IndieGoGo raises $40 million in series B round

The prominent crowdfunding platform IndieGoGo has raised $40 million in a series B funding round.

The round was led by Institutional Venture Partners and Kleiner Perkins Caulfield & Byers. The injection of capital will help IndieGoGo to hire new talent as it seeks to expand across the globe. It will also be refining ots service to place emphasis on, "mobile, personalisation and trust."

"We're committed to making Indiegogo the world's funding engine and giving people access to capital worldwide," said CEO Slava Rubin in a statement, as quoted by The New York Times. "With IVP's and KPCB's support, we can rapidly take critical steps to helping more and more people fund what matters to them."

The new funding may also prove decisive in reaching the same level of cultural penetration as Kickstarter, whose name is virtually interchangeable with the term 'crowdfunding.

IndieGoGo is currently working with Square Enix on its new Collective initiative, which went live yesterday.