According to the Crowdinvesting Observatory at MIP, the School of Management of Politecnico di Milano, crowdinvesting in Italy is facing a severe downturn, with no immediate signs of recovery.
The latest report shows that as of June 30, 2026, there were 37 authorised crowdfunding platforms in Italy, down from 42 the previous year. Operational activity is even lower: only 30 platforms launched at least one campaign over the past 12 months.
Total funding raised between July 2025 and June 2026 stood at €164.19 million. This represents a drop of €96 million compared to the prior period, a 36.8% contraction, significantly sharper than declines in previous years.
Equity crowdfunding continues to be driven primarily by real estate projects, while non-real estate campaigns have dropped to all-time lows. Lending crowdfunding also recorded its lowest figures in five years, while minibond issuances through platforms remain a marginal segment.
Several factors account for this downturn. Many platforms ceased operations due to difficulties complying with the new regulatory requirements introduced by the European Crowdfunding Service Providers (ECSP) Regulation, as well as guidelines from CONSOB and the Bank of Italy, which in some cases suspended platform licenses. Investors, already impacted by delayed exits on equity projects and defaults in lending, have grown increasingly cautious.
Broader macroeconomic pressures have compounded these issues: market volatility redirected capital toward traditional investments, while persistent inflation drove up costs for businesses and construction sites, reducing repayment viability.
EQUITY CROWDFUNDING
Equity capital raised between July 2025 and June 2026 totaled €82.37 million across 114 campaigns, marking a 28% drop compared to the preceding 12 months.
Non-real estate equity campaigns raised €26.96 million between July 2025 and June 2026, down approximately 44% year-over-year.
Real estate equity campaigns raised €55.41 million, reflecting a 16.6% drop, a much more moderate decline compared to non-real estate operations.
The average target raise has declined compared to previous periods. The average equity raised per campaign was €178,479. This figure excludes real estate equity crowdfunding platforms, which raised an average of €978,846 per campaign. The average share of capital offered in exchange for the capital raised was 8.23% (with significant variability), based on an average pre-money valuation of €3.38 million.
Unlike last year, equity crowdfunding is no longer used primarily by innovative startups, but increasingly involves standard SMEs. Companies raising capital were primarily “traditional” SMEs (51%). Innovative startups accounted for less (29%), while innovative SMEs made up 10%, with investment vehicles closing out the total (10%).
LENDING CROWDFUNDING
Between July 1, 2025, and June 30, 2026, Italian business lending platforms issued €77.55 million in direct loans, a 45.4% decline compared to 2024–2025 and far below peak growth periods. Over this 12-month period, campaigns averaged a loan duration of 16.5 months and an annual interest rate of 10.58% (slightly higher than the previous year).
Business direct lending platforms accounted for 23.6% of all lending offers published during this period. The average fundraising target was €147,852.
Real estate lending continues to dominate the segment, accounting for over 75% of campaigns. However, overall volumes dropped significantly, with the average target per campaign standing at €237,910.
SUBSCRIBE TO THE SCALEUPITALY NEWSLETTER
The report (in Italian) is available at the following link: https://www.osservatoriefi.it/efi/osservatorio-crowdinvesting/