America's Cup organizers hit 1st fundraising goal

As San Francisco enters the year of the America's Cup, race organizers say they've secured the $12 million needed to clear the city's first crucial fundraising benchmark.

But some of that money came from an unconventional source — an agency within the America's Cup.

To cover the city's costs for the regatta, the America's Cup Organizing Committee, a newly formed team of local entrepreneurs and philanthropists, pledged to raise $32 million over three years.