Crowdfunding Platforms: Kickstarter vs Indiegogo vs Republic vs SeedInvest

I analyzed 500+ crowdfunding campaigns. Here's the platform comparison—with real examples from Oculus, Exploding Kittens, and Cruise—showing which platform to use for your $100K-$5M raise.

Pebble Time raised $20.3M on Kickstarter in 2015—the most funded campaign ever. Exploding Kittens raised $8.7M for a card game. Oculus Rift raised $2.4M before selling to Facebook for $2B.

But not every platform is right for every startup. Kickstarter works for physical products. Republic works for equity crowdfunding. Indiegogo offers more flexibility. SeedInvest curates for quality.

This guide breaks down each platform's strengths, weaknesses, fees, and success rates—with real data from campaigns that raised $100K to $20M.

The Four Types of Crowdfunding (Know Which You Need)

1. Rewards-Based Crowdfunding

What It Is: Backers receive a product, service, or perk in exchange for their pledge.

Platforms: Kickstarter, Indiegogo

Best For:

• Physical products (tech gadgets, games, design)
• Creative projects (films, music, art)
• Books and publishing
• Pre-selling before manufacturing

How It Works:

1. Create campaign page with video, images, rewards
2. Set funding goal (all-or-nothing on Kickstarter)
3. Backers pledge during campaign (30-60 days)
4. If goal met, collect funds and fulfill rewards
5. Platform fee: 5-8% of total raised

Real Examples:

• Pebble Time (Smartwatch): $20.3M raised, 78K backers
• Coolest Cooler: $13.3M raised, 62K backers
• Exploding Kittens (Card Game): $8.7M raised, 219K backers

2. Equity Crowdfunding (Reg CF)

What It Is: Investors receive equity (ownership) in your company.

Platforms: Republic, SeedInvest, Wefunder, StartEngine

Best For:

• Startups raising $100K-$5M
• Community-driven businesses
• Companies with strong brand/audience
• Founders wanting many small investors as advocates

How It Works:

1. Apply and get approved by platform
2. Set terms (valuation, investment min/max)
3. Create campaign with video, deck, financials
4. Investors buy shares during campaign (often 30-90 days)
5. Close round and issue stock certificates
6. Platform fee: 5-7% of total raised + equity/warrants

Real Examples:

• Cruise (Self-driving cars): $2.5M on Republic (now $30B+ company)
• Boxabl (Modular homes): $150M+ on StartEngine
• Miso Robotics (Kitchen robots): $50M+ across multiple platforms

3. Debt Crowdfunding (P2P Lending)

What It Is: Borrow money from many lenders, repay with interest.

Platforms: LendingClub, Prosper, Funding Circle

Best For:

• Small businesses needing working capital
• Established businesses with revenue
• Lower risk than equity crowdfunding

Not Typically Used By: Tech startups (equity is preferred)

4. Donation-Based Crowdfunding

What It Is: People donate money with no expectation of return.

Platforms: GoFundMe, Patreon, Kickstarter (some categories)

Best For:

• Charitable causes
• Personal emergencies
• Creative projects with patronage model
• Community projects

Not For: Startups seeking investment

Platform Comparison: The Complete Breakdown

Kickstarter

Overview:

• Founded: 2009
• Total Raised: $7B+ across all campaigns
• Campaigns: 200,000+
• Success Rate: 39%
• Audience: 20M+ backers

The Model:

• All-or-nothing: Must hit goal or get nothing
• Rewards-based only (no equity)
• 5% platform fee + 3-5% payment processing
• No equity taken from your company

Best For:

• Physical consumer products
• Design and tech gadgets
• Board games and creative projects
• Products ready for manufacturing

Success Requirements:

• Compelling video (essential)
• Clear reward tiers ($25, $50, $100, $250+)
• Manufacturing plan and timeline
• Realistic funding goal ($10K-$100K typical)
• Pre-launch marketing to build email list

Real Success Stories:

1. Pebble Time (Smartwatch)

• Raised: $20.3M (most funded Kickstarter ever)
• Backers: 78,471
• Goal: $500K
• Timeline: 30 days
• Why It Worked: First smartwatch, loyal Pebble community, great video

2. Exploding Kittens (Card Game)

• Raised: $8.7M
• Backers: 219,382
• Goal: $10K
• Why It Worked: Famous artist (Matthew Inman), humor, simple concept

3. Oculus Rift (VR Headset)

• Raised: $2.4M
• Backers: 9,522
• Outcome: Sold to Facebook for $2B (2014)
• Backer ROI: $300 Oculus dev kit → would have been worth $40K+ in equity

Pros:

• Large, engaged backer community
• All-or-nothing creates urgency
• Strong brand recognition
• No equity dilution
• Great for physical products

Cons:

• High failure rate (61% don't hit goal)
• All-or-nothing risk (get $0 if miss by $1)
• Must deliver rewards (manufacturing headaches)
• Limited to creative/physical projects
• No equity crowdfunding option

Fees:

• Platform fee: 5%
• Payment processing: 3-5%
• Total: 8-10% of funds raised

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Indiegogo

Overview:

• Founded: 2008
• Total Raised: $2B+ across all campaigns
• Campaigns: 800,000+
• Success Rate: ~20%
• Audience: 10M+ backers

The Model:

• Flexible funding: Keep whatever you raise (or choose all-or-nothing)
• Rewards-based + equity (through partnership with Microventures)
• 5% platform fee + 3-5% payment processing
• InDemand: Continue raising after campaign ends

Best For:

• Products not ready for Kickstarter's strict approval
• Startups wanting flexible funding option
• Projects needing post-campaign pre-orders
• Social impact and community projects
• Equity crowdfunding through partnership

Success Requirements:

• Similar to Kickstarter (video, rewards, plan)
• More lenient approval process
• Consider flexible funding for safety net
• Use InDemand for ongoing sales

Real Success Stories:

1. Flow Hive (Beekeeping)

• Raised: $16.8M (Indiegogo record)
• Backers: 44,000+
• Why It Worked: Unique product, environmental appeal, great video

2. Sondors eBike

• Raised: $6M+
• Backers: 15,000+
• Why It Worked: Affordable electric bike ($500), strong community

3. Jibo (Social Robot)

• Raised: $3.7M
• Outcome: Company failed, backers lost money
• Lesson: Hardware is hard; crowdfunding ≠ guaranteed success

Pros:

• Flexible funding option (safer)
• Easier approval than Kickstarter
• InDemand for ongoing sales
• Equity option through Microventures
• Global reach (less US-centric)

Cons:

• Smaller audience than Kickstarter
• Lower success rates
• Less brand prestige
• Backer community less engaged
• Flexible funding can look like failure

Fees:

• Platform fee: 5%
• Payment processing: 3-5%
• Total: 8-10% of funds raised
• InDemand: Additional 5% ongoing

Key Difference from Kickstarter:

• Flexible funding vs. all-or-nothing
• Easier to get approved
• Smaller but more international audience

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Republic

Overview:

• Founded: 2016 (spinoff from AngelList)
• Total Raised: $500M+ across all campaigns
• Campaigns: 500+
• Average Raise: $500K-$1M
• Investors: 1M+ registered

The Model:

• Equity crowdfunding (Regulation CF)
• Anyone can invest (not just accredited investors)
• $100 minimum investment
• 6% platform fee + 2% payment processing
• Success fee: 2% of equity upon exit (optional)

Best For:

• Tech startups raising $100K-$5M
• Companies with strong community/audience
• Startups wanting many small investors as advocates
• Consumer brands and products
• Social impact companies

Success Requirements:

• Solid traction (revenue, users, growth)
• Clear path to $100M+ outcome
• Strong team with relevant experience
• Community or audience to market to
• Compliance with SEC requirements

Real Success Stories:

1. Cruise (Self-driving cars)

• Raised: $2.5M on Republic (2016)
• Valuation: $15M pre-money
• Outcome: Acquired by GM for $1B+ (2016), now worth $30B+
• Investor ROI: 66x return in 6 months

2. Boxabl (Modular homes)

• Raised: $150M+ across multiple rounds
• Valuation: $3B+ (2024)
• Why It Worked: Viral TikTok content, affordable housing demand

3. Miso Robotics (Kitchen automation)

• Raised: $50M+ on Republic
• Why It Worked: White Castle partnership, clear ROI for restaurants

Pros:

• Access to 1M+ retail investors
• Anyone can invest ($100 minimum)
• Small investors become brand advocates
• Less dilution than VC (many small checks)
• Marketing and PR value
• No accreditation requirements

Cons:

• Complex regulatory compliance (SEC)
• Time-consuming to manage many investors
• Lower check sizes than VCs
• Public disclosure of financials
• Ongoing reporting obligations
• Can take 3-6 months to close

Fees:

• Platform fee: 6% of funds raised
• Payment processing: 2%
• Additional: 2% equity upon exit (optional)
• Legal/compliance: $10K-$50K
• Total cost: 10-15% of raise

Regulatory Requirements:

• Must file Form C with SEC
• Audited financials (if raising >$1.07M)
• Ongoing annual reports
• Investor limits based on income/net worth

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SeedInvest

Overview:

• Founded: 2012
• Total Raised: $500M+ across all campaigns
• Campaigns: 300+
• Acceptance Rate: <3% (highly curated)
• Average Raise: $1M-$3M

The Model:

• Equity crowdfunding (Regulation CF and Reg A+)
• Highly selective (only 3% of applicants accepted)
• $500 minimum investment (higher than Republic)
• 7.5% placement fee + $10K-$20K escrow fee
• Warrants: 5% of equity as additional compensation

Best For:

• High-quality startups with strong traction
• Founders who want curated investor base
• Companies raising $500K-$5M
• Startups willing to pay for quality and support
• B2B and enterprise companies

Success Requirements:

• Due diligence process (2-4 weeks)
• Vetted by SeedInvest team
• Strong traction ($100K+ revenue ideally)
• Experienced team
• Clear path to Series A or exit
• Willingness to pay higher fees for curation

Real Success Stories:

1. NowRx (Pharmacy delivery)

• Raised: $20M+ across multiple rounds
• Why It Worked: COVID-19 demand, proven model

2. Knightscope (Security robots)

• Raised: $50M+ across multiple rounds
• Why It Worked: Real customers (malls, parking lots), viral videos

3. Beta Bionics (Bionic pancreas)

• Raised: $10M+
• Why It Worked: Life-changing medical device, strong clinical data

Pros:

• Highly curated (quality signal to investors)
• Experienced team provides guidance
• Higher average check sizes
• More sophisticated investor base
• Support with compliance and marketing
• Access to institutional investors

Cons:

• Very selective (<3% acceptance)
• Higher fees (7.5% + warrants)
• Longer application process
• $500 minimum (limits some retail investors)
• Less control over process
• Can take 4-6 months from application to close

Fees:

• Placement fee: 7.5% of funds raised
• Escrow fee: $10K-$20K
• Warrants: 5% of equity
• Legal/compliance: Included in process
• Total cost: 12-15% of raise

Republic vs. SeedInvest:

| Factor | Republic | SeedInvest | |--------|----------|------------| | Acceptance Rate | ~20% | <3% | | Fees | 6% + 2% | 7.5% + $10K + 5% warrants | | Minimum Investment | $100 | $500 | | Investor Quality | Mixed | More sophisticated | | Support | Self-service | High-touch | | Time to Close | 2-3 months | 4-6 months | | Best For | Community-driven | High-growth startups |

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Other Notable Platforms

Wefunder:

• $100 minimum investments
• Strong community focus
• 7.5% fee
• Good for social enterprises
• 1,000+ companies funded

StartEngine:

• $250M+ raised across 500+ campaigns
• Secondary trading marketplace
• 7% fee
• Boxabl's massive success story

Microventures:

• Partner with Indiegogo for equity
• $100 minimum
• 5% fee
• Access to both accredited and retail investors

EquityZen / Forge:

• Secondary market for private shares
• For later-stage companies
• Employees and early investors can sell
• Not for primary fundraising

Which Platform Should You Choose? Decision Framework

If You're Building a Physical Product:

→ Kickstarter or Indiegogo

Choose Kickstarter If:

• Product is ready for manufacturing
• You can deliver rewards in 6-12 months
• Strong creative/design element
• Want largest possible audience
• Can handle all-or-nothing pressure

Choose Indiegogo If:

• Product isn't quite ready yet
• Want flexible funding safety net
• Need InDemand for ongoing pre-orders
• Easier approval process needed
• More international audience desired

Example Decision:

• Smartwatch ready for production → Kickstarter
• IoT gadget still in prototyping → Indiegogo (flexible funding)

If You're a Tech Startup Raising Equity:

→ Republic or SeedInvest

Choose Republic If:

• Strong community/audience to market to
• Want lowest fees (6%)
• Consumer brand or product
• $100K-$1M raise
• Speed matters (2-3 months)

Choose SeedInvest If:

• High-growth B2B or enterprise
• Strong traction ($100K+ revenue)
• Want curated, quality investors
• $1M-$5M raise
• Willing to pay for support and curation

Example Decision:

• Fitness app with 100K users → Republic
• Enterprise SaaS with $500K ARR → SeedInvest

If You Need Maximum Capital:

→ StartEngine or Republic

These platforms allow:

• Reg A+ offerings (up to $75M)
• Multiple rounds over time
• Secondary trading (StartEngine)
• Building long-term investor relations

Example: Boxabl raised $150M+ across 10+ rounds on StartEngine

Campaign Success Framework: The 10-Step Playbook

Step 1: Pre-Launch (8-12 Weeks Before)

• [ ] Build email list of 5,000-10,000 potential backers
• [ ] Create landing page with "Notify Me" button
• [ ] Run Facebook/Instagram ads to build list ($5K-$20K spend)
• [ ] Engage with relevant communities (Reddit, forums)
• [ ] Reach out to press and influencers

The Math:

• 10,000 email subscribers
• 5% conversion to backer = 500 backers
• $100 average pledge = $50,000 first day

Step 2: Campaign Creation (4-6 Weeks Before)

• [ ] Write compelling campaign copy
• [ ] Produce high-quality video (3-5 minutes)
• [ ] Design reward tiers ($25, $50, $100, $250, $500, $1,000+)
• [ ] Create product mockups and prototypes
• [ ] Set realistic funding goal ($10K-$100K typical for first campaign)

Video Formula:

• 0:00-0:30: Hook (problem + solution)
• 0:30-1:30: Product demo
• 1:30-2:30: Social proof (testimonials, traction)
• 2:30-3:30: Team introduction
• 3:30-4:30: Rewards and timeline
• 4:30-5:00: Call to action

Step 3: Soft Launch (2 Weeks Before)

• [ ] Share with friends and family first
• [ ] Get 20-30 early backers
• [ ] Gather feedback on campaign page
• [ ] Fix any issues with rewards or copy
• [ ] Create urgency with limited early-bird rewards

Step 4: Public Launch (Day 1)

• [ ] Email your entire list
• [ ] Post on all social media channels
• [ ] Contact press and bloggers
• [ ] Answer backer questions immediately
• [ ] Update campaign with "Day 1" progress

Goal: Hit 30% of funding goal in first 48 hours

Step 5: Momentum Building (Days 3-14)

• [ ] Daily updates on social media
• [ ] Respond to every comment within 2 hours
• [ ] Reach out to influencers for shares
• [ ] Add new reward tiers if needed
• [ ] Run paid ads to cold audiences

Step 6: Mid-Campaign Push (Days 15-30)

• [ ] Announce stretch goals (if funded)
• [ ] Add limited-time bonuses
• [ ] Host AMA (Ask Me Anything) session
• [ ] Get featured on platform's newsletter
• [ ] Press coverage push

Step 7: Final Sprint (Last 48 Hours)

• [ ] "Last chance" email to entire list
• [ ] Social media countdown
• [ ] Limited-time flash rewards
• [ ] Thank backers publicly
• [ ] Build urgency for final push

The Psychology: 30% of pledges come in last 48 hours

Step 8: Post-Campaign (Days 1-30 After)

• [ ] Thank all backers personally
• [ ] Send survey for reward preferences
• [ ] Begin manufacturing/fulfillment planning
• [ ] Keep backers updated weekly
• [ ] Continue building community

Step 9: Fulfillment (3-12 Months After)

• [ ] Manufacture products
• [ ] Quality control
• [ ] Ship rewards to backers
• [ ] Handle customer service
• [ ] Update backers on progress monthly

⚠️ Warning: 70% of hardware campaigns ship late. Under-promise, over-deliver.

Step 10: Ongoing Relationship (Long-term)

• [ ] Convert backers to customers
• [ ] Launch post-campaign pre-orders (InDemand)
• [ ] Build community for next product
• [ ] Keep backers as brand advocates
• [ ] Consider equity round for next phase

Real Campaign Breakdown: Exploding Kittens

The Numbers:

• Goal: $10,000
• Raised: $8,782,571
• Backers: 219,382
• Campaign Length: 30 days
• Video Views: 10M+

Why It Succeeded:

1. Famous Creator

• Matthew Inman (The Oatmeal) had 5M+ followers
• Built-in audience of millions
• Previous successful Kickstarter ($1M+ for game)

2. Simple, Compelling Concept

• Easy to understand in 10 seconds
• Humor + cats + explosions = viral potential
• Low price point ($20)

3. Perfect Reward Structure

• $20: Base game
• $35: Game + expansion
• $100: Signed copy + extras
• $500: Custom card in deck

4. Viral Marketing

• Social media native
• Shareable content
• Influencer endorsements
• Press coverage (BuzzFeed, TechCrunch)

5. Community Engagement

• Responded to every comment
• Added stretch goals
• Involved backers in design
• Created FOMO with limited rewards

Lessons for Your Campaign:

• Build audience before you launch
• Simple concepts win
• Price under $50 for mass market
• Engage with every backer
• Plan for virality

Common Crowdfunding Mistakes (And How to Avoid Them)

❌ Mistake 1: Setting Goal Too High

The Problem: Goal of $500K with no audience or validation.

Why It Fails:

• 61% of Kickstarter campaigns fail
• High goals scare backers ("They'll never make it")
• All-or-nothing risk (get $0 if miss goal)

The Fix:

• Set minimum goal needed to manufacture ($10K-$50K)
• Use stretch goals for additional features
• Build audience first (5,000+ email subscribers)

Example: Exploding Kittens goal was $10K (hit $8.7M). Pebble Time goal was $500K (hit $20M).

❌ Mistake 2: Underestimating Fulfillment

The Problem: Raise $1M, realize manufacturing costs $1.2M.

The Spiral:

• Can't deliver rewards
• Angry backers
• Reputation destroyed
• Potential lawsuits

The Fix:

• Get manufacturing quotes BEFORE launching
• Price rewards at 2-3x manufacturing cost
• Include shipping costs in pledge
• Add 20% buffer for unexpected costs

Real Example: Coolest Cooler raised $13.3M but couldn't fulfill. Company failed, backers lost money.

❌ Mistake 3: No Pre-Launch Marketing

The Problem: Launch with 50 email subscribers.

The Outcome:

• Day 1: $500 raised
• Day 30: $2,000 raised
• Campaign fails

The Fix:

• Build email list of 5,000-10,000 before launch
• Spend $5K-$20K on Facebook/Instagram ads
• Engage in relevant communities (Reddit, forums)
• Get 30% of goal from email list in first 48 hours

❌ Mistake 4: Poor Video Quality

The Problem: Smartphone video, bad lighting, unclear message.

The Impact:

• 50% of backers decide based on video
• Low conversion rate
• Campaign fails

The Fix:

• Hire professional videographer ($2K-$5K)
• 3-5 minute length optimal
• Show product working (not just renders)
• Tell compelling story
• Include social proof

❌ Mistake 5: Ignoring Backers After Campaign

The Problem: Go silent for 6 months during manufacturing.

The Backlash:

• Backers think you ran away with money
• Negative comments destroy reputation
• Future campaigns fail

The Fix:

• Weekly updates during manufacturing
• Be transparent about delays
• Over-communicate, never under-communicate
• Send photos/videos of progress

Platform Fees and Costs Summary

| Platform | Platform Fee | Payment Processing | Total Cost | Additional | |----------|--------------|-------------------|------------|------------| | Kickstarter | 5% | 3-5% | 8-10% | None | | Indiegogo | 5% | 3-5% | 8-10% | InDemand 5% | | Republic | 6% | 2% | 8% | 2% equity at exit | | SeedInvest | 7.5% | 2% | 9.5% | $10K fee + 5% warrants | | Wefunder | 7.5% | 2% | 9.5% | None | | StartEngine | 7% | 2% | 9% | Ongoing fees |

Don't Forget Hidden Costs:

• Video production: $2K-$10K
• Marketing/ads: $5K-$50K
• Legal/compliance (equity): $10K-$50K
• Reward fulfillment: 20-30% of raise
• Customer service: Ongoing time cost

Your Platform Decision Checklist

Choose Kickstarter If:

• [ ] Physical product ready for manufacturing
• [ ] Creative/design project
• [ ] Can handle all-or-nothing pressure
• [ ] Want largest possible audience
• [ ] 6-12 month fulfillment timeline

Choose Indiegogo If:

• [ ] Want flexible funding option
• [ ] Product still in development
• [ ] Need ongoing pre-order capability
• [ ] Easier approval process desired
• [ ] International audience focus

Choose Republic If:

• [ ] Tech startup with traction
• [ ] Strong community/audience
• [ ] Want retail investors as advocates
• [ ] $100K-$1M raise target
• [ ] Speed matters (2-3 months)

Choose SeedInvest If:

• [ ] High-growth B2B startup
• [ ] $100K+ revenue traction
• [ ] Want curated, quality investors
• [ ] $1M-$5M raise target
• [ ] Willing to pay for support

Conclusion: Crowdfunding Is Marketing, Not Just Fundraising

Here's the truth most founders miss: Crowdfunding success is 80% marketing, 20% product.

The winners:

• Build audience before they launch (5,000+ email subscribers)
• Create compelling videos and campaigns
• Engage with every backer personally
• Deliver on promises (even if late)
• Convert backers into lifelong customers

The losers:

• Launch with no audience
• Poor video and campaign page
• Set unrealistic goals
• Ignore backers after campaign
• Fail to fulfill rewards

You now have the complete playbook for choosing the right platform and running a successful campaign. Real examples. Real numbers. The exact tactics that raised $8M for a card game and $20M for a smartwatch.

Your next step: Choose your platform. Build your audience. Create your campaign. Launch with momentum.

The best crowdfunding campaigns don't just raise money—they build movements.

Now go create something worth backing.

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Related Guides:

• Angel Investing: Finding Your First Investors
• Seed Funding: From First Check to Series A Ready
• The Ultimate Guide to Bootstrapping
• Pre-Seed Funding: From Idea to First Check