Business, Finance & Economics

Kickstarter projects break the $1 million barrier


The Elevation Dock's project page on Kickstarter on Feb. 10, 2012.



An entrepreneur attempting to raise funding through crowd-sourced funding website Kickstarter yesterday raised $1 million for the first time in the history of the site, the Los Angeles Times reported. A few hours later, a second group of entrepreneurs had also raised $1 million to support their project.

The first project to break the $1 million barrier was Portland, Ore.-based Elevation Lab’s Elevation Dock, a high-end aluminum iPhone dock, which began raising money on the site in December. Supporters who pledge at least $59 get one or more Elevation Docks. As of this writing, the project had collected pledges totaling $1,211,856 from 11,023 backers, with 22 hours left to raise money.

The second project to earn $1 million was a new computer game by game designer Tim Schafer and Double Fine Productions, the LA Times reported. It took Double Fine, which had asked for $400,000 from donors, less than 24 hours to reach the $1 million mark, according to PC World. Donors who pledge $15 or more get access to the game. The company still has 38 days left to raise additional funds.

Previously, the record for the most money raised on Kickstarter was $942,578, collected by the TikTok+LunaTik Multi-Touch Watch Kit, a wristwatch cradle for the iPod Nano, MSNBC reported.

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