11° Report italiano sul Crowdinvesting (Politecnico di Milano (Osservatori Entrepreneurship Finance))

Summary

• The Italian crowdinvesting market experienced a decline of -37.6% in the first half of 2026 compared to the first half of 2025.p.4
• A total of 114 new equity campaigns were launched over the last 12 months, down from 160 in the previous year.p.6
• Real estate campaigns represented 25.4% of new equity campaigns launched over the past 12 months.p.6
• Equity fundraising in the first half of 2026 declined by -29% compared to the same period in 2025.p.8
• Lending crowdinvesting fundraising experienced a decline of -46% in the first half of 2026 relative to the same period in 2025.p.13
• The top 3 platforms account for 56% of total fundraising volumes in the lending crowdinvesting market over the last 12 months.p.14

Key insights

1. Overall crowdinvesting market volumes over the last year decreased by -36.8% compared to the prior period.p.4
2. Out of 104 equity issuers over the last 12 months, 86 were new entities issuing for the first time.p.10
3. Innovative startups remain a minority among equity crowdinvesting issuers.p.10
4. The campaign flow in lending crowdinvesting during the first half of 2026 reached its lowest level in 5 years.p.11
5. For the first time, real estate equity fundraising outperformed real estate lending fundraising.p.15
6. Promised yields offered on real estate crowdfunding campaigns continued to increase slightly.p.16