New Kickstarter update could grow your fundraiser by a third

Kickstarter, the global crowdfunding platform that has raised over $8bn for early-stage ventures, has announced a major new update that could drastically increase the amount of funding raised by budding founders.

The biggest change is the addition of a ‘Late Pledges’ feature. Using Late Pledges, Kickstarter users (termed “creators”) will be able to continue to collect pledges once the campaign ends; addressing a common pain point for campaign runners. 

The update brings Kickstarter more in line with rival brand GoFundMe, which already accepts donations after a goal is reached. GoFundMe was founded one year after the former, but has since become the largest crowdfunding platform in the US.

How does the Late Pledges feature work?

Kickstarter has been instrumental in helping new businesses to access vital early-stage capital. It is essentially a pitching platform for the public. Entrepreneurs post their business idea online and, if it is well-received by users, they can pledge money to fund the project.

As a result, Kickstarter has helped some of the fastest-growing startups in the UK, including Startups-100 alumni Fussy and Beam, to get off the ground.

However, because campaigners must input a set amount of money they are targeting, entrepreneurs have previously been forced to move their project to a different source of capital in order to keep funds coming in once their Kickstarter campaign has finished.

The new Late Pledges feature should put an end to this conundrum. According to Kickstarter, the feature is directly embedded in Kickstarter, so creators won’t need to turn to third-party management sites like BackerKit or GoFundMe to keep taking donations.

The Kickstarter announcement reveals one creator has already collected 35% more than their funding goal by being able to accept pledges post-campaign.

What else does the update include?

Alongside Late Pledges, Kickstarter has also launched a suite of new tools designed to assist Kickstarter users throughout the entire lifecycle of their campaign.

Recognising that marketing and forming lasting relationships with investors can be as key to new business growth as capital, the platform has put together a “Kickstarter Performance team”, dedicated to helping campaigners sell their project to potential backers.

Kickstarter says this team “provides support every step of the way, from creative services and pre-launch marketing support to ad measurement and execution”. Beta tests have apparently helped creators to raise nearly $1 million in pledges so far.

Additionally, a revamped survey tool will ensure creators can more accurately collect information from backers for future purchases, such as item preferences and shipping addresses. All features have been made available to Kickstarter customers this week.

Got a brilliant business idea? Read our funding guides to find out how else you can raise money for your venture.