In 1997, Marillion – a British rock band, had a tour in the United States which was funded online by their fans from US. In short, they pioneered crowdfunding. But at that time, the term crowdfunding was not yet used.
According to a study done by David Freedman and Matthew Nutting, in 2003, Brian Camelio launched a website called ArtistShare. It is a place where musicians ask people to help them fund their project so that they can produce it, and it was the first known crowdfunding site.
It was only on August 12, 2006 where the word crowdfunding was first used. It was Michael Sullivan, the founder of Fundavlog, who first mentioned this word online.
Few years after that, crowdfunding sites such as IndieGoGo and KickStarter started to emerge. From then on more crowdfunding sites started to surface the internet. These sites are mostly used for funding businesses, dream projects, donations, and investments – resulting it to have many types.