Summary

The global crowdfunding market has demonstrated dynamic growth, with its size estimated at $1.67 billion in 2022 and a projected compound annual growth rate (CAGR) of 16.7% from 2023 to 2030. This growth trajectory is primarily driven by the increasing proliferation of crowdfunding activities on popular social media platforms and technological advancements such as AI and ML. Between 2020 and 2022, the market experienced a significant impact from the COVID-19 pandemic, with investments plunging circa 23% compared to 2019. However, the sector showed resilience, with platforms adapting and improving their services. The Russian-Ukrainian conflict in 2022 caused further disruption, where monthly financing volumes sharply dropped in Q1, especially for platforms exposed to the Ukrainian and Russian markets. Despite these challenges, the European sector saw funding volumes recover by the end of 2022, reaching levels similar to the year's end in 2021, indicating a bounce-back and potential for future stability and further growth..Crowdfunding Dynamics and Trends in Italy The Italian crowdfunding market has experienced a significant evolution in its demand patterns, the nature of participating companies, and the preferences of various investor segments. Despite facing challenges such as digital illiteracy and skepticism towards online payments, the sector has demonstrated remarkable resilience and growth potential. In fact, between 2010 and 2020, Italy saw a notable expansion in reward and donation-based platforms. Looking at the more recent figures, investment in equity crowdfunding and the inclusion of crowdfunding into the Italian economic fabric has become increasingly prominent. A considerable amount of capital, between €1.1 billion and €1.2 billion, was raised through crowdfunding platforms between June 2014 and June 2023. Among the different crowdfunding types, equity-based platforms, including minibonds, accounted for around €662 million, while lending-based platforms generated about €551 million. It is worth noting that there has been a slight contraction, with a 1% decrease in the total capital raised in the year ending June 2023 compared to the previous year. Demand in Italy shows a tendency towards diversity with equity crowdfunding campaigns catering to a variety of industries and niches, from real estate to innovative technological startups. The crowdfunding campaigns in the non-real estate sector amassed capital inflows of approximately €86.64 million, down by 11%, affected chiefly during the first half of 2023. Contrarily, real estate crowdfunding platforms exhibited a noteworthy year-on-year growth of around 28%, accumulating resources of about €56.42 million. In the realm of investors, there is a clear skew towards male participants, who represent about 86% of the investor base, with little sign of the gender gap lessening. Moreover, the most active age group in equity crowdfunding comprises adults between 36 and 50 years old, making up 43% of the investment community. The geographical distribution of companies engaged in equity crowdfunding favor regions such as Lombardy, which leads with 457 firms representing over 40% of the total, followed by Emilia Romagna and Lazio. The trend appears to persist, with Lombardy also leading in terms of new broadcasters in the last 12 months, reaching nearly 46%. While traditional crowdfunding continues, new trends are emerging in Italy. Crowdinvesting, encompassing both equity and lending, has seen a significant uptick with platforms recording an over 25% increase compared to the previous year. Similarly, there is a growing emphasis on social cause crowdfunding, with platforms like GoFundMe catering to a surge.### Key Players Shaping Italy's Crowdfunding Landscape Italy's crowdfunding scene has several influential platforms that act as intermediaries between those seeking funds and the investors willing to support various projects and business ventures. These platforms are not just conduits for capital; they also provide strategic guidance, market validation, and promotional support to help startups and small businesses achieve their financing goals. Below are some of the main players that contribute significantly to the dynamism of Italy's crowdfunding market. #### MamaCrowd (Siamosoci s.r.l) Based in Milan and established in 2011, MamaCrowd stands as one of Italy's premier equity crowdfunding platforms, facilitating investments in innovative startups and SMEs. The platform is known for its meticulous project selection process and commitment to offering a user-friendly interface for investors and project initiators alike. By allowing investors to become shareholders in the companies they support, MamaCrowd plays a pivotal role in democratizing investment opportunities and fostering economic growth across various sectors. #### Crowdfundme s.p.a Crowdfundme, headquartered in Milan and founded in 2013, offers a platform that connects investors with companies, both startups and established SMEs, looking for funding. The platform has made a name for itself in the Italian market, attracting investors beyond traditional financial circuits and aiming to be an industry leader. With a diverse portfolio of innovative projects across technology, fashion, and food, Crowdfundme is enabling investors to diversify their investments and participate in the growth journey of exciting Italian ventures. #### Opstart s.r.l Established in 2015 and operating out of Bergamo, Opstart presents a multifaceted crowdfunding platform that includes equity, debt, and lending options. The company serves as a fintech hub, streamlining the capital-raising process for startups and SMEs and offering investors alternative financial instruments to beef up their portfolios. Opstart's contribution to the innovation ecosystem is enabling the economic advancement of numerous business projects with alternative financing solutions. #### Backtowork24 s.r.l As Italy's leading equity crowdfunding platform, BacktoWork, founded in 2018 in Milan, advocates for investment in startups, SMEs, and real estate projects. Supported by Intesa Sanpaolo, the platform allows private and professional investors to become part of the venture they back with manageable investment amounts, coupled with significant tax incentives. The platform's strategy consists of creating a sustainable finance ecosystem for smaller enterprises, letting investors become stakeholders with the potential for lucrative returns. These key players in Italy's crowdfunding space
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  • Last update : 20/12/2023
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Summary and extracts

1 Synthèse du marché

1.1 Introduction

The crowdfunding market is an emerging and dynamic sector that focuses on raising funds from a large number of people through online platforms. In Italy, the main forms of crowdfunding are reward crowdfunding, equity crowdfunding, lending crowdfunding, and donation crowdfunding:[Shopify]

  • Reward Crowdfunding: used for arts and cultural projects. Backers receive non-monetary rewards related to the funded project, such as access to exclusive content or sending the product they are funding.
  • Equity Crowdfunding: adopted mainly by SMEs and innovative startups. In exchange for the investment, backers receive company shares or a share in the profits, thus becoming partners in the company.
  • Lending Crowdfunding (or P2P Lending): is based on lending money between individuals through an intermediary platform. The individual making the loan gets the repayment of principal plus interest.
  • Donation Crowdfunding: funders support a project or cause without expecting anything in return. Primarily used for funding social initiatives, charitable or humanitarian projects.

Crowdfunding in Italy had an early start, however, despite this anticipation, its development has encountered various obstacles, including a high rate of digital illiteracy and a significant distrust of online payments. Despite these challenges, crowdfunding has continued to evolve and mature in Italy. In the decade between 2010 and 2020, we witnessed the expansion of reward and donation crowdfunding platforms, the success of social lending, and a real boom in crowdfunding platforms in 2013. The latter led to the emergence of specific regulation for equity-based crowdfunding.[Crowd-funding]

The trend in more recent years has shown the evolution of crowdfunding toward greater loyalty, decentralization, and internationalization. Growth in equity crow dfunding and greater incorporation of crowdfunding into the Italian economic fabric is expected in the coming years. [Crowd-funding.]

The global crowdfunding market is expected to grow from $1.41 billion in 2023 to $3.62 billion by 2030, with a compound annual growth rate(CAGR) of 14.5 percent over the forecast period.[Fortunebusinessinsight]

This study focuses on the crowdfunding market in Italy. For information on related markets, such as FinTech, please refer to the specific studies available in the Businesscoot catalog.

1.2 The global market

The global crowdfunding market size has been estimated at $*.** billion in **** and is expected to expand at a compound annual growth rate(***) of **.* percent from **** to ****.

The rise of crowdfunding activities on social media are a significant factor driving market growth. Platforms such as Facebook, X, Reddit, Instagram, and Linkedln are ...

1.3 The Italian market

According toMIP's Crowdinvesting Observatory, the total capital raised by Italian companies through crowfunding platforms in the June ****-June **** period was €*.** billion.

Specifically, €*** million was capital raised through Equity-based platforms (***) raised in June ****-June ****.

Donation and Reward Crowdfunding

As of June **, ****, there were ** Italian portals active in Donation and Reward, two fewer ...

1.4 Impact of covid-19 and the Russian-Ukrainian conflict

Impact of Covid-**

Looking at a longer time horizon, two main trends of the crowdfunding market can be seen: it shows itself as a dynamic sector subject to shocks.

Investment, in fact, plummeted during the first covid wave between February and April ****; the market contracted by about ** percent in **** compared to ...

2 Analyse de la demande

2.1 Demand in Italy

Crowdfunding Campaigns

Equity crowdfunding campaigns published on non-real estate platforms in the past ** months generated capital inflows of €**.** million, down ** percent from the previous period. The performance was particularly affected in the first half of ****.

Real estate platform projects, on the other hand, catalyzed resources of € **.** million, with good year-on-year growth ...

2.2 Demand drivers

The drivers of crowdfunding demand consist of several factors that stimulate both individuals and businesses to seek funding through this mode. The main ones are examined below.

Access to alternative funding sources: on the promoter side, crowdfunding offers an opportunity to raise funds for individuals or companies that may have difficulty ...

2.3 The geographical distribution of demand

The figure below shows the geographic distribution of companies involved in equity crowdfunding campaigns on Consob-authorized portals.

In first place is Lombardy, with *** firms (***).

Based on new broadcasters in the last ** months, Lombardy comes in at **.* percent, and in second place is Emilia Romagna (***).

2.4 New trends in demand

Crowdinvesting on the rise in Italy

The data reported by theObservatory of the School of Management of the Politecnico di Milano shows a positive trend, specifically with reference toequity and lending: the ** platforms recorded a +**% increase over ****, with more than *** million euros raised in ** months. All segments have seen encouraging signs, ...

3 Structure du marché

3.1 The market structure

Equity Crowfunding - Sponsoring Firms

There are *,*** firms that were the protagonists of the *,*** campaigns considered by the Report on Crowfunding ****, as there are cases of issuers conducting multiple campaigns at successive times, either on the same portal or on different portals.

As can also be seen from the graph, the ...

3.2 The value chain

The crowdfunding value chain refers to the various stages and components that contribute to the success of a collective funding campaign. This chain can be broken down into several key stages:

3.3 The main players

The following are the main companies with equity crowdfunding platforms based in Italy.

MamaCrowd (***): an equity crowdfunding platform based in Italy, founded in ****, is headquartered in Milan. it is known for offering investment opportunities in startups and SMEs, allowing investors to become shareholders in the companies they invest in. The platform ...

4 Analyse de l'offre

4.1 Supply analysis

Crowdfunding is a financing channel through which personal or professional projects by individuals and small businesses can be financed directly by a multitude of parties (***) takes place on online platforms that provide information about individual projects and manage the flow of money.

(***)

Crowdfunding is an alternative financing channel to that ...

4.2 The prices

Crowdfunding campaigns can involve a number of costs, which can be divided into * macro-categories:

Commissions Controlling Costs Interest Implementation Costs

The cost directly attributable to launching a campaign on one of the authorized platforms concerns fees, which constitute the platform's remuneration.

The average fee charged for equity crowdfunding campaigns is around ...

4.3 New supply trends

The main trends related toofferings in the crowdfundind sector, which is constantly evolving, are reported.

Integration of Blockchain Technology

Blockchain technology is finding increasing application in crowdfunding platforms, providing greater transparency, security and reducing the risk of fraud. Indeed, this technology ensures maximum traceability and immutability of transactions, originating from anywhere ...

5 Règlementation

5.1 The legislation

Italian crowdfunding legislation has undergone several updates and innovations over the years. Moreover, Italy appears to be among the first countries and to have specific and organic legislation related, in particular, to equity crowdfunding.

The push also stemmed from the observation that in Italy, companies find it difficult to find adequate ...

6 Positionnement des acteurs

6.1 Segmentation

  • Siamosoci s.r.l (MamaCrowd)
  • Crowdfundme s.p.a
  • Opstart s.r.l
  • Backtowork24 s.r.l
  • Wearestarting s.r.l
  • The Ing Project s.r.l (200 Crowd)
  • Starsup s.r.l

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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Siamosoci s.r.l (MamaCrowd)
Crowdfundme s.p.a
Opstart s.r.l
Backtowork24 s.r.l
Wearestarting s.r.l
The Ing Project s.r.l (200 Crowd)
Starsup s.r.l

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