According to the Crowdinvesting Observatory at MIP, the School of Management of Politecnico di Milano, the overall capital raised by Italian companies through crowdfunding platforms from 2014 to June 2024 was € 1.57 billion. In particular, € 793 million was the capital raised through equity-based platforms (including minibond), and € 774 million through lending-based platforms. Capital raising continued to slow down, with € 260.65 million (-14%) raised in June 2024-June 2025.
According to the latest report, as of 30 June 2025, there were 42 authorised crowdfunding platforms in Italy, 27% more than the previous year. Among the authorised operators, 22 have applied to operate in securities placement, 14 in direct credit placement, and 6 in both segments. Italy ranks second in authorised portals in Europe after France (61 authorisations as of June 2025).
EQUITY
The equity raised from July 2024 to June 2025 was €110.95 million (+4%), with 160 campaigns, consistent with the previous year.
Mamacrowd, Walliance, and CrowdFundMe were the top platforms in terms of overall capital raised.
The reference year is the year the campaign was closed
The average equity raised per campaign was € 207,133, with an 81.7% success rate. These numbers do not consider the real estate equity crowdfunding platforms, which, on average, raised € 1,112,955 per campaign. The average share of capital offered in exchange for the capital raised was 8.77%, with significant variability, with non-voting shares below a particular investment threshold.
Companies raising capital were primarily innovative start-ups (56.7%), innovative SMEs (11.9%), “traditional” SMEs (20.1%), and investment vehicles (11.3%). The median pre-money valuation was approximately € 2 million.
In June 2024-June 2025, 9 minibond placement campaigns were concluded on 2 portals for € 7,65 million (-73%). The leading platform in this area was Fundera.
LENDING
On the lending side, crowd platforms that lend to individuals have practically disappeared from the Italian market (they were acquired and absorbed by other financial players). Only Talents Venture remains.
Business direct lending platforms raised €142.05 million (-15%) in 391 campaigns. The average fundraising target was €287,037, and the average loan term was around 15 months. Almost all loans are bullet.
The average annual interest rate offered to business lending increased to 10.07% in the first half of 2025.
The market leader over the last 12 months was Recrowd, with €61.12 million of capital raised and a historical total capital raised of €219.37 million. Trusters was the platform that published the highest number of campaigns in the period June 2024-June 2025 (72).
REAL ESTATE
Real estate crowdfunding has played a key role in supporting the crowd-investing market in Italy over the past 2 years.
Typically, these are short- to medium-term projects that aim to redevelop or build from scratch real estate properties with subsequent sale.
Crowdfunding plays an important role in boosting initial financing due to the speed of capital raising and the absence of collateral.
Projects financed in this segment between June 2024 and June 2025 raised € 181.76 million, 5.1% less than in the previous period.
The average annual yield offered increased in the first half of 2025 to 14.45% for equity offerings and 10.42% for lending offerings.
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The report (in Italian) is available at the following link: https://www.osservatoriefi.it/efi/osservatorio-crowdinvesting/