Vancouver-born entrepreneur Eric Migicovsky has now raised nearly $9 million for his product, Pebble, a smartwatch for iPhones and Android smartphones, from funding site Kickstarter. Pebble, made by Waterloo-born Allerta, also the maker of InPulse for BlackBerry, has raised three times more money than any other Kickstarter campaign in history. And it's still not done.
With 59,000 backers and $8.8 million raised, can Pebble reach the unheard of milestone of $10 million in its final 10 days? After blitzing to $1 million in a single day, Pebble maintained its blistering momentum, reaching $3 million in just three days.
Naturally, the pace slowed over time. But in the past 10 days, it's still averaged roughly $150,000 per day. It would need to average only about $100,000 per day through its final stretch to crack $10 million.
Kickstarter has always been taken seriously, but it's never been seen as a serious threat to Silicon Valley venture capitalists. Now, a tech startup has raised almost $9 million from non-investors without sacrificing an ounce of equity—and gaining tens of thousands of guaranteed customers before even producing its product.
That sure makes VCs and angels look incredibly useless, doesn't it?