Republic, a private market investing platform based in New York, is currently in discussions to acquire crowdfunding pioneer Indiegogo in an all-stock transaction, Axios has learned.

The potential acquisition is seen as a strategic move by Republic to bolster its capabilities in the private market space.

It follows closely on the heels of Republic’s acquisition of INX, underscoring the company’s continued expansion efforts.

Founded in 2008 and headquartered in San Francisco, Indiegogo is one of the longest-standing crowdfunding platforms.

The company has raised over US$55 million from prominent investors including Kleiner Perkins, Insight Venture Partners, Institutional Venture Partners, and Khosla Ventures.

However, its last institutional funding round, a US$40 million Series B, took place over a decade ago in 2014.

Republic, on the other hand, has raised more than US$200 million since its founding in 2016. Its investor base includes Galaxy Interactive, Valor Equity Partners, Tribe Capital, Motley Fool Ventures, Broadhaven Ventures, and Prosus Ventures.

Indiegogo operates a rewards-based crowdfunding model, where backers receive perks or finished products in return for their contributions.

Republic’s platform differs in that it offers equity-based investing, allowing users to share in the financial upside of their investments.

According to a source familiar with the matter, Republic sees growth opportunities for Indiegogo in the film industry and the Middle East.

The two companies had initially explored a potential acquisition in 2017 and resumed discussions around 18 months ago.

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