Equity crowdfunding (ECF) is the most popular type of crowdfunding and is recently emerging trend in VC, specifically in seed and early-stages of VC funding. ECF is also termed as the angel investing for the crowds, but some scholars doubt this as a substitute to angel investment. In ECF, investors are often interested in equity shares of their target company. Most of the ECF investors in comparison to Business Angels, are young (normally below 40), invest smaller funds, spend less time in carrying out the due diligence process, are less sophisticated and generally are only one-time investors
