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).

Contents
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

L’article 45 de la loi du 2 août 2002 confie à la FSMA la mission de contrôler le respect des règles de conduite visées aux articles 26, 27, 28 et 28 bis de cette loi. Le Corps central d’inspection de la FSMA assure l’exercice de ce contrôle.

A partir du mois de mai 2013, la FSMA a effectué une série d’inspections auprès de plusieurs établissements de crédit et entreprises d’investissement afin de s’assurer de la bonne application des règles de conduite relatives au devoir de diligence.

La présente note donne un aperçu des principales constatations et positions que la FSMA entend communiquer au secteur à l’issue de ces inspections.