Crowdfunding platforms, on which individuals club together to fund projects of all kinds, raised $16.2 billion last year, according to Massolution, a research firm. Regulatory reform, international expansion and cross-border deals have helped boost the industry, as has a tide of investors seeking rewards or equity in return for their cash. Growth was highest in Asia, where there was a 320% increase in funding, with $3.4 billion raised, propelling the continent past Europe to become the second-largest crowdfunding region. North America retained first place last year but its lead is being eroded. In 2015 crowdfunding in Asia is forecast to grow by more than double the rate in North America.