Funding propensity increases with accumulated capital and may lead to herding - The propensity of individual funders to invest in a project increases rapidly with accumulated capital. On Sellaband, in a given week, funders were more than twice as likely to invest in creators who reached 80% of their funding goal, relative to those who had raised only 20% of it (Agrawal, Catalini, and Goldfarb, 2011). The acceleration is particularly strong towards the end of the fundraising campaign, similar to online lending platforms (Zhang and Liu, 2012), and raises concerns of herding behavior. At the same time, projects that are eventually successful might slow down in the middle of the process because of a bystander effect - a reduction in the propensity to fund by new individuals because of the perception that the target will be reached regardless (Kuppuswamy and Bayus, 2013).