Editorial

For much of the past decade, European crowdfunding has been defined by regulation. The debate began with the need for a Single Market, leading to the adoption of the European Crowdfunding Service Providers Regulation (ECSPR). More recently, attention has shifted to questions such as increasing the €5 million fundraising threshold, expanding admitted instruments, refining disclosure […]

The European crowdfunding market, operating under Regulation (EU) 2020/1503 (ECSPR), has entered a more structurally complex phase. ECSPR established a harmonised, cross‑border framework for early‑stage and SME financing. As the market matures, macro‑financial pressures, investor demand for private‑market exposure, and the broader policy objectives of the Capital Markets Union are reshaping how platforms position themselves

Crowdfunding, ECSPR and Europe’s Unfinished Capital Market Europe does not lack innovation. It lacks the financial system to scale it. This is a familiar diagnosis, repeated widely. The European Union consistently ranks among the global leaders in scientific output, patenting, and deep-tech research. Yet it struggles to translate that strength into globally competitive firms. The

The ongoing, largely UK-based scrutiny surrounding BrewDog, after an exit at a lower valuation than previous funding rounds left many retail investors with losses, has thrown a curve ball into the debate, triggering a familiar reflex. When outcomes for small investors disappoint, attention quickly turns to the mechanism that enabled their participation. In this case,

The European Crowdfunding Service Providers Regulation (ECSPR) was meant to be a milestone in the EU’s push for a truly integrated capital market, creating direct investment opportunities for retail investors, by offering a unified licence, harmonised disclosure, and a level playing field for platforms and investors alike. ECSPR has been spearheading a new wave of

The European crowdfunding market, operating under the European Crowdfunding Service Providers Regulation (ECSPR), has entered a decisive phase. After years of regulatory transition, in which EUROCROWD played a central role, licensing efforts, and high expectations for rapid cross-border expansion, the reality of 2024 and 2025 has been more sobering. The sector is not contracting in

A decade ago, Europe set out an ambitious vision: to build a Capital Markets Union (CMU) that would deliver deeper, more diverse, and more integrated capital markets, fostering growth, innovation, and economic resilience. In 2015, EUROCROWD joined forces with leading European associations, including AFME, EBF, BAE, EBAN, EBN, EUROCHAMBRES, and European Issuers, to publish a

Europe is blessed with world-class research, talented innovators, and ambitious entrepreneurs. Yet, too often, groundbreaking ideas struggle to reach the market. Fragmented policies, complex regulations, and inconsistent support mechanisms slow the journey from lab to launch — and in too many cases, push innovators toward grey capital markets that operate outside transparent and regulated frameworks.

In the modern history of financial markets, few narratives have proven as resilient — and as functionally hollow — as that of venture capital. For decades, the VC model has stood as both a symbol of innovation and an architecture of power: selecting winners, shaping markets, and imposing values cloaked in optimism. But behind the

More than three years after the introduction of the European Crowdfunding Service Providers Regulation (ECSPR), Europe’s crowdfunding ecosystem is navigating a landscape of both promise and uncertainty. While the regulation has delivered on its goal of creating a harmonized single market for crowdfunding across EU member states, the transition has also exposed structural weaknesses in