CVM 88: What is the impact of the new equity crowdfunding rules for Open Startups?

100 Open Startups
6 min readAug 16, 2022

With the heated market, open startups are increasingly raising funds via equity crowdfunding , taking advantage of the network and community effect that this modality offers.

Equity Crowdfunding is a fundraising strategy that connects investors with startups. With several online platforms that make this negotiation possible, companies are capitalized by investors who, in exchange, acquire interest in the company through quotas/shares or convertible bonds.

With the new resolution, CVM 88, several benefits for open startups have intensified. With the raising of the funding limit to $3.75 million per offer, the same startup will be able to do more subsequent rounds of crowdfunding and, in this way, platforms and investors will follow it more closely and for a longer period.

This update validates the crowdfunding methodology . For Camila Nasser, CEO of the KRIA platform, the CVM has seen the importance and seriousness of the platforms in the last five years, and this update represents a seal, validating the work done during this period.

With the expansion of opportunities generated by the new resolution of CVM 88, 100 Open Startups , through the Top Open Startups Forum, invited representatives of the main equity crowdfunding platforms, EqSeed, Kria, SMU and CapTable, to talk to the startups awarded in the Ranking 100 Open Startups about the advances and expectations with the new resolution.

Check out the main insights generated in the exclusive forum, held during Oiweek , how open startups will benefit in the medium term from the new resolution and how executives are preparing to invest in open startups.

How open startups will be impacted by CVM 88

With the heated market, open startups — those willing to interact with corporations in open innovation movements — are increasingly raising funds via equity crowdfunding , since they naturally work with a network and ecosystem, which strengthens the vision for the company. capture in this mode.

CVM data show that, in 2021, $ 47 million was raised via investment crowdfunding , a growth of 123% compared to the previous year. In addition, there were 56 platforms registered with the municipality, 75% above 2020.

From an icy scenario of the venture capital market , the equity crowdfunding modality is getting stronger . Thus, executives are seeking to invest more and more in startups, which reflects not only the consolidation of businesses focused on open innovation, but also the definition of a stronger and more sustainable innovation ecosystem. Data from 100 Open Startups shows an evolution in the practice of investing via equity crowdfunding. In 2016, only two of the 100 startups in the Ranking raised funds via a crowdfunding platform. Now, there are already 23 TOP Open Startups invested. Together, they raised more than $7.5 million .

This leap proves the growth of the network and the general maturation of the open innovation ecosystem, both on the side of startups and corporations and on the startup investment market itself.

For Diego Perez, from SMU, the platforms assume a role of market education. They encourage investors to continue investing in startups, based on the knowledge and learning gained from past experiences.

From equity crowdfunding , a powerful network of potential investors has been formed. Today, there are 80,000 executives who are part of the innovation ecosystem and seek to find or relate to startups, but the level of training of these executives is still low. To address this pain, 100 Open Startups launched the Open Cultural Movement for Innovation , which encompasses the 100–10–1 Startups Program, a network training program. Currently, more than a thousand executives are being trained to generate value from the relationship with startups , this being the first step — and of great importance — before assembling a portfolio of invested open startups.

With the update of the resolution and with executives more prepared to interact with startups in open innovation processes, 100 Open Startups reinforces the commitment of educating the market. This combination of good practices has already generated positive expectations, which indicate that equity crowdfunding will triple in size , becoming the main way of attracting investment for startups in their early stages.

Whoever solves the problem always has space . For Leonardo, partner and Head of Revenue at Captable, “good deals always have space and, in the early stage , this was true. The movement is still intense, and the platforms have several open captures”, he adds.

To have a good equity crowdfunding story , understand the value of the network as a community

Igor Monteiro, Director & Head of Investment Analysis at EqSeed, reinforces the discourse that there is a lot of value being generated, and this is one of the reasons that lead startups to participate in more than one funding round via equity crowdfunding . “Startups come back because the previous fundraising was a success. Having a good story to tell is about delivering growth, delivering results and delivering what was promised”, he reinforces.

With the delivery of results and growth, funding tends to be faster, as both startups and investors are already familiar with the process.

Check out the main resolution changes:

– Increase in the funding ceiling from $1.25 million to $3.75million per offer;

– The modality can be used for issues with annual gross revenue of up to $ 10 million, well above the current $ 2.5 million;

– Increase in the limit per economic group that can use investment crowdfunding to $ 20 million;

– Flexibility of the forms of disclosure of the public offer;

– The platforms are also authorized to act as intermediaries of subsequent transactions, facilitating the meeting of interests to buy and sell the values ​​offered;

– Increase in the platforms’ minimum share capital to $ 50,000 and the need for platforms to have a compliance professional when they reach $ 7.5 million in brokered public offerings.

About the TOP Open Startups Forum

The TOP Open Startups Forum aims to bring together the founders and founders of the startups awarded in the Ranking 100 Open Startups since its first edition, published in 2016. The objective is to generate a space for exchanges, learning and networking, bringing to the agenda topics of relevance to the day-to-day business, with a special focus on attracting investments . Forum activities are part of the exclusive benefits for startups awarded in the Ranking 100 Open Startups.

For Barbara Alves, Head of Investments at 100 Open Startups, who coordinates the TOP Open Startups Founders Forum, the insights raised were very well received by the award-winning startups.

“It was really cool to see how the founders interacted with the equity crowdfunding theme . There were many doubts about this type of funding, especially with the update of the resolution, which the startups insisted on taking with the representatives. We created, in the forum, a very important space for exchange and engagement, and the measure of success that confirmed our feeling was that the panel ended with a ‘taste of wanting more’ among the participants”, he says.

Participate in the Ranking 100 Open Startups

Published annually, the Ranking is based exclusively on the number and intensity of open innovation contracts between startups and corporations. Startups with up to US$ 2.5 million in revenue and US$ 2.5 million in investment received are eligible for the Ranking .

The Ranking 100 Open Startups 2022 is open for registration. To learn more and register your open innovation relationships, visit:

Take the opportunity to indicate corporations and startups to participate in the Ranking . The awards will take place in the second half of 2022. More information on the website or app.