Under ECSPR you raise through a licensed crowdfunding service provider, up to €5M per 12 months. You prepare a Key Investment Information Sheet (KIIS) of up to six pages and are responsible for its accuracy. The platform tests non-sophisticated investors' knowledge, warns them above €1,000 or 5% of net worth, and gives them four days to change their mind.
- Raise up to €5M per project owner per 12 months through an authorised provider.
- The project owner prepares the KIIS (max. six A4 pages) and is liable for it under national law.
- Non-sophisticated investors pass an entry knowledge test and a loss-bearing simulation.
- Warnings apply above €1,000 or 5% of net worth per project.
- Non-sophisticated investors have a four-day reflection period to revoke.
What does the founder have to do?
- Choose an authorised platform. It must hold an ECSPR licence; the passport lets it serve investors across the EU.
- Pass the platform's due diligence. Platforms check the project owner and management, including criminal records and good standing.
- Prepare the KIIS. A standard, short document: who you are, the project, the risks, the terms of the instrument, fees and investor rights.
- Agree the instrument. Transferable securities, admitted instruments or loans, depending on the platform and your company form.
- Run the campaign within the platform's rules and the marketing rules of the target countries.
What protections affect your round?
| Safeguard | What it means for you |
|---|---|
| Entry knowledge test | Some investors take longer to onboard |
| Loss-bearing simulation | Investors see what losing their money means |
| Warning above €1,000 / 5% net worth | Larger retail tickets need extra confirmation |
| Four-day reflection period | Commitments can be revoked; plan your close accordingly |
What instrument can a German company use?
German GmbH shares need notarisation to transfer, which makes them a poor fit for a crowd. German crowd rounds have often used subordinated, profit-participating loans instead. See why German crowdfunding often doesn't sell shares. Each platform will tell you which instruments it supports under its licence.
How does this compare with the US?
The €5M limit mirrors Reg CF's $5M, but the protections and documents differ, and a US portal cannot raise for a German company. Read our ECSPR guide for the platform side and Reg CF vs Reg D vs Reg A+ for the US options.
What goes into the KIIS?
| Part | Content |
|---|---|
| Project owner and project | Who you are, what the money is for |
| Main features and conditions | Amount, deadline, minimum, instrument |
| Risk factors | Main risks, in plain language |
| Instrument details | Rights, transferability, valuation basis |
| Fees and costs | What investors pay, if anything |
| Investor rights | Reflection period, complaints, information |
The KIIS must be fair, clear and not misleading, and in an official language accepted where it is marketed. The platform reviews it for completeness and clarity, but responsibility for accuracy stays with you.
How should you plan the campaign?
- Pre-warm your community before launch; most crowd money arrives in the first and last days.
- Plan for the four-day reflection period: commitments in the final days can still be revoked.
- Prepare answers to common questions in advance.
- Coordinate with any angels or funds investing alongside the crowd on the same terms.
What happens after the raise?
You will report to investors as agreed and as required by the platform. Treat crowd investors like any shareholder or lender: regular, honest updates. A monthly or quarterly investor update works well.
Frequently asked questions
How much can a startup raise under ECSPR?
Up to €5 million per project owner over 12 months.
What is a KIIS?
A Key Investment Information Sheet: a standardised document of up to six pages prepared by the project owner, describing the project, risks and the terms of the investment.
Who is liable for the KIIS?
The project owner and its management, under the liability rules of the relevant member state.
Can investors withdraw from an ECSPR crowdfunding investment?
Non-sophisticated investors have a four-day reflection period during which they can revoke their offer or expression of interest without penalty.
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Join the waitlist →Sources and further reading. Regulation (EU) 2020/1503 (ECSPR); BaFin, Operating a crowdfunding platform.
Educational material, not legal, tax or investment advice. Rules and figures change; confirm with qualified counsel or a tax adviser in your jurisdiction before acting. Last updated October 6, 2026.