“We weren’t in fundraising mode — there was strong outside interest with minimal dilution, and Khaled and I felt like it was the right move for the business,” Tilt CEO James Beshara said. “We’re executing the same as before the fundraising and obviously feel extremely fortunate for the additional vote of confidence as we build Tilt to be the crowdfunding platform for the mobile world. The next few years will be exciting ones to watch in the crowdfunding space.”
Much of the company’s ambitions this year are set on its international expansion as it continues to grow in Canada — where it launched last year and is growing faster than Tilt did in the U.S. when it first launched — and soft-launches in new countries. Tilt also launched in the United Kingdom. That kind of funding makes sense, as expanding to international countries not only requires technical acumen but people as well. Tilt expects to have more than 1,000 college ambassadors at the end of August, and the company has to hire people who know those regions well in order to effectively expand.
People can use Tilt to raise money for an event, like funding a charity event. The event has to hit a certain level of funding before anyone who committed to paying for the project actually ends up putting money into it.
We previously reported that the company had raised a round at a $400 million valuation. That brings Tilt’s total funding to around $67 million, with this funding round happening earlier this year. The last round Tilt raised was $23 million in December 2013. Andreessen-Horowitz participated in a lot of the company’s previous financing rounds, as well as investors like SV Angel, Alexis Ohanian and Matt Mullenweg.
While the funding was raised earlier this year, Tilt’s venture capital activity also comes around a time when previously bootstrapped GoFundMe raised at a $600 million valuation. In that round, investors took a controlling stake and the founders essentially cashed out, making a small fortune in the process. Throughout that process we heard that GoFundMe’s numbers were “incredible,” signaling the ability to make a lot of money in the crowdfunding space.
Update: We’ve added a comment from Tilt CEO James Beshara.