A Taxonomy of Equity Crowdfunding Startups in Brazil
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Abstract
Objective: this study addresses a gap in the literature by providing a taxonomy of startup profiles in the equity crowdfunding (ECF) market, analyzing their financial performance from an accounting perspective. Methods: using cluster analysis, t-SNE dimensionality reduction, cross-tabulations, and regression trees, we classified 37 equity offers from six platforms (2017–2020). The proposed taxonomy distinguishes two groups: operational performance, characterized by negative profitability but high fundraising values, and financial performance, marked by positive profitability but modest fundraising values. Results: we argue that startups’ financial goals, the amount raised in fundraising campaigns, the category of ventures, the type of business, and financial performance indicators are relevant KPIs for investors in the Brazilian ECF market. The taxonomy also identifies distinct entrepreneurial profiles, complementing the ex-ante analysis with an ex-post perspective. Conclusions: this approach offers a strategic tool for investors and managers to make informed decisions based on historical results, contributing to a refined understanding of the determinants of business success.
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Felipe, I. J. dos S., Oliveira, A. M. B. de, & Carvalho, G. B. de. (2025). A Taxonomy of Equity Crowdfunding Startups in Brazil. Brazilian Administration Review, 22(3), e240093. https://doi.org/10.1590/1807-7692bar2025240093
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Courtney, C., Dutta, S., & Li, Y. (2017). Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory and Practice, 41(2), 265-290. https://doi.org/10.1111/etap.12267
Cumming, D., Johan, S., & Zhang, Y. (in press). Information asymmetry in entrepreneurial finance: The role of disclosure in equity crowdfunding. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2025.102202
Damodaran, A. (2009a). Valuing young, start-up and growth companies: Estimation issues and valuation challenges. https://dx.doi.org/10.2139/ssrn.1418687
Damodaran, A. (2009b). Damodaran on valuation: Security analysis for investment and corporate finance, Wiley Finance Book.
Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset, university (3rd ed.). John Wiley & Sons.
Denis, D. J. (2004). Entrepreneurial finance: An overview of the issues and evidence. Journal of Corporate Finance, 10(2), 301-326. https://doi.org/10.1016/S0929-1199(03)00059-2
Derave, T., Gailly, F., Sales, T. P., & Poels, G. (2024). A taxonomy and ontology for digital platforms. Information Systems, 120, 102293. https://doi.org/10.1016/j.is.2023.102293
Di Pietro, F., Grilli, L., & Masciarelli, F. (2023). Talking about a revolution? Costly and costless signals and the role of innovativeness in equity crowdfunding. Journal of Small Business Management, 61(2), 831-862. https://doi.org/10.1080/00472778.2020.1816435
Di Pietro, F., & Butticè, V. (2020). Institutional characteristics and the development of crowdfunding across countries. International Review of Financial Analysis, 71, 101543. https://doi.org/10.1016/j.irfa.2020.101543
Ermawati, E. (2024). Crowdfunding as an entrepreneurial financing mechanism: A review of literature and policy implications. Journal of Innovation and Entrepreneurship, 13(1), 18. https://doi.org/10.1186/s13731-024-00332-9
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2325486
Fama, E. F. (1991). Efficient capital markets II. The Journal of Finance, 46(5),1575-1617. https://doi.org/10.2307/2328565
Felipe, I. J. S., Mendes-da-Silva, W., Ali, I., & Francisco, E. R. (2023). Good news from mass media induces more investments in the equity crowdfunding market. Brazilian Administration Review, 20(1), e210083. https://doi.org/10.1590/1807-7692bar2023210083
Ferreira, B. C. F., & Felipe, I. J. S. (2020). Determinantes do sucesso de campanhas de equity crowdfunding. Revista Contabilidade & Finanças, 31(84), 560-573. https://doi.org/10.1590/1808-057x202010460
Geiger, D., Seedorf, S., Schulze, T., Nickerson, R. C., & Schader, M. (2011). Managing the crowd: Towards a taxonomy of crowdsourcing processes. AMCIS 2011 Proceedings. https://aisel.aisnet.org/amcis2011_submissions/430/
Gompers, P. A., Kovner, A., Lerner, J., & Scharfstein, D. (2010). Performance persistence in entrepreneurship. Journal of Financial Economics, 96(1), 18-32. https://doi.org/10.1016/j.jfineco.2009.11.001
Greengard, P., Liu, Y., Steinerberger, S., & Tsyvinski, A. (2020). Factor Clustering with t-SNE. S&P Global Market Intelligence Research Paper Series. https://ssrn.com/abstract=3696027
Harrison, R. (2013). Crowdfunding and the revitalisation of the early stage risk capital market: Catalyst or chimera? Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 283-287. https://doi.org/10.1080/13691066.2013.852331
Hornuf, L., & Schwienbacher, A. (2018). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556-574. https://doi.org/10.1016/j.jcorpfin.2017.08.009
Lupi, A. L. P. B., Séllos Knoerr, V. C., & Oliveira, J. S. (2019). Anotações acerca do sistema financeiro brasileiro, mercado de capitais e a regulamentação do invested-based crowdfunding no Brasil. Administração de Empresas em Revista, 4(18), 110-131. https://revista.unicuritiba.edu.br/index.php/admrevista/article/view/4043
Mahmood, A., Luffarelli, J., & Mukesh, M. (2019). What’s in a logo? The impact of complex visual cues in equity crowdfunding. Journal of Business Venturing, 34(1), 41-62. https://doi.org/10.1016/j.jbusvent.2018.09.006
Malmström, M. (2014). Typing fast and wrongly? A critique of the typology in bootstrapping research. Venture Capital, 16(3), 251–274. https://doi.org/10.1080/13691066.2014.902759
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