Crowdfunding in Europe has already achieved a significant level of growth, adoption and maturity. Various forms of crowdfunding now offer a wide variety of opportunities for Europeans to pursue a range of financial and community-minded/philanthropic aims. Here is a review of equity crowdfunding platforms in Europe, including some niche ones that show how this alternative finance sector is developing in specialist ways.
What is equity crowdfunding?
This form of crowdfunding enables founders of privately-owned businesses to raise funding through selling equity in their company. It is particularly useful for businesses that are at a pre-trading stage with no income because they are unable to qualify for loans, and for businesses seeking modest investment levels that are often too low for venture capitalists to be interested. One of equity crowdfunding’s great benefits to the companies raising funds is that if a business fails the owners do not have to repay equity investments, though it comes with high risks for investors: only one in ten new businesses last ten years or more. Yet successful ones can provide investors with exceptionally high levels of return.
The Americans have arrived in Europe
In the UK the equity crowdfunding sector is dominated by Crowdcube and Republic Europe (formerly Seedrs), which between them have more than an 80% share of the UK equity crowdfunding market. Republic Europe is a recent rebranding of the Seedrs platform since being acquired by the US platform Republic, and exemplifies US expansion in to the European market. Both the UK platforms have European offices that are authorised under European Crowdfunding Service Provider Regulations (ECSPR) to run cross-border fundraising projects throughout the full European Union.
Since February 2023, another US equity crowdfunding platform, Wefunder, operates a pan-European platform which is based in The Netherlands. As in the United States, Wefunder EU enables retail investors to invest in privately-owned businesses alongside angel investors and venture capital funds.
Opportunities to crowdfund across almost the whole continent in single projects, and the arrival of US players, has put pressure on the smaller platforms and the industry is entering a period of consolidation through mergers and acquisitions. The European Crowdfunding Market Report 2023, released in January 2024, informed us that 42% of equity platforms expected to either merge with another platform or be acquired by another platform in the near future.
Impact investing
At the same time, more platforms are trying to carve out a unique marketplace niche. ECSPR provides tremendous opportunities for platforms that were previously restricted to operating within national boundaries to flourish if they can add the right types of investor to their network throughout the whole European Union plus the EEA (European Economic Area).
Platforms that have focussed on particular industry sectors include the French platform We Take Part, which is dedicated to supporting cleantech and climatetech startups. It bridges the gap between entrepreneurs and investors through highlighting innovations that contribute to a sustainable and resilient future. Similarly, Invesdor Group, originally from Finland and now operating across Scandinavia, the UK, and German speaking Austria and Switzerland as well as Germany itself, has positioned itself as an impact investing platform. It offers equity investments and loan opportunities through bonds. Italy’s Ecomill is another equity crowdfunding platform dedicated to energy transition and sustainability.
One key aspect of such impact investments is that backers are seldomly concerned only with a financial return on their investment. They also gain a personal reward from knowing their investment decisions are making a contribution to social and environmental benefits, on whatever scale they may be.
Wider investment opportunities
Some platforms have moved away from a sole focus on crowdfunding as a way for privately-owned business to raise investment budgets. In the UK, both Crowdcube and Republic Europe have developed secondary markets where buyers and sellers can trade shares in private companies that they did not originally acquire through either of the platforms.
With more than 80,000 investors and total investments of over €50m, the German equity-based crowdfunding platform Companisto has several renowned business angels, corporate finance specialists, and venture capital companies in its network.
Sowefund, in France, works with VCs to provide startups with funding from a far smaller “crowd” of more institutional investors. In the UK the SeedLegals platform operates in a similar fashion with a network of angel investors, family funds and VCs. The Envestors platform based in the UK has a network of only high net worth personal investors who sign up to invest significant amounts each year.
Mamacrowd is a leading equity platform in Italy.
In the Republic of Ireland, equity crowdfunding is dominated by the Spark Crowdfunding platform, which began in 2018. However, since May 2023 the Irish-based venture private equity group VentureWave has owned a majority stake in the Estonian platform Funderbeam, which has moved more towards the institutional VC, family funds and angel investor sector.
In Belgium, on the other hand, the Spreds platform (formerly MyMicroInvest), continues to focus on equity and loan crowdfunding for early stage businesses planning to raise between €50,000 and €1,000,000. The platform fully believes in the multi-faceted power of the crowd to help validate a business concept and demonstrate consumer interest, while experienced investors help to examine the valuation of a company and the potential returns on investment.
Investing outside Europe
There are platforms that provide European-based investors with cross-border opportunities to diversify their investment portfolios through acquiring equity in startups, or lending to micro-businesses, in developing economies.
Crowdinvest in the UK is a good example: it features equity investment opportunities in tech startups in developing economies, including India. Built on Web3, tokenised cross-border transactions are made using blockchain technology.
LendaHand in The Netherlands raises funds across Europe to facilitate loans to small and micro-businesses in developing economies.
Platform regulation
Equity crowdfunding platforms have to meet strict legal requirements and complete a thorough Due Diligence process for each project they host. They are regulated by financial authorities, such as the Financial Conduct Authority in the UK, its equivalent in each other country in Europe, and the European Securities and Markets Authority (ESMA) for platforms trading under ECSP Regulations across the whole European Union and the EAA.
Other equity crowdfunding platforms in Europe can be found among the members of the UK Crowdfunding Association or at CrowdSpace, the German Bundesverband Crowdfunding, the European Crowdfunding Network, and the Global Equity Crowdfunding Alliance (GECA).
Crowd ownership of high value assets
There are several online platforms that allow non-high net worth investors to purchase shares or fractional ownership in high-value assets like luxury watches, art, cars, wine, and whisky. These platforms make it possible for everyday investors to diversify their investment portfolios and participate in the ownership of assets that would otherwise be beyond their reach, and for which they may feel a personal passion. The assets often become the property of a ring-fenced individual company, owned by crowds who acquire equity in the various companies.
Like any investment, there’s a risk of loss, especially since these assets can be more volatile or influenced by market trends. Many of these assets also require a long-term holding period to realize their potential appreciation. During such an extended time, these investments are often less liquid than traditional stocks or bonds, although some platforms do offer a secondary market for trading. There can also be costs for safeguarding these assets that would not be applicable to investing in company equity. Blockchain and NFT technology are making an impact in this sector.
A leading source of data on fractional ownership investment performance is the Knight Frank Luxury Investment Index (KFLII), which tracks the performance of 10 popular “investments of passion.”
Knight Frank’s Luxury Investment Index Q4 2023
| Asset class | 12-month price change (%) | 10-year price change (%) |
| Art | 11% | 105% |
| Jewellery | 8% | 37% |
| Watches | 5% | 138% |
| Coins | 4% | 56% |
| Coloured diamonds | 2% | 8% |
| Wine | 1% | 146% |
| Furniture | -2% | 40% |
| Handbags | -4% | 67% |
| Cars | -6% | 82% |
| Whisky | -9% | 280% |
Here are some relevant platforms. I have chosen a cross-section to show the range of what is available.
Konvi
Konvi is a pan-European crowdfunding platform, based in Dublin, Ireland, for people to invest through shared ownership of luxury items like watches, art and fine wines. A holding company is created for every asset that is going to be funded. This holding company and its purpose is to own, manage, and sell that one particular asset. When a person invests in an asset, they become a shareholder in this holding company. Konvi was founded in 2020,
ARTSPLIT
ARTSPLIT allows retail investors to buy fractional shares in high-value artworks. The platform, which is based in Paris, France, selects and acquires pieces from established and emerging artists, offering them as “Splits” to investors who can purchase shares. Investors can choose from a curated collection of artworks, which are professionally valued, insured, and stored. This allows retail investors to own a portion of blue-chip and contemporary art without the need to invest large sums of money.
The minimum investment can vary but typically starts from as low as €50 per share, making it accessible for a wide range of investors. ARTSPLIT offers a secondary market where investors can trade their shares. This means investors can buy or sell their shares in the artworks with other investors on the platform, providing flexibility and potential liquidity.
Wine Owners
This platform is based in London, and has a focus on fine wine and spirits. It operates as both an investment and a wine portfolio management platform. Investors can buy, sell, and manage wine collections with the platform acting as a marketplace. The minimum investment varies depending on the specific wine but often starts around a few hundred pounds. It is ideal for wine enthusiasts and investors looking to directly own bottles of fine wine or build a diversified portfolio.
CaskX
This platform specialises in whisky casks from leading distilleries in Scotland and the US. Investors can purchase entire casks or fractions of whisky casks, with the option to let them age or sell when the value appreciates. Its head office is in California, though it also has an office in Scotland.
WiV Technology
WiV Technology is based in Oslo, Norway, and offers fractional ownership of fine wine and rare spirits. It uses blockchain technology to tokenize fine wine assets, enabling secure trading. Investors can purchase shares in individual bottles or cases of wine, and the platform offers full traceability and provenance verification. The minimum investment starts at around €50, and there is a secondary market where investors can trade wine tokens, providing liquidity. It is ideal for investors interested in combining blockchain technology with fine wine investment.
A look to the future of crowdfunding in Europe
I will leave the final words to the European Crowdfunding Network. It seeks to align crowdfunding with the new European Commission’s vision for sustainable growth
“As Europe advances its sustainability and digital innovation goals, crowdfunding can play a pivotal role. Platforms are already facilitating direct investments in renewable energy projects, circular economy initiatives, and technological start-ups, directly supporting the EU’s green and digital transitions.
Crowdfunding is also an important tool for fostering democratic engagement in the economy. By allowing European citizens to invest directly in securities or loans for businesses, crowdfunding offers a transparent and participatory model for financial inclusion. Though small in scale compared to institutional mechanisms, crowdfunding enables bottom-up economic participation that aligns with the EU’s ambition to strengthen social cohesion and economic resilience.”
For 10 years I have been an independent crowdfunding advisor, with no attachments to any particular platforms. If you have crowdfunding ideas or plans you would like to discuss with someone who can give objective views and support, please get in touch through [email protected].