Crowdfunding is a way of raising finance (funding) on line, by asking a large number of people (crowd) each for a small amount of money, in order to contribute to the development of a project or initiative, sometimes disregarding an economic return.

Equity crowdfunding refers to a model of crowdfunding which implies that the individual investors offer their money towards the share capital ("equity") of a company, thus sharing the "business risk" with the shareholder or shareholders that already exist. Through the investment, a stake in the company is acquired, and the related economic and administrative rights arising therefrom, including any future dividend distributions or capital gains.

The concept of innovative start-up has been introduced into in Italy by Articles 25-32 of the "Growth Decree" (see our "Regulations" page for more details).
The definition “innovative start-up” refers to a particular type of company, structured as a Corporation and engaged in innovative technological or social projects, meeting the requirements of Article 25, paragraph 2, of the above mentioned Decree.
This type of company is entitled to a discipline of favor in the form of reductions and facilitations.
Find out more about innovative start-ups (in Italian) »

Equity crowdfunding portals are platforms which allow the collection of venture capital for innovative start-ups. Start-up companies can present their projects through these platform, while investors can find interesting projects or campaigns to invest into.
In Italy, equity crowdfunding portals are supervised by Consob, which requires the managers of the portals to go through a preventive screening process and meet specific requirements that are necessary in order to be enrolled in an official register.
The task of such platforms is to provide all the information necessary to operate in equity crowdfunding.
Find out more about equity crowdfunding portals (in Italian) »

Yes. StarsUp S.r.l. has been entered, as #1 in Italy, in the special register established by Consob for managers of on-line portals dedicated to raising venture capital for innovative start-ups, with Registration Resolution no. 18681 of 10.18.2013.
Read the Consob Resolution (in Italian) »
See the Special Register »

To be able to invest in a project, you must first sign up "as an investor", read the documentation and information, fill out an on-line questionnaire (which shows that you have read all the information and that you understand the characteristics and risks of the investment) and fill in the subscription order.
Read more about investing in a project »

You don't. You can navigate our website without registering. If you are interested in accessing the full content, you can register later, for free. We only ask for your full name and your e-mail address, besides, of course, you reading and agreeing to our privacy policy and terms of use.
After that, if you want to perform specific tasks on the portal, such as as investing or submitting a project, you will need to update your registration, providing additional data. In particular it is possible to:

  • to register "as an investor": such registration does not imply an actual investment. This is a step that gives you access to the documentation of active projects. Should you be interested in any of them, you can, then, proceed accordingly;
  • to register "as a start- up”: such registration does not imply submitting a project. This is a step that enables you to establish yourself as a potential issuer of an offer. Should you be interested, you can, then, submit the necessary documentation and wait to see if your project is eligible for publication.

First and foremost, you need to be fully aware that:

  • investments in high-risk financial transactions should be adequately proportional to one's budget;
  • Investing venture capital in innovative start-ups is highly risky (see next question "which risks are involved when investing in an innovative start-up?");
  • you need to be prepared to afford the entire loss of your investment.

You also need to read:

Last but not least, you need to verify that:

  • the issuing company is clearly identifiable and that it is entered in the commercial register under "innovative start-ups";
  • the contacts provided (telephone, fax and physical address of the issuer), are valid;
  • the manager of StarsUp appears in the register established by Consob for the conduct of any offer of securities issued by innovative start-ups (see the register »)

After joining a project, you have the right to change your mind, provided that this is done within the legal terms:

  • without charge within 7 days from the date of the order, according to article 13, paragraph 5, of Consob Regulation, resolution of June 26, 2013, by means of a communication addressed to the manager at the e-mail address recesso@starsup.it (only for non-professional investors);
  • within 7 days from the date on which the new information has been brought to the attention of the investors, according to Article 25, paragraph 2, of Consob Regulation, resolution of June 26, 2013, you can revoke your investment without any expense when, between the time of the offering and the moment it is closed, new facts arise or a clerical error is noted in the information displayed on the portal, which are capable of affecting the investment decision, by means of a communication addressed to the manager at the e-mail address revoca@starsup.it.

Should you exercise the right of withdrawal (both “revoca” or “recesso”), as well as in the event of non-completion of the offer, the funds will be paid back in full.

It should be noted that the bank account, opened in the name of the issuer, on which the funds are deposited, does not bear interest and, therefore, no form of interest can be claimed by investors who, for whatever reason, regain possession of the sums paid after joining a project.

Investing in innovative start-ups presents peculiar characteristics and economic risks that are higher than in traditional investments.
In particular, the main risks are:

  • Risk of capital loss. The investment of capital in innovative start-ups is of the most risky type. Becoming shareholders of a start-up will mean participating in full to the economic risk of the entrepreneurial initiative, and the very fact that the company is newly formed and operates in innovative sectors, only implies a greater risk;
  • Risk of illiquidity. Financial instruments issued by innovative start-ups are not traded in organized markets (e.g. the Italian Stock Exchange or MTF ) and therefore it may be very difficult to sell quickly and at a price that reflects their actual value;
  • Initial lack of dividends. Innovative start-ups are prohibited from distributing profits at least for the period during which they maintain the status of “innovative start-ups” (up to 4 years after the enrollment in the special section of the register of companies).

To learn more about the risks of investing in innovative start-ups please read the section for investors, or visit the Consob website

You don't. You only need to register on the portal as an investor, and to provide the bank or institute where the funds are deposited with all the information the may require.

As a member of a Corporation you will acquire a real stake in the company, and all the related economic and administrative rights that come with it.
You will be able, to the extent of the law, to participate in the life of your company, to read the documentation that the company makes available to its members, to expect dividends and raise in the value of your shares. It should be noted that, once the offer is closed, StarsUp is not obligated to publish any related document on its portal. Since the company is required to update the information stated by the Growth Decree every 6 months for as long as it keeps the status of innovative start-up, investors should follow very carefully the website of the company of which shares they acquired.
You should also pay attention to

  • change of control. Until the status of innovative start-up is maintained, and anyway in the following 3 years after the publication of the offer on an on-line portal, the statute of the company must grant to investors the right to withdrawal or co-sale (so-called tag along), in the case of a change of control, stating the terms and conditions;
  • further capital increases (even through crowdfunding portals). If you do not exercise the "right of option" (i.e. the right of existing shareholders to sign up for new shares issued by the company) there is a risk that your investment is affected by the effect of "dilution" (because they entered new shareholders in order to increase the capital), and your participation in the company will "weigh" (percentage) a little less, in terms of votes, expected dividends and value.

The offer is of the “all or nothing” type, and can therefore only succeed if it is signed up to the full amount requested.
In addition, the operator of the portal verifies that a share of at least 5% of the securities offered have been signed up by professional investors, banking institutions or incubators of innovative start-ups.
In case of non-completion, as well as in case of withdrawal, the funds will be paid back in full.

It should be noted that the bank account, opened in the name of the issuer, on which the funds are deposited, does not bear interest and, therefore, no form of interest can be claimed by investors who, for whatever reason, regain possession of the sums paid after joining a project.

No, you don't. StarsUp will be paid a fee by the issuer, in form of a commission, only after the offer has been successfully finalised. The commission will be calculated as a percentage of the raised funds, and it may vary, depending on the offer. The fee is paid when the capital increase takes place.

The expenses charged to investors for the transmission of orders to banks and investment firms, if any, are identified in the information relating to each offer.

Based on the amount, there are two categories of investments:

  1. “below the threshold”, for amounts under € 500.00 (or a total of €1,000.00 in a year), from individuals, or € 5,000.00 (or a total of € 10,000.00 in a year), from professionals;
  2. “above the threshold”, for amounts equal to or higher than the above in their respective categories of investors.

These amounts are established by Consob Regulation, forcing banks that deal with the investment orders to apply the so-called "MiFID", a European directive aimed to the protection of the less experienced investors. The "MiFID" requires that the bank delivers a questionnaire to the investor, the purpose of which is to assess their will about investing and the knowledge of the risks associated with it.

For this reason, we inform you that on our portal:

  • you may invest, using any bank account and in a few simple steps, amounts up to € 500.00 for individuals and up to € 5,000.00 for professionals (as long as you do not exceed the limits, respectively, of € 1,000,00 and € 10,000.00 in a year);
  • for “above the threshold” investments, it will be necessary to place orders from a bank account opened at any branch of the Bank that deals with completing the orders executed on our platform, namely Banco Popolare or Credito Bergamasco (about 1,900 branches in 19 regions of Italy). This is to allow the application of the regulation on the provision of investment services for the protection of the investor. This requirement does not apply to professional investors (banks, investment firms, asset management companies, incubators certificates, etc.) irrespective of the investment amount.

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