Equity and debt-based crowdfunding in Belgium

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Developments over the 2012-2017 period




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The objective of this paper is to provide insight into the Belgian financial return-based crowdfunding landscape. It is based on a survey that the Financial Services and Markets Authority (FSMA) conducted of the five major platforms acting on the Belgian market. The platforms are: Lita.co, Ecco Nova, Look&Fin, Spreds and Bolero Crowdfunding. The paper analyzes the crowdfunding campaigns launched on those platforms during the period from January 2012 to December 2017.
This paper is divided into two main sections. The first section describes the data set collected and provides a description of the investors and the crowdfunding projects submitted to the five Belgian crowdfunding platforms under study.
The second section consists of an analysis of the characteristics of the successful crowdfunding campaigns launched since 2012. Throughout the analysis, we take particular interest in distinguishing campaigns based on two different dimensions: the type of campaign (equity or debt) and the category of campaign (public, private or mixed).

Executive Summary 3
Résumé 5
Samenvatting 6
Introduction 8
1. Data 10
1.1 Belgian crowdfunding platforms 10
1.2 Data set 11
1.3 Descriptive statistics 11
1.3.1 Investors 11
1.3.2 Projects 12
2. Analysis 12
2.1 Aggregated analysis 14
2.1.1 Number of projects 14
2.1.2 Amounts raised 15
2.2 Analysis of debt and equity characteristics 22
2.2.1 Equity 23
2.2.2 Debt 24
2.3 Analysis of campaign characteristics 27
2.3.1 Time needed to get financed 28
2.3.2 Number of investors 28
2.3.3 Investors’ contribution 30
Conclusion 34

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