$1.5 Million Pirate3D Inc Kickstarter Project Falls Through

Pirate3D raised almost $1.5 million in funding on Kickstarter in 2013. As an incentive, the company promised supporters who gave over $300 a 3D printer. 3,389 people pledged this amount. However, to date only 40% of supporters have received their printer, while the remaining 60% are unlikely to ever receive their promised product.
According to Tech Crunch:

In a convoluted note to backers (below), the company’s founder states that the company is exploring raising additional capital yet seems to say it does not expect to be able to fulfill the remaining Kickstarter orders even with additional cash.
This is why we cannot have nice things.
Investing is a risky business. Not everything pans out. No matter how it’s billed, crowdfunding through sites like Kickstarter, Indiegogo and GoFundMe is an investing scheme and carries unexpected risks for the general consumer.
 
[…] The Pirate3D Buccaneer raised a blockbuster $1.438M on June 29, 2013 — a record amount at the time. The first printers were supposed to ship to backers in February 2014. That didn’t happen. As of September 2014, only 200 products had shipped. And a year later, despite selling the product through retail channels, 60% of backers are still waiting.

Click here to read the full article from Tech Crunch.