This research draws data from survey responses and actual transaction data to examine the effect of primary motivations on funding behavior in reward-based crowdfunding platforms. Findings show that altruistic motivations are associated with early funding, and with larger funding in the early stages. In contrast, reward motivations are associated with late and larger funding across stages. Furthermore, women funders show stronger relationships between altruistic motivations and funding timing, especially in the early stages. This research advances understandings about reward-based crowdfunding, especially about individual funder behavior and theories of motivation. Practically, the findings suggest that project creators can increase funding success by promoting different types of motivations and targeting different demographic groups according to funding stages. Specifically, creators may highlight altruistic giving (rewards) in their campaigns at early (late) stages. They should also target women when promoting altruistic motivations at early stages.