The Crowdinvesting market continues to contract. After the boom years, in the last 12 months – from July 2024 to June 2025 and more evidently from January – there was a New drop of 14%. The negative sign characterizes almost all the sectors and adds to the flexion (-5.3%) of the previous year. There collection It has been equal to 260.65 million euros, a figure that has brought total cumulative value since Crowdinvesting exists in Italy at around 1.57 billion euros. The authorized platforms, however, are increasing: in June 42 were found (a figure that is second only to France in the European Union) against 33 of 2024, a sign that we are adapting to the new European authorization process, now entered fully. It is the photograph taken by the tenth Italian report on Crowdinvesting, made by the homonymous observatory of the School of Management of the Polytechnic of Milan, which has analyzed the most recent available data.
“We are in the presence of a moment of difficulty in the national market of financial investments conveyed with crowdfunding platforms, without a recovery on the horizon -confirms Giancarlo Giudici, director of the Observatory -. The reasons are many: the increase in interest rates, the uncertainty on global markets that has prompted to privilege very liquid and less risky asset class, the new ECP regulation that has determined a ‘selection’ in the number of authorized platforms and for some players a forced stop to the collection, perhaps even a certain disappointment for investments who did not give the desired results. But that’s not enough to explain the phenomenon. “
“Ten years after the start of crowddinvesting in Italy – continues Giudici – Many questions remain unresolved. Why are the great majority of companies that collect risk capital through crowdfunding do not grow? Why do they propose systematically too optimistic business plan? Why don’t they take root the minibonds that should offer more contained risks than Equity? And why is crowddinvesting more and more ‘real estate’? These are some research and discussion issues that involve entrepreneurs, investors, consultants and policymakers and that must be deepened if you want to interpret correctly what is happening “.
The authorized portals
The European ECSP regulation (European Crowdfunding Service Providers) relating to European Crowdfunding services suppliers for businesses, since last year reference point for all operators. As of June 30, 2025, 42 platforms in Italy were authorized, plus an Italian authorized Italian in Spain, against 33 censuses the previous year, a figure that places Italy in second place in Europe after France (61 portals). Several active players in the past have renounced to apply for the new authorization, which requires a series of more expensive obligations. Among the authorized ones, 22 asked to operate in the placement of securities, 14 in that of direct loans, 6 in both segments.
Equity crowdfunding
Over the past 12 months, equity campaigns have collected 110.95 million euros on the market, a value practically unchanged compared to the previous period, bringing the total collection of cumulated risk capital to 792.93 million euros. The real estate projects (+32%) recovered land while non-real estate projects continue to suffer (-19%). There were 160 new risk capital collection campaigns, stable compared to the last report and with a trend success rate that remains high (88%): the incidence of real estate projects (49) rises, which reaches the record percentage of 30.6%.
The average value of the collection target For non -real estate projects in the last 6 months it has been equal to 207,133 euros, that of real estate projects is equal to 1,112,955 euros. On average for non -real estate projects, 8.77% of the capital is offered in return and the practice of proposing securities without voting rights under a certain investment threshold (and voters above the threshold) is confirmed, while in the real estate campaigns, more and more numerous, the offer of non -voting shares prevails.
Among the 1,384 total broadcasters present on the Italian territory, the innovative startups, which were the masters, continue to lose ground and today they represent just 28.6%, for the benefit of SMEs. On a geographical level, Lombardy continues to keep the bench (565 companies, 40.8%) followed by Emilia-Romagna (158, 11.4%), Lazio (117, 10.1%), Piedmont (96) and Veneto (84), while in the south Campania is first with 41 broadcasters (3%). Even if you look at the last 12 months and the 141 new broadcasters, the podium is the same-Lombardy with 50 companies (35.7%), Emilia-Romagna with 26 (18.6%), Lazio with 24 (17.1%)-but the South is practically absent, with only 2 cases in Puglia and 1 in Molise. As for the sectors, the most represented continue to be information and communication services.
The platform that has collected more risk capital and which has published multiple campaigns (300) since the beginning of the activity is Mamacrowd, with 213.23 million euros collected (36.75 million in the last year), followed by Walliance with 127.17 million. Crowdfundme is in third place with 119.68 million, but if only the last 12 months are analyzed, his growth takes it to second place. The gender gap of investors remains significant: only 19% are women, even if the percentage is gradually going up over time.
After the collection campaign, some companies manage to grow in terms of turnover and marginality also reaching the stock exchange quotation, but the large majority does not show significant growth and is increasing the number of broadcasters that have been closed and paid. Few become profitable in the immediate and only a very small minority manages to overcome the targets compared to the revenues expected in the initial business plan: according to a specific investigation proposed this year in the report, after 3 years from the campaign over a third of the companies analyzed has revenues of less than 100,000 euros. In the last 12 months there have been several subsequent Crowd collection rounds.
Lending crowdfunding
As for the placement of MiniBond, in the last 12 months 9 campaigns on 2 portals have been concluded-the leader in this area is Fundera-and the collection was equal to 7.65 million euros (-73% compared to the previous period), with a historical cumulative of 127.67 million euros. It is a still small and little ‘populated’ sector. Crowd platforms have practically disappeared from the Italian market that lend to natural persons, acquired and absorbed by other financial players.
The platforms active on direct loans, on the other hand, have collected 142.05 million euros in the last few months: both non-real estate projects (-1% compared to the previous year) and above all real estate (-18%) lose land, bringing the historical cumulative to 646.70 million euros, as many as 529 of which relating to Real Estate. The campaigns closed in the last 12 months are 391, all of them arrived at success. The average value of the collection target is 287,037 euros, the minimum investment cut is lower than the equity campaigns. The expiry of the loan requested is on average around 15 months with a refund almost always Bullet. The average annual interest rate risen in the first half of 2025 to 10.07% (in June 2024 it was 9.82%).
Market leaders in the last 12 months is confirmed as Rerowd with 61.12 million euros collected and a cumulative historian of 219.37 million. Ener2Crowd follows with 16.62 million euros to the assets and trusters with 15.38 million, which is however at the top of the podium by number of campaigns.
Real Estate crowdfunding
The Real Estate Crowdfunding industry in the last two years has played a fundamental role in supporting the Crowdinvesting market in Italy. Typically these are short-medium term projects that aim to redevelop, or carry out from scratch, and subsequently selling real estate properties: crowdfunding has an important role of boost in the initial funding thanks to the speed of harvesting and the absence of real guarantees.
The projects financed in the last year in this sector have collected 181.76 million euros, -5.1% compared to the previous period. Lending projects (117.99 million) suffer while recovering those equity (63.77 million). The first semester 2025 went bad enough and takes us back to the levels of 2022. The average annual return expected risen in the first semester 2025 to 14.45% for equity offers and 10.42% for those lending.
