federal level.”

The report concluded:

“Separately, adoption will take time — blockchains are still relatively new and lack some core features (e.g. privacy, scalability), but this is a promising development. To their credit the Treasury has since extended the comment period, and the proposal potentially hangs in limbo with the incoming Biden administration.”

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Dec 30 2020

Las Vegas luxury auto dealership rakes in Bitcoin payments

A luxury auto dealership in Nevada has reported a steady increase in Bitcoin (BTC) payments, a testament to the bull market currently underway as more investors convert their holdings into high-end sports cars.

Vegas Auto Gallery, whose inventory includes makes and models from Aston Martin, Bentley, Ferrari and Lamborghini, recently sold two high-end sports cars to customers who paid more than $6 million in BTC. As the Wall Street Journal reports, owner Nick Dossa says that roughly 3% to 5% of the dealership’s revenue comes from Bitcoin transactions.

The dealership isn’t accepting Bitcoin payments outright, but through BitPay, a third-party payment provider. BitPay transactions settle BTC payments in U.S. dollars upon receipt. In the case of Vegas Auto Gallery, a 1% fee is applied to all Bitcoin purchases, which is equivalent to BitPay’s transaction fee.

Dossa told the Journal that his dealership isn’t exposed to any additional risk by accepting Bitcoin payments. “It’s a very easy transaction,” he said.

Although Bitcoin has been criticized for lacking payment channels, BitPay has onboarded hundreds of thousands of merchants worldwide, giving Bitcoin buyers plenty of ways to spend their BTC.

The Lamborghini became the ultimate status symbol during the 2017 Bitcoin bull market. The recent foot traffic into Vegas Auto Gallery suggests that wealthy Bitcoiners are already splurging following the latest surge in price.

Bitcoin returned to record highs on Wednesday after clearing the $28,500 hurdle. The cryptocurrency’s market capitalization passed $500 billion last week for the first time in history.

Vegas Auto Gallery did not immediately respond to a request for comment.

Las Vegas luxury auto dealership rakes in Bitcoin payments

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Dec 11 2020

Vouched Announces $3M Funding Round to Accelerate AI-Based Identity Verification Platform

Vouched, a developer of proprietary artificial intelligence and computer vision for end-to-end identity verification and real-time fraud detection, announced on Thursday it has raised $3 million through its latest funding round, which was led by Flying Fish Partners.

Founded in 2018, Vouched describes itself as a proprietary AI/CV/ML that powers real-time visual ID verification to onboard customers and drive revenue for customers across town or around the world. The company noted it accelerates revenue growth and provides a “seamless” user experience by rapidly and securely verifying and onboarding end users through a sophisticated, end-to-end visual ID verification and fraud detection solution.

“Vouched serves disruptive startups, fast-growing unicorns, and the Fortune 1000 enterprise. Focused on regulated and security sensitive industries, more than 50 companies in banking and financial services; healthcare and telemedicine; and gig and sharing economy companies rely on Vouched for identity verification.”

While sharing more details about the company, Vouched Co-founder and CEO, John Baird, stated:

“The ability to see a person and verify their identity online is required for complex regulated activities such as Know Your Customer (KYC) in banking and the rise of Know Your Patient (KYP) in healthcare and telemedicine. Increasingly, security-sensitive transactions such as peer-to-peer sharing of expensive goods like motorcycles, cars and RVs also depend on identity verification. We are helping to meet those growing needs.”

Vouched went on to add that it’ll use the investment round’s funds will further accelerate the growth of its identity proofing platform across the banking, fintech, and healthcare verticals.

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Oct 27 2020

October 2020: Top Campaigns

Ahhh, autumn. Orangey reds. Reddish oranges. Yellowy yellows. And for our top 5 campaigns this October, the fall colors include another earth tone — a whole lot of green. It makes sense: our top campaigns are truly unique this month, with a hubless e-bike, a roofless hotel, and a mobile stationary bike making the list. Here’s our top five for October.

1. Reevo Hubless E-Bike

$956,472 USD raised
517 backers
Delaware, USA

Spokes and hubs, who needs ‘em? That’s the idea behind Reevo, our number 1 campaign this month. They’ve cracked the code on spokeless, hubless wheels and are attaching them to a lightweight e-bike frame so you can turn heads while you’re turning the cranks. In addition to just being crazy sci-fi cool, the hubless design makes the bike nearly theft-proof, as the wheels will only spin once activated by the Reevo e-bike app. The groundbreaking design also affords riders with extra storage space — IN THE CENTER of the wheel rim! Here at Indiegogo, we look forward to seeing what kinds of new bike tricks Reevo riders come up with, like maybe kicking a ball through the wheel while the bike’s in motion. How cool would that be? GOOAALL!

2. Bubble Hotels

$395,739 USD raised
859 backers
San Diego, CA

Sleeping under the stars is one of the great wonders of outdoor adventures. Unfortunately, so are insect bites, lumpy camping pads, and cold midnight winds. The team behind Bubble Hotels is about to change that by offering fully climate-controlled bubble pods that let you sleep comfortably under the stars of the Joshua Tree desert. Queen-size beds, private bathrooms, and air conditioning will grace each bubble pod, making stargazing-while-slumbering as easy as checking into a hotel — because that’s what it is! So ditch those sticky glow-in-the-dark stars attached to your ceiling. Bubble Hotels will get you the real deal.

3. Breakaway Compact Exercise Bike

$332,705 USD raised
668 backers
Santa Barbara, CA

Stationary bikes are supposed to be stationary, right? Wrong! The team behind the Breakaway Compact Exercise Bike thinks your stationary bike should be compact enough to take with you wherever and whenever you want. The Breakaway is based around an ultra-compact, no-frills design that allows you to stow it in a carry-on bag so you can travel without sacrificing fitness. And once you arrive at your destination, it sets up in less than one minute. The coolest part? The Breakaway connects to all your favorite workout programs like Zwift and TrainerRoad via Bluetooth so as long as you have a phone, tablet, or connected watch with you, you can ride your own personal Tour de France.

4. Omni Off-Grid Power Station

$293,814 USD raised
181 backers
Los Angeles, CA

Sometimes you want to get away from it all without unplugging from everything. Our number 4 campaign this month allows you to do both at the same time. Omnicharge is back for a 4th crowdfunding campaign with its most versatile, powerful, and portable power solution to date for all your off-grid needs. The Omni Off-Grid is equipped with all the power ports you need to charge up your devices, and each port is designed with the latest in fast-charging technology. Wherever your adventures take you, now you’ll be able to carry a massive 1500Wh in tow so you’re ready for whatever your adventure throws at you. Get off the grid while still staying connected with Omni Off-Grid!

5. Teracube 2e Sustainable Smartphone

$226,553 USD raised
1,789 backers
Seattle, United States

There’s a dirty little secret of the smartphone industry — Manufacturing phones takes a massive toll on the environment. Last year alone, iPhones churned out 17.4 megatons of CO2-equivalent, which is roughly the same as 3.7 million cars being driven for a year. Gulp. Teracube aims to offer a more sustainable alternative with their 2e smartphone. Built with recyclable materials, a replaceable battery, and a biodegradable case, it’s designed with the environment in mind. But don’t mistake its sustainability for low quality; the 2e is built for the discerning 21st-century tree-hugger. With such features as a 1.8GHz Octa Core processor, 6.1” HD display, and 64 GB of storage, you’ll be saving the world without sacrificing performance. And for every phone sold, Teracube will be planting a tree. Can other smartphone companies say that?

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Interested in exploring more campaigns? Check out our team favorites.

Rankings, amount raised, and other stats are current as of 10/27/20.

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