Crowdfunding is the process of funding a project or idea by raising many small amounts of money from a large number of people usually by internet.

ICO is an unregulated way by which funds are raised for a new crypto currency venture. An Initial Coin Offering is used by developers to bypass the rigorous and regulated capital-raising for their desired project usually it is made by selling their token or coin's idea to the customer for a certain amount.

So itis safe to say that ICO is a type of crowdfunding.