Kickstarter rival Indiegogo raises $40 million

Kickstarter rival Indiegogo announced today that it has raised $40 million in a Series B round of venture financing, which The New York Times notes is meant to "speed growth." The money came from venture capital firms IVP and Kleiner Perkins.

The San Francisco-based Indiegogo said the funds would be used for "making key hires, expanding globally, and improving the user experience with a focus on mobile, personalization, and trust."

Indiegogo's size and reach doesn't match Kickstarter. That site that has spawned numerous high-profile video game projects like Tim Schafer's Broken Age, the Ouya console, Oculus Rift, and Wasteland 2, among many others.

However, Indiegogo is proving attractive for some developers as well. Just yesterday, Square Enix launched its "Collective" crowdfunding program through a partnership with Indiegogo. In addition, Lab Zero Games successfully took to Indiegogo last year to raise money for five Skullgirls DLC characters.

Unlike Kickstarter, which is all-or-nothing, Indiegogo creators have the option of creating campaigns that allow them to keep what they earned--even if they don't reach their target.