The relationship between fundraising goal level and crowdfunding performance has received considerable attention in prior studies. However, the empirical findings and arguments regarding the relationship have been inconsistent. This research examines the differential influences of goal level on fund-based (e.g., total raised funds) and target-based (e.g., goal success) performances. Analyses of crowdfunding data from Kakao Together, a charitable crowdfunding platform in Korea, present that the type of performance metrics moderates the relationship between goal level and performance. The goal level is negatively related to target-based performance metrics but positively related to fund-based performance metrics.