The last 12 months mark a new step backwards in the crowdinvesting market in Italy, especially for the part equity (-25.5%): the sector of minibond (+34.5%), which even exceeds the segment of non-real estate lendingand that real estate (+7.2%), which knows no crisis. After the slight decline (-1%) of last year in fact, the first to undermine constant growth over time, a new contraction of the market has been recorded: 302.35 million euros of collection in one year, -5.3% compared to the previous 12 months. The cumulative value since crowdinvesting has existed in Italy is now 1.3 billion euros (excluding platforms that collect mainly not from the Internet and those that lend to natural persons). The total number of authorized platforms is clearly down, due to the new European authorization process that few have already completed: in June there were half (33 against 66) compared to those of the previous year, and yet it is the second highest number in Europe after France (56).
These are some of the findings contained in the ninth Italian Report on Crowdinvesting, produced by the Observatory of the same name School of Management of the Polytechnic University of Milan which analyzed data from the last year up to June 30, 2024.
The Crowdinvesting Observatory studies that subset of crowdfunding that allows individuals and institutional and professional investors to join directly, through a enabling internet platformto an appeal to raise resources for a business project, by granting a loan (lending-based model) or by subscribing to shares of the company’s risk capital (equity-based model). Without forgetting other forms of crowdfunding, crowdinvesting is an interesting opportunity both for entrepreneurs who intend to finance their activities, and for investors looking for returns and opportunities to diversify their portfolio.
Authorized portals
The new ECSP Regulation (European Crowdfunding Service Providers) relating to European providers of crowdfunding services for businesses, completed in recent months by national legislative provisions and by second-level legislation Consob And Bank of Italyhas been the point of reference for all operators since this year. As of June 30, 33 Italian platforms were authorized, plus one authorized in Spain, compared to the 66 registered the previous year (many of which were inactive), and yet this is the highest number in Europe after France (56): many players have either closed their business or are still waiting for the authorization needed to continue. Among those authorized, 2 are new, 18 have asked to operate in the placement of securities, 9 in direct lending and 6 in both segments.
Equity crowdfunding
In the last 12 months the equity campaigns they collected on the market 106.53 million euroswith a decrease of 25.5% compared to the previous period (-32.6% for non-real estate projects), bringing the total risk capital collection to 678.09 million euros. There were 161 new campaigns, a sharp decrease compared to the past, but the success rate remained high, around 90%.
The average value of the collection target for non-real estate projects in the last 6 months was 194,233 euros, that of real estate projects 1,1184,833 euros. On average, for non-real estate projects, 4.78% of the capital is offered in exchange and the practice of offering non-voting shares below a certain investment threshold (and voting shares above the threshold) is confirmed, while in real estate campaigns the offer of non-voting shares prevails.
Among the broadcasters (which as in the past operate mainly in Lombardy, followed in overall numbers by Lazio, Emilia Romagna, Piedmont and Veneto, while in the South the most represented regions are Campania and Puglia; as for the sectors, the information and communication services always stand out) Innovative SMEs and not, and above all investment vehicles, have gained further space and, an unprecedented fact, innovative startups have fallen below 50% (43%). There are 53 companies that have carried out an equity crowdfunding campaign for the first time in the last 12 months.
The platform that has finalized and raised the most venture capital since its inception is Mamacrowdwith 176.67 million euros (46.02 million in the last year), followed by Walliance with 113.48 million euros which however has seen its second place snatched away in the last 12 months by Yeldo Crowda portal specializing in real estate (15.42 million). The one that published the most campaigns in total is CrowdFundMe (257), while in the last year Mamacrowd (51) stands out. The gender gap among investors remains significant: only 16% are women.
After the fundraising campaign, some companies manage to increase turnover and margins, even reaching the stock market listing, but the vast majority do not show significant growth and the number of broadcasters that have been closed and liquidated increases. Few become profitable immediately and only a very small part manages to exceed the targets with respect to the revenues foreseen in the initial business plan. In the last 12 months, several subsequent rounds of crowdfunding have been recorded.
lending crowdfunding
As regards the placement of minibonds, in the last 12 months 19 campaigns have been concluded on 2 portals – the leader in this field is Fundera – and the collection amounted to 28 million euros (+34.5% compared to the previous period), with a cumulative total of 120.02 million euros. Crowd platforms that lend to individuals have practically disappeared from the Italian market, acquired and absorbed by other financial players: only Talents Venture.
The platforms active in direct loans to businesses have raised 167.82 million euros in recent months (+7.7% compared to the previous year) with an excellent increase in real estate projects, bringing the total collection to 504.65 million. The campaigns closed in the last 12 months are 515, with a failure rate of 1%. The average value of the collection target is 282,212 euros, the minimum investment cut is lower than equity campaigns. The maturity of the requested loan is on average around 15 months with repayment almost always bullet. The average annual interest rate rose in the first half of 2024 to 9.82%. The market leader in the last 12 months is undoubtedly Recrowd with 73.60 million euros collected (and a cumulative of 158.25 million), but Trustees It is the platform that has published the most campaigns, 82.
Real estate crowdfunding
The industry of real estate crowdfunding over the past 12 months has been instrumental in supporting the crowdinvesting market in Italy. Typically these are short-medium term projects that aim to redevelop, or build from scratch, and subsequently sell real estate properties: crowdfunding plays an important role in boosting initial financing thanks to the speed of collection and the absence of real guarantees.
The projects financed in the last year in this sector have raised 191.56 million euros, +7.2% compared to the previous period. The portion of lending projects is progressing at a good pace (143.41 million, +20.9%) while the portion of equity projects is suffering (48.15 million, -14.7%). The first half of 2024 recorded a record amount of funding. The average annual yield offered is stable in the first half of 2024 at 13.22% for equity offers and has instead risen slightly for lending offers (10.01%).
