Crowdfunding-Wochenrückblick: 7.–13. September 2026

The SEC proposed a new way for retail investors to reach private securities last week — through advisors, not direct investment, a notably different model from the one crowdfunding itself pioneered. US Reg CF activity ticked back up in August after July’s pullback, even as fewer investors made the commitments. And Italy had a busy week on two fronts at once, hitting a real estate funding milestone while one of its platforms emerged from a regulatory suspension with new governance in place.

Lead Story

SEC proposes rule to expand retail investor access to private securities via advisors

The SEC proposed a rule change allowing retail investors greater access to private securities through registered investment companies and investment advisors, aiming to modernize the long-standing limitations under Regulation D, which currently restricts most private offerings to accredited investors. Critics argue the proposal keeps a gatekeeper model in place — access runs through an advisor, not directly to the investor.

Why it matters: this sits in real tension with the model crowdfunding itself pioneered. Reg CF and Reg A give retail investors direct access to private offerings, with no advisor in between. If the SEC’s advisor-gated route gains traction, it could either expand the overall pool of capital moving into private markets or pull demand away from direct crowdfunding investment — platforms should watch which way investors actually go once both paths exist side by side.

Success Stories

ReelFlow closed £308,501 on Republic Europe (United Kingdom) — the Birmingham-based interactive video company, founded by the creators of Ackroo, raised from 43 investors against a £285,005 target.

Oxhy raised a $2M seed round, 8x its crowdfunding target (Italy) — the Naples-based deep-tech company’s oversubscription points to strong investor appetite for its technology.

The Traveller ULW10 retro monitor beat its Kickstarter goal within 24 hours — over $176,000 raised against a $12,000 goal, for a retro CRT-style LCD monitor aimed at retro gaming enthusiasts.

Nullpunkt raised €450,000 from the crowd (Switzerland) — the Swiss cleantech startup’s raise reflects continued investor interest in sustainable technology ventures.

Crowdfunding is enabling construction of 30 new homes in County Limerick (Ireland) — financing secured through Property Bridges is now delivering the Cois Currán housing development, with completion expected by mid-2027.

Campaign News

• Infinity Fuel Cell and Hydrogen (USA) opened an equity round on DealMaker Securities at a $65.6 million valuation, seeking up to $4.99 million for its patented hydrogen fuel cell technology, which partners with NASA and the US Navy.
• Air Moana is raising up to €17 million (~$19.8M), including a €5 million equity crowdfunding tranche across multiple platforms, to fund the French Polynesian airline’s operations.
• Tokyopop’s Reg CF campaign is facing scrutiny amid financial uncertainty (USA) — the publisher is seeking up to $1.235 million after an independent CPA review raised substantial doubt about its ability to continue as a going concern.
• Jay&Joy opened a €1.3M round on Crowdcube (France) — the plant-based cheese producer is targeting EBITDA profitability by 2027.

Platform Updates & Tech

• Seed & Spark maintains an 82% campaign success rate for film crowdfunding (USA) — the no-fee platform added new distribution partnerships and released a Crowdfunding Playbook this year.
• Kickstarter and Google launched the Next Wave Fund for African tech startups — offering a $10,000 capital pledge, technical support, and training for early-stage hardware, software, and gaming companies.
• Recrowd resumed full operations after a Bank of Italy suspension — the property crowdfunding platform returned over €35 million to investors during the suspension and has since completed a €5.32 million capital increase under a new board chairman and CEO.
• Wadiz expanded support for foreign entrepreneurs entering Korea — a partnership with the Global Startup Center has brought over 30 entrepreneurs from 18 countries through workshops and training to launch projects on the platform.

Trends & Market Data

• Reg CF commitments rose 9.4% in August despite a sharp drop in investor numbers — issuers raised $27.4 million, with average check sizes up and Wefunder, StartEngine, and Dealmaker leading.
• South Korea’s online P2P lending balances nearly quadrupled since January — personal credit loan balances reached roughly 610 billion won by August, with total P2P balances up 41.1% year-over-year, as banks and card issuers tighten lending.
• India’s P2P lending offers 14–22% returns, but platform quality matters more than yield — the number of RBI-registered platforms has dropped to 10–12 following regulatory changes.
• Italian real estate crowdfunding has surpassed €1 billion in cumulative funding — a genuine milestone, though projections point to continued but moderate growth ahead.

Key takeaway: capital is concentrating, not disappearing, across several of this week’s markets.

• US Reg CF checks are getting bigger as the crowd gets smaller. August’s commitment increase came alongside investor numbers nearly halving — a shift toward fewer, larger bets.
• Asia’s P2P markets are scaling on tighter bank credit, with real quality filtering underway. Korea’s balances are surging as banks pull back, while India’s shrinking platform count suggests weaker players are exiting as regulation tightens.
• Italy’s billion-euro milestone reflects years of steady compounding, not a single breakout year — a useful contrast to markets still in their early scaling phase.

Regulation

• The Philippine SEC proposed stricter crowdfunding rules and higher fundraising limits — draft rules would raise limits for both equity and debt-based crowdfunding while adding investment caps for retail investors, mandatory investor education, and enhanced fund segregation.
• The SEC received industry feedback on its proposed Regulation Crypto Assets — a leading crowdfunding advocate submitted formal comments comparing the crypto exemption framework to Reg CF and Reg A, the first sign of real industry engagement since the proposal was unveiled in August.

The Philippines is raising the ceiling on crowdfunding while tightening the guardrails around it — a combination that could position it as a faster-growing but better-protected market than some of its regional peers.

Regional Focus: Italy

Italy had a full week on two very different fronts. Naples-based Oxhy closed its seed round eight times oversubscribed, and the country’s real estate crowdfunding sector crossed €1 billion in cumulative funding — a real milestone for a market that’s been building steadily rather than booming. At the same time, Recrowd emerged from a Bank of Italy suspension with new governance, having returned over €35 million to investors before raising fresh capital of its own. Growth and accountability are running in parallel in the same market, not trading off against each other.

What This Means for the Industry

The SEC’s advisor-gated approach to private securities access sits in real tension with the direct-to-retail model crowdfunding has run on since the JOBS Act — and this week’s US data suggests that direct model is still finding its footing, with Reg CF commitments rising even as the number of investors making them nearly halved.

Abroad, the Philippines moved to tighten protections just as its market grows, while Italy showed both sides of a maturing market — a funding milestone and a governance fix happening in the same week. Individual campaigns, meanwhile, kept closing well across very different sectors, from hydrogen fuel cells to plant-based cheese to a housing development that’s now actually under construction.