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Summary of our market study
The French crowdfunding market is estimated at €2.3 billion in 2022 and over €2 billion in 2023.
The global crowdfunding market is valued at $1.25 billion in 2022 and is expected to grow by 14.5% annually to reach $3.6 billion in 2030. The market is concentrated in China, the United States and Europe.
In France, the total amount raised between 2021 and 2022 reached €7 billion. By 2022, over €2,300 billion had been raised through crowdfunding initiatives.
The French market is mainly driven by loans (90% of funds raised). Donations account for just 4.5%.
Real estate crowdfunding is a booming segment, marked by a 40% increase in amounts raised by 2022 and over 1,000 projects financed since 2020, mainly for renovation and urban development projects.
The cultural sector attracts the majority of donation-based crowdfunding and has raised over 70 million euros.
During the COVID-19 pandemic, state-guaranteed loans via crowdfunding platforms were an essential tool for companies to maintain their liquidity.
The market is relatively concentrated, with six approved platforms accounting for more than half of the amounts raised.
Wiseed relies on business continuity plans to support operations in uncertain times. Lita.co has waived commissions to encourage continued investment in high-impact businesses.
The Ile-de-France region leads the way in crowdfunding investments, accounting for around a third of the amounts financed, followed by the Provence Alpes Côtes d'Azur region and Auvergne.
Crowdfunding players
Global powerhouses
- GoFundMe: Known for its global reach and predilection for personal fundraising, GoFundMe has established itself as one of the most recognizable names in crowdfunding.
- Kickstarter: Platform specializing in helping to bring cultural and creative projects to fruition.
French pioneers
- KissKissBankBank: This platform offers a wide range of crowdfunding formats in France, for entrepreneurs, artists and social causes.
- Ulule: One of the first crowdfunding platforms in France to specialize in crowdfunding.
Other platforms
- WiSeed adapts its services to sustainable and ecological projects.
- Lita.co has carved out a place for itself in ethical investing, suspending commissions to reinforce solidarity with high-impact companies.
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Summary and extracts
1 Market summary
1.1 Introduction and definition
Crowdfunding, or participatory finance, refers to "the exchange of funds between individuals outside of institutional financial circuits, in order to finance a project via an online platform."[French Ministry of the Economy, Finance and Industrial and Digital Sovereignty]
One of the specific features of crowdfunding is therefore the nature of the players in this sector: funders are mainly individuals, rather than traditional players (banks, investment funds, etc.).
The main forms of crowdfunding are reward crowdfunding, equity crowdfunding, lending crowdfunding and donation crowdfunding:
- Reward crowdfunding: used for artistic and cultural projects. Backers receive non-monetary rewards linked to the funded project, such as access to exclusive content or delivery of the product they are funding.
- Participatory financing: mainly adopted by SMEs and innovative start-ups. In exchange for their investment, backers receive shares in the company or a share of the profits, thus becoming partners in the business.
- Lending Crowdfunding (or P2P Lending): this involves lending money between individuals via a platform. The individual making the loan receives the return of capital plus interest.
- Donation Crowdfunding: lenders support a project or cause without expecting anything in return. Mainly used to finance social initiatives, charitable or humanitarian projects.
The principles of crowdfunding originated in the 19th century with the financing of part of the Statue of Liberty. However, crowdfunding has only existed in its current form since the late 2000s.
Although relatively recent, this sector is very dynamic and has experienced strong growth since its inception. Between 2022 and 2021, the total amount raised through participatory financing rose by 25%.
1.2 A robust global market
Crowdfunding market size Worldwide, ****-****, in billions of dollars CAGR: +**.** Source: ****
In ****, the global crowdfunding market size was estimated at $*.** billion. The market is expected to grow at a rate of **.*% per year until ****, reaching sales of $*.* billion. In terms of volume, China dominates the market: in ****, the country held a ...
1.3 Sustained growth in the domestic market
Market size of alternative finance France, ****-****, in millions of euros CAGR: +**.*% Source: ****
The graph above shows the evolution of the total amount of funds raised in France through participatory finance between **** and ****. The market has experienced exceptional growth in recent years. Since ****, the funds raised each year have multiplied by ...
2 Demand analysis
2.1 Preferences of French investors
Donations
Evolution of the volume and structure of donations in crowdfunding France, **** - ****, in €M Source: ****
Although it represents a small share of the total amount raised in crowdfunding (***), the donations segment grew significantly between **** and ****. This increase was driven by non-rewarding donations, which increased more than fivefold in ****. This dynamic ...
2.2 Characteristics of French investors
Source: ****
The map above shows the geographical distribution of French investors, expressed as a percentage of amounts financed in each region. There is a strong concentration of demand in Ile-de-France, with **.**% of amounts financed, followed by Provence Alpes Côtes d'Azur (***) ,with foreign investors contributing **.**% of amounts financed.
The age breakdown ...
2.3 Demand trends: real estate crowdfunding
Today, real estate crowdfunding is a very dynamic sector, driving growth in the crowdfunding market.
Growth in amounts raised through real estate crowdfunding France, **** - ****, in €M Source: ****
In fact, the volume raised by this crowdfunding segment is clearly on the rise, topping the €*,*** million mark in ****. This figure is **.*% higher ...
2.4 Demand trends: sustainability
At a time of climate change, the crowdfunding market has a crucial role to play. The sector has a duty to develop a sustainable industry that combines economic, social and environmental dimensions. Investors seem well aware of this challenge, as this segment is very dynamic. **,*** projects have a social or environmental ...
2.5 Influence of the pandemic on the sector
The French government helps companies meet their liquidity needs. For example, since May *, ****, the government has provided a state-guaranteed loan via a lending platform with the status of an intermediary in participatory financing (***). [***]
Planet-fintech reports that there will certainly be a slowdown in investments linked to traditional fundraising, and therefore also ...
3 Market structure
3.1 Market overview
Crowdfunding platforms act as intermediaries between investors/donors and project contributors. The following diagram describes the relationships between these different players:
Source: ****
France has three market-leading platforms: Ulule, KissKissBankBank and WiSeed.
Fundraising is organized on web platforms that must be registered with ORIAS (***) as :
Intermédiaire en financement participatif (***) for financing ...
3.2 A relatively concentrated market
Volume of funds raised
The crowdfunding sector is driven by a small number of major players, and in this sense resembles an olligopoly.
Platform segmentation by fundraising volume France, ****, in Source: ****
In fact, six platforms account for more than half of the total amount collected (***), while ** others account for just *.*%. What's ...
3.3 Typology of players
The players who can launch a fund-raising campaign are diverse and varied. The following chart provides an overview of the main projects funded:
Number of projects financed by type of player France, ****, in units Source: ****
Individuals are the most prolific in terms of projects financed, with **,*** projects in ****. Players in the ...
4 Offer analysis
4.1 Types of financing
As mentioned above, there are three main types of funding: donations, loans and investments.
The following table lists the financing methods and project proposal frequency of the various crowdfunding players:
Associations are the most active in terms of project proposals. On average, they propose *** projects per week. This dynamism is due ...
4.2 Case study: the Ulule platform
Ulule is a major player in the French crowdfunding sector. The company has raised a total of over *** million euros. In ****, total funds raised amounted to **.*** million euros.
The following chart shows the average amount paid out by category:
Average contribution by project category France, ****, in € Source: ****
Average contributions are globally ...
4.3 Fee comparison
Source: ****
5 Rules and regulations
5.1 Current regulations
Structure
The text below comes from Financement Participatif .
The decree of September **, **** created the status of intermediary in participatory financing (***), for IFP platforms; or by the AMF l'Autorité des marchés financiers, for PIC platforms. Platforms must adopt one of the following statutes, and be registered with Orias , the unique register ...
6 Positioning the players
6.1 Segmentation
- GoFundMe
- Funding Circle
- KissKissBankBank
- Ulule France
- Anaxago
- Bricks.co
- Crowdcube
- Tudigo
- Club Funding
- Tickando
- Sowefund
- Blast
List of charts presented in this market study
- Crowdfunding market size
- Most active categories
- Most popular categories, by total amount invested (euros)
- Growth in amounts raised through crowdfunding
- Breakdown of funds raised through crowdfunding by type
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Latest news
Bloks, real estate crowdfunding that focuses on local businesses - 17/04/2023
- Bricks.co and Bloks are real estate crowdfunding platforms in French Tech.
- Bloks was created recently and focuses on commercial real estate investment.
- Baltis Capital is another real estate crowdfunding platform created in 2016.
Anaxago - 08/02/2023
- Alternative investment specialist specializing in real estate, combining the crowdfunding platform Anaxago.com, the management company Anaxago Capital and a wealth management consulting business
- Sales in 2022 of €14 million (versus €10.5 million in 2021).
- Anaxago is profitable (20% of sales).
- Its investment platform (mainly in real estate) has raised €200 million (48 operations, 30% more than in 2021).
- It repaid nearly €80 million to its investors at an average annual interest rate of 9.5% in real estate.
- More than 13,000 investors on the platform, and 10 disposals
- 27 million euros invested in start-ups
- Acquisition of French management company Cap Horn
Real estate investment platform Bricks.co launches a participative fundraising campaign with the 1001Pacte platform. - 11/04/2022
- Brick.co has raised 5 million euros in equity capital from its 150,000 users.
- The platform is aiming for 600,000 customers and 250 million euros in new acquisitions by 2022.
- It intends to expand internationally, opening subsidiaries in Portugal, Spain and Belgium.
- Around 100 new hires are planned.
- With initial sales of 1.5 million euros and 40 employees, proptech is paid on a commission basis.
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