Not All Platforms Are Created Equal
When it comes to equity crowdfunding, platforms vary widely. Some host significantly more campaigns than others, some cater to smaller deals, and a few bring their own marketing muscle to the table. These differences influence how deals perform under Kingscrowd’s ratings algorithm. After noticing distinct rating patterns across platforms a few weeks ago, we decided to dive deeper.
We analyzed the strengths and weaknesses of platforms that had 10 or more equity crowdfunding (ECF) deals in 2024. The interactive chart above presents the median rating across five key categories for each of these platforms, offering a high-level view of how their deals stack up.
Outliers: Small Platforms, Skewed Medians
Platforms with fewer deals—such as Honeycomb, Mr. Crowd, Issuance Express, and PicMii—tend to show up as outliers. Their smaller sample sizes make them statistically less reliable, and a few exceptionally strong or weak deals can significantly skew their median ratings.
Take Honeycomb for example. Its ratings sit at both extremes, which isn’t surprising given its focus on small businesses. These deals are typically reasonably priced and often revenue-generating, but they tend to lack market size and product differentiation. Additionally, teams tend to score lower, as many small business founders may not share the same pedigree as traditional tech startup founders.
Still, the value of these deals is subjective. While Kingscrowd’s equity rating algorithm assesses deals based on their potential to deliver outsized returns—often via IPO or acquisition—some investors may simply want to support local or community-driven businesses. For them, Kingscrowd also offers a dedicated debt rating algorithm, better suited to evaluating small business opportunities with different return profiles.
The Heavyweights: More Deals, Balanced Medians
The four largest platforms—Wefunder, StartEngine, Republic, and DealMaker Securities—feature a higher volume and broader diversity of deals. As a result, their median ratings hover around the overall platform average of 3 out of 5, which reflects the wide range of startup quality and stages on these platforms.
Among them, Republic stands out. While it had the highest overall median rating last year, it continues to perform strongly, particularly excelling in Team and Differentiation.
