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In a historic day for the crowdfunding industry, the Pebble Smartwatch project today smashed the $10 million barrier on Kickstarter — raising three times more than Double Fine Adventure, Kickstarter’s previous record-holder, and 100 times more than the project’s original funding goal of $100,000.
Asked how it feels to reach $10 million during a recent discussion on Reddit, project creator Eric Migicovsky simply stated that he is “Honoured by the support of our backers.”
With more than $10.1 million pledged from over 66,000 backers, Migicovsky officially declared Pebble pre-orders sold out. “We've thought a lot about this decision, and we feel it's time,” said Migicovsky in an update on the Kickstarter page. “You, our backers, were the first group of people to believe in Pebble, and we want to return our focus to creating the most awesome watch possible for you.”
The Pebble team has 85,000 pre-orders to fulfill. Kickstarter backers will receive the smartwatch before it “eventually” goes on sale to the general public for $150. Though eight days remain before the project closes, the only remaining donation option is “$1 or more,” which will garner backers “exclusive updates” on “all things Pebble.”
The open-source Pebble recently garnered its first app, RunKeeper, which uses the built-in GPS in your iPhone or Android phone to track and display statistics like speed, average pace and elapsed time. Migicovsky also recently announced that Pebble will support the latest Bluetooth standard, Bluetooth 4.0.
The crowdfunding industry continues to grow at a staggering pace. In our newly released Crowdfunding Industry Report, we reveal that crowdfunding platforms raised almost $1.5 billion and successfully funded more than one million campaigns in 2011. Donation-based platforms and projects, like Kickstarter’s Pebble project, accounted for the vast majority of those campaigns.