Crowdinvesting made in Italy
A comprehensive study

V. Caivano, C. Lucarelli, F.J. Mazzocchini, P. Soccorso

FinTech no. 13 - July 2025 [PDF] (Italian version)
 

Abstract
Crowdfunding is a form of financing that has been present in Italy for several years. The phenom-enon has been regulated in our country since 2013, at least insofar as equity investments are concerned. At the European level, however, a comprehensive and uniform regulatory framework was only introduced in 2020 by Regulation (EU) 2020/1503, which came into full application in November 2023. This paper examines the opinions and levers driving different actors, namely enterprises, investors and crowdfunding service providers. The study employed a range of differentiated analysis tools, including both qualitative and experimental techniques. The evidence gathered between December 2022 and January 2023 through qualitative analysis indicates that drivers and deterrents of crowdfunding are several and heterogeneous. In detail, they refer to functional and strategic aspects, as well as attitudinal and cultural considerations. In particular, the survey addressed to crowdfunding service providers revealed a sector that is aware of its strengths and weaknesses and is prepared to seize the opportunities deriving from the new regulatory framework and to manage any challenges. Finally, the results of the experimental analysis used to investi-gate the decision-making process of retail investors in equity crowdfunding show that they place greater importance on specific pieces of information, such as the participation of other investors (both profes-sional and retail) in the campaign or the direct commitment of the entrepreneur.
In this context, crowdfunding sector could be further developed thanks to tax incentives for in-vestors and enterprises, as well as measures to facilitate the divestment of financial instruments related to crowdfunding campaigns. Information and knowledge continue to play a key role in the sector’s growth, as they have the potential to affect some of the cultural barriers that are among the most pervasive deter-rents to accessing this funding and investment channel.

Authors
Valeria Caivano - Consob, Research Department (v.caivano@consob.it);
Caterina Lucarelli - Università Politecnica delle Marche (c.lucarelli@univpm.it);
Francesco James Mazzocchini - Università Politecnica delle Marche (f.j.mazzocchini@univpm.it);
Paola Soccorso - Consob, Research Department (p.soccorso@consob.it).

The authors would like to thank Nadia Linciano for providing valuable coordination during the development phase of the research project and Cris-tian Delfino for his assistance in the project's inception. The authors also acknowledge Paola Deriu, Giovanni Musella, and Emma Iannaccone for their insightful comments and contributions. The authors would also like to express their gratitude to the Italian crowdfunding service providers Backtowork24, Build Around, Concrete, CrowdFundMe, Ecomill, Fundera, Meridian 180, SiamoSoci, StarsUp, Walliance and WeAreStarting for their participation in the research. It is the responsibility of the authors alone to account for any errors or imprecisions. The opinions expressed herein are those of the authors and do not necessarily represent the views of CONSOB. In citing this work, therefore, it is incorrect to attribute the argu-ments expressed therein to CONSOB.

Keywords: crowdfunding; crowdinvesting; investors’ choices; equity crowdfunding; private/public information; soft/hard information; herd behaviour; Discrete Choice Experiment; financial knowledge; digital agency; financial commitment

ISBN 9788894369793