When it comes to crowdfunding, many businesses imagine an undistinguished crowd of online investors ready to fund any interesting project.

In reality, it does not work that way. Most of the equity crowdfunding investors, in particular, are not anonymous speculators or institutional investors, but ordinary people who choose to support a company they believe in, economically and value-wise.

Crowdfunding is first and foremost a relationship marketing operation, not only of alternative finance: it allows business relationships, reputation and trust to be converted into capital. In this sense, the success of a campaign depends not only on the project or the promised return, but above all on the ability of the company to Build and cultivate a community of investors.

For making crowdfunding, therefore, you must first learn about the typical investor: in this article we find out. who are the investors in crowdfunding And how to reach them.

The identikit of the equity crowdfunding investor

L'equity crowdfunding investor does not move like a financial professional: his behavior is closer to that of an involved customer. Understanding who he is, how he thinks, and why he invests is the first step in properly setting up the campaign communication and marketing strategy.

There are no “serial” investors”

Contrary to popular belief, in crowdfunding there is no large pool of investors who regularly participate in dozens of campaigns.
The Polytechnic's 2025 report, like all previous reports produced by the’Crowdinvesting Observatory, shows that the majority of equity investors participate in one campaign, driven by direct interest in the company or its product/service. Only an insignificant minority diversifies across multiple deals: it is not with that minority that successful equity crowdfunding campaigns are completed.

This finding makes it clear that seeking “serial investors” is not an effective strategy: the real strength of crowdfunding lies in the ability to Turn existing contacts into investors, not in looking for new ones in an undifferentiated way.

Customers and potential customers as the main target audience

In equity, but also in reward crowdfunding, the target investors almost always coincide with the target customers.
Those who have already purchased a product or service or have an interest in doing so are the first parties willing to invest in the company that produces it, for one simple reason: they already know the value of what it offers or they can benefit from that value because it satisfies a need of theirs.

This direct relationship is the basis of the crowdfunding marketing, an approach that enables:

• To build customer loyalty through economic and value involvement;
  
• Stimulate positive word of mouth, turning customers into ambassadors;
  
• achieve a double return: economic (capital raised) and commercial (new customers).
  

The key, then, is to set up capital collection as a corporate function of marketing and sales: you can learn more about this topic in our article on communication for crowdfunding and in many other practical articles on our blog.

Crowdfunding works best when it does not merely “seek capital,” but builds lasting relationships.

Reward and exclusive benefits as investment leverage

To turn customers or potential customers into investors, it is crucial to use reward levers typical of marketing, such as discounts, previews, customizations, or investor-only experiences.
These tools, well integrated into communication, make the investment more tangible, offer a immediate gain rather than far in time and help reinforce the sense of exclusivity and participation.

The investor does not just buy a corporate share, but participates in a project that he or she already feels a part of because he or she becomes a “plus customer” who combines immediate economic interest, unique rewards, and potential future returns.

The role of the community

Every successful crowdfunding campaign, as we have seen, relies on a community. A online community is not created out of thin air: it is built over time, involving those who have a real connection to the enterprise and its mission.

The most loyal investors become natural ambassadors: tell about the project, share content, bring in new customers and potential future investors.
This advocacy network is an extension of the sales funnel: the relationship does not end at the time of investment, but continues afterwards, with updates, dedicated events, and initiatives to co-marketing.

Creating an active community means fueling a virtuous cycle: more people involved → more trust → more investors → more visibility.

This type of participation generates smart money, that is, capital that brings with it added value: expertise, contacts, promotion, operational synergies. This effect is amplified if we involve other stakeholders in addition to customers.

Other stakeholders to be involved

Engaging customers is the foundation of any successful crowdfunding campaign, but extra potential investors can also be found among other Stakeholders who revolve around the company: people and organizations that share economic, business or value interests and can contribute not only capital, but also expertise, relationships and visibility.

The main ecosystem useful to the company in seeking investors is the one that already supports it in its day-to-day operations: first and foremost customers, as we mentioned, but potentially also suppliers, distributors, partners, collaborators.

These individuals know the business model, understand its prospects, and often have a direct interest in its growth.

A supplier who invests in his customer, for example, helps solidify a long-term business relationship. A distributor who becomes a partner may be incentivized to expand the sales network with greater commitment. An employee who participates in the campaign gains a deeper sense of belonging and becomes an ambassador for the company to the outside world as well. All these individuals can obtain privileged business relationships as a reward.

The sketch of the lending crowdfunding investor

If the equity investor is mostly a customer or stakeholder who has specific interest in the project and wants to be part of it, the lending crowdfunding investor usually has a different profile.
In equity crowdfunding, the investor gets a benefit from even participating in the campaign, thanks to rewards, regardless of the future return, which is indeterminate and uncertain both in size and time. In lending, those who participate in a campaign do not enter the partnership, but lend money in exchange for a performance established in advance. It is an investment more like a traditional bond.

This model is especially attractive to those seeking medium to high returns in a short period of time, without having to tie up capital for years as is the case with equity. 

L'typical investor in lending is therefore an advanced saver, who uses the platform to Diversify the investment portfolio with higher-risk, alternative bond products. He does not necessarily know the company he is financing: his decision is based on objective parameters such as:

• interest rate offered;
  
• term of the loan;
  
• Risk class assigned by the platform;
  
• ancillary guarantees (e.g., surety bonds or insurance coverage).
  

In this sense, lending crowdfunding is closer to traditional investment models and can attract Even parties completely outside the company's network, interested only in the performance and soundness of the project.

Unlike equity crowdfunding, therefore, in lending the company can attract even unknown investors, as long as it clearly and transparently communicates the expected return and the soundness of its project.

It is not about “emotional involvement,” but about rationally convince: The goal is to show credible numbers and offer a competitive performance relative to the market.

Data and statistics on crowd investors

According to the’ESMA Market Report 2024, European crowdfunding is dominated by the models lending-based, which represent about the 65% of collected volumes.
Overall, 87 % of European investors. is of type retail, that is, unprofessional or unsophisticated.

Demographically, available data indicate that:

• the prevalent age group is 36-45 years old, followed by that 26-35 years old;
  
• women represent among the 18% and the 27% of equity investors, and among the 7% and the 25% of lending investors, with shares slowly increasing;
  
• only a minority share (about 5-10%) for now participate in cross-border campaigns.
  

The average European investor is, therefore, an adult male, with a medium to high level of education and digital inclination.

Knowledge who are the investors in crowdfunding, in conclusion, means firstly to know the general profile, and secondly to analyze the specific profile of one's target audience of potential investors, in order to study targeted and personalized communication.