Equity crowdfunding remains a vital pillar for democratizing access to capital for startups and SMEs. In 2025, the sector moved deeper into a phase of maturity, fully under the framework of the European Crowdfunding Service Providers (ECSP) Regulation. While this regulation has successfully harmonized the European market, it has also triggered a period of institutional consolidation.
In Italy, the equity crowdfunding market maintains its position as the second-largest in Europe, though it faced a cooling period following the record highs of previous years.
Key market statistics
According to the European Equity Crowdfunding Landscape 2025 (the pan-European report by Over Ventures in collaboration with the Italian Tech Alliance), Italy remains a central hub despite a localized dip:
- Total campaigns: Italy saw 78 successful campaigns in 2025 (a decrease from 91 in 2024).
- Total capital raised: the market raised approximately €39.4 million, representing a 25% decline compared to the previous year.
- Average round size: Round sizes remained specialized, with traditional sectors like Food & Beverage still drawing significant interest (e.g., Ciocomiti raising €2.3 million).
- Leading sectors: The market saw a heavy lean toward Life Sciences, Agri-Tech, and Artificial Intelligence, as investors shifted focus toward “deep tech” and high-impact sustainable technologies.
The platform landscape
Leading Italian platforms Mamacrowd, CrowdFundMe, and Opstart continue to dominate the domestic market. However, 2025 was defined by the “overtaking” of international platforms in the European rankings. While Capital Cell (Spain) led Europe in capital brokered due to its Life Sciences focus, CrowdFundMe and Mamacrowd remained top-tier for deal volume, ranking 3rd and 4th in Europe respectively for the number of completed campaigns.
The narrative for these platforms has shifted from domestic expansion to cross-border integration. With the ECSP “passport” now fully operational, Italian startups are increasingly using domestic portals to attract investors from across the EU, even as local regulatory tightening by Consob has forced smaller portals to merge or exit.
The European context
On the broader European scale, the market showed resilience and growth:
- European total: The EU market raised €280 million (a 12.2% increase from 2024) across 354 campaigns.
- Regional leaders: France continues to lead the continent with €98.3 million raised. Italy holds steady in second place, followed by Spain and the Netherlands.
- Professionalization: A notable trend in 2025 is the rising “ticket size” of the average investor (now €3,602), signaling that equity crowdfunding is no longer just for “the crowd” but is being actively used by business angels and family offices.
Looking forward
The 2025 data suggest that Italy is entering a “quality over quantity” phase. The consolidation of platforms and the integration of AI-driven vetting processes are expected to improve project success rates. While the total capital raised in Italy dipped this year, the increased involvement of institutional investors and the rise in cross-border rounds indicate that the Italian ecosystem is becoming more integrated into the global financial landscape.
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The full report is available at the following link: https://eecl.eu/