THE NEWS WRAP: Pebble Time becomes the most-funded Kickstarter project

Pebble Time has become the most-backed Kickstarter project in the crowdfunding platform’s history, raising more than $US14 million with 24 days to go.

Just last week the startup was the third-most backed Kickstarter campaign. However, the startup has since surpassed the previous first-place holder the COOLEST Cooler – which raised $US13 million in August last year.

The startup is a customisable smartwatch that claims to have up to seven days’ battery life. The project’s original goal was to raise half a million dollars.

On-demand parking service raises $US20 million

On-demand parking startup Luxe has raised $US20 million in Series A funding in order to expand its services across the US.

The round was led by venture capital firm Venrock as well as Redpoint Ventures. The startup – which is based in San Francisco and Los Angeles – connects drivers with trained and vetted valets via a mobile app.

Co-founder and chief executive Curtis Lee said in a statement the service will be available in Boston, Chicago and Seattle by the end of April with further expansions planned for later in the year.

“The fact is, 90% of Americans have to drive to work or to daily appointments like visiting the doctor, and in major metropolitan areas parking costs have continued to rise as inventory in parking garages is reduced,” he says.

“Luxe’s model, where we bring a breakthrough business model together with the latest mobile technology creates efficiencies and cost savings for consumers.”

Twitter co-founder threatened by Islamic State militants

Twitter co-founder Jack Dorsey has been threatened by Islamic State militants, according to Fairfax.

The threat was posted online and comes after the social media network has shut down a number of accounts to stem the militant group’s propaganda and also comply with its policy of not allowing accounts to threaten others with violence.

Twitter has issued a statement saying it was investigating the legitimacy of the online threats and was cooperating with “relevant law enforcement officials”.

Overnight

The Dow Jones Industrial Average is down 98.48 points, falling 0.54% overnight to 18,190.15. The Aussie dollar is currently trading at around 78.19 US cents.

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