I don't know how he took the money, but this is a classic error on Kickstarter. You need to set your cash target at 20% more than you need to make the products, so you can cover unexpected problems. And also so you're not scrabbling around trying to raise extra cash halfway through the process.
Whereas a lot of people set their target deliberately low, to guarantee they'll get funded and then hope that the extra they can make from stretch goals will take them over the line of the actual cash they need. Plus of course the hope that the success of reaching the funding goal will generate buzz and more orders - that "this project funded in 2 hours" marketing bullshit that's so common on these kind of projects.
That's assuming the fundraisers are honest of course. They're the ones who then desperately try to make the thing for the next year with only 2/3rds of the budget they need - and almost have a nervous breakdown doing it.
Then there's the ones who get the money and then worry about what to do next - while making sure they spend a good portion of it while they're doing this thinking. The types who claim to have a fully working prototype that just needs production funds - but then spend a year on "product development" and never actually get round to actual manufacturing.
Kickstarter and in particular Inidiegogo don't seem to mind too much which types they get.