[eng] Crowdfunding is an alternative source of financing that allows entrepreneurs to raise funds from a multitude of potential investors through the use of Internetbased electronic platforms. Amongst the different models of crowdfunding, equity crowdfunding in particular has been growing in popularity with smaller European firms. Several European Union Member States have begun to enact sets of rules specifically aimed at encouraging its development as a financing model that is both attractive for small companies and safe for investors – with Portugal recently joining their ranks. This article discusses whether Portugal has been able to design an equity crowdfunding regime capable of ensuring its sustainable growth as a viable funding alternative for its growing market of small and medium-sized enterprises, without compromising the safety of Portuguese investors.

[spa] El crowdfunding es una fuente de financiación alternativa que permite a los empresarios recaudar fondos de una multitud de potenciales inversores mediante el uso de plataformas digitales. Entre los diferentes modelos de crowdfunding el equity crowdfunding es el que, en particular, se ha popularizado entre las empresas europeas más pequeñas. Varios Estados Miembros de la Unión Europea –entre los que se encuentra Portugal– han comenzado a promulgar un conjunto de normas destinadas específicamente a fomentarlo. En este artículo se analiza si Portugal ha sido capaz de diseñar un régimen capaz de garantizar su crecimiento sostenible como alternativa de financiación viable para su creciente mercado de pequeñas y medianas empresas, sin comprometer la seguridad de los inversores portugueses.