Crowdfunding Agreement Spain (Acuerdo de Financiación Participativa)

A Crowdfunding Agreement Spain (Acuerdo de Financiación Participativa) is a formal written contract between a project owner (promotor) seeking business funding and one or more investors (inversores) channelling their investment through a crowdfunding platform (plataforma de financiación participativa — PFP) authorised by the Comisión Nacional del Mercado de Valores (CNMV), governed principally by Ley 5/2015, de 27 de abril, de fomento de la financiación empresarial (LFF) Articles 46 through 90, and since 2021 by Regulation (EU) 2020/1503 of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSPR), which established a unified EU framework for investment and lending crowdfunding platforms.

Ley 5/2015 was Spain's landmark legislation creating a specific legal framework for crowdfunding — prior to its enactment, crowdfunding platforms operated in a regulatory vacuum, with uncertainty over whether they were conducting regulated financial services under the Ley del Mercado de Valores or lending activities requiring Banco de España authorisation. The LFF distinguished two main models of investment crowdfunding: equity crowdfunding (financiación participativa mediante participaciones en capital — selling equity participaciones or acciones to investors) and lending crowdfunding (financiación participativa mediante préstamos — providing loans to project owners). Reward-based and donation-based crowdfunding are outside the LFF's scope.

The ECSPR (Regulation (EU) 2020/1503), applicable in Spain from 10 November 2021, superseded key elements of the LFF for cross-border crowdfunding and established the European Crowdfunding Service Provider (ECSP) passport — platforms authorised as ECSPs by their home Member State regulator (the CNMV for Spain-based platforms under Article 12 ECSPR) may offer services across the EU without additional national authorisations. The ECSPR sets a maximum project size of €5 million per project per 12-month period and maintains distinct investor protection rules for retail and sophisticated investors.

The CNMV maintains the public register of authorised PFPs and ECSPs on its website at cnmv.es. Spanish platforms authorised under Ley 5/2015 that wish to continue operating cross-border must transition to ECSPR authorisation by 10 November 2023 (transitional period). Prominent Spanish crowdfunding platforms authorised by the CNMV include Crowdcube Spain, Fundeen (renewable energy projects), Capital Cell (biotech), and Urbanitae (real estate).

Real estate crowdfunding — one of the most active segments in Spain — operates through CNMV-authorised platforms that pool investor capital to fund property acquisitions, development projects, or mortgage-backed loans. Returns are generated through rental income, property appreciation, or interest on loans, subject to Spanish IRPF taxation on income and capital gains. The Ley 12/2023 por el derecho a la vivienda introduced new restrictions on short-term tourist rentals (VUT — viviendas de uso turístico) that affect the risk profile of real estate crowdfunding projects in Autonomous Communities with high tourist rental markets.

The Banco de España exercises supervisory jurisdiction over PFPs conducting lending crowdfunding activities, while the CNMV supervises equity crowdfunding — a dual supervision framework that reflects the hybrid nature of platforms offering both products, coordinated through the Junta de Supervisión Financiera (Joint Financial Supervisory Board) under Ley 6/2023 LMVSI.

The legal framework governing the Crowdfunding Agreement Spain (Acuerdo de Financiación Participativa) in Spain draws on several key statutes and regulatory bodies. Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest. Parties executing a Crowdfunding Agreement Spain (Acuerdo de Financiación Participativa) in Spain should confirm the document reflects current law, including any amendments enacted since the original drafting date. The Ley 5/2015 de fomento de la financiación empresarial Articles 46–90; Reglamento ECSPR (UE) 2020/1503 sets the foundational requirements.

A Crowdfunding Agreement Spain is required whenever a Spanish company, startup, or project owner launches a crowdfunding campaign through a CNMV or ECSPR-authorised platform to raise business capital from multiple investors — both the promotor-platform agreement and the individual investor subscription documents are required under Ley 5/2015 and ECSPR.

The agreement is needed when a Spanish startup raises seed capital through an equity crowdfunding platform — the investors receive participaciones sociales (for SL structures) or acciones (for SA structures) in the company in exchange for their investment, and the subscription agreement documents the economic terms, pre-emption rights waivers, drag-along and tag-along provisions, and anti-dilution protections agreed between the company and the investor community.

A Crowdfunding Agreement is required when a Spanish real estate developer (promotor inmobiliario) raises bridging finance or development capital through a real estate crowdfunding platform — investors provide loans secured against the development project, and the lending agreement documents the interest rate, security package (hipoteca, pignoración), repayment schedule, and investor rights in the event of project delay or failure.

The document is needed when a Spanish renewable energy project — solar farm (planta fotovoltaica), wind farm (parque eólico), or biomass facility — raises equity or debt financing through a specialist energy crowdfunding platform such as Fundeen, authorised by the CNMV under Ley 5/2015. The investment agreement documents the project's authorisations under Ley del Sector Eléctrico (Ley 24/2013), the grid connection permit (permiso de acceso y conexión) from Red Eléctrica de España (REE), and the investor's return projections.

A Crowdfunding Agreement is required when a Spanish SME (pequeña y mediana empresa) raises working capital or expansion financing through a lending platform — the loan agreement between the platform (acting as intermediary under Article 51 Ley 5/2015) and the borrowing company documents the loan terms, security, and compliance with the LFF's borrower eligibility requirements (promotores must be legal persons or self-employed professionals under Article 68 LFF).

The agreement is also needed when a cross-border crowdfunding campaign raises capital from investors in multiple EU Member States through an ECSPR-authorised platform — the Key Investment Information Sheet (KIIS — Hoja de Datos Fundamentales de la Inversión) required by Article 23 ECSPR serves as the standardised disclosure document, and the investor subscription agreement documents the individual investment terms and investor classification (retail or sophisticated under Article 2(1)(j) ECSPR).

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.

A valid Crowdfunding Agreement Spain under Ley 5/2015 and ECSPR (EU) 2020/1503 must contain the following essential provisions to comply with regulatory requirements and protect the rights of the promotor, platform, and investors.

Parties and Platform Details: Full legal name, NIF/CIF, registered address, and CNMV or ECSPR authorisation number of the crowdfunding platform (PFP or ECSP). Full legal name, NIF/CIF, and Registro Mercantil details of the promotor (project owner). Investor identification details — name, DNI/NIE/passport, address — and investor classification as retail investor (inversor no acreditado) or accredited investor (inversor acreditado) under Article 81 Ley 5/2015 and Article 2(1)(j) ECSPR.

Project Description and Key Investment Information Sheet: Description of the funded project — business plan, financial projections, use of funds, risk factors, and management team. Reference to the Key Investment Information Sheet (KIIS — Hoja de Datos Fundamentales de la Inversión) under Article 23 ECSPR, which must be provided to all investors before they can commit funds. For equity rounds, reference to the white paper (ficha de datos fundamentales) under Article 74 Ley 5/2015.

Investment Amount and Structure: The total amount sought in the crowdfunding campaign, the minimum and maximum individual investment amounts, and whether the round uses an all-or-nothing (todo o nada) or keep-what-you-raise model. Investor protection limits: retail investors are limited to €1,000 per project and €10,000 per platform per year under Article 82 Ley 5/2015, unless they qualify as accredited investors; the ECSPR sets an entry knowledge test for retail investors (test de conocimientos) and a simulation of capacity to bear loss (prueba de resistencia a las pérdidas) under Article 21 ECSPR.

Equity Terms (for Equity Crowdfunding): The price per participation or share, the company's pre-money valuation, the percentage of equity being sold, and the total post-round capitalisation table. Waiver of derechos de suscripción preferente (pre-emption rights) under Articles 304–308 LSC (for SA) or Articles 388–396 LSC (for SL). Shareholder agreement provisions — drag-along rights (arrastre), tag-along rights (acompañamiento), and anti-dilution ratchets applicable to crowdfunding investors.

Loan Terms (for Lending Crowdfunding): The loan amount, interest rate (tipo de interés), repayment schedule, maturity date, and any grace period. Security package — whether unsecured (préstamo sin garantía), with personal guarantee (aval personal), pledge over company shares (pignoración de participaciones), or mortgage (hipoteca) over real property. IRPF withholding obligations (retención del 19%) on interest payments to individual investors under Article 25 Ley 35/2006.

Platform Fees and Costs: The platform's fee structure — typically a success fee (comisión de éxito) of 3–8% of the total raised charged to the promotor, plus potential investor fees on returns. The fee disclosure obligations under Article 67 Ley 5/2015 and Article 19 ECSPR — all fees must be clearly stated before investor commitment.

Default and Investor Remedies: The consequences of promotor default — failure to achieve campaign minimum, failure to execute the funded project, payment default on loans. The platform's obligations to manage default recovery on behalf of investors under Article 57 Ley 5/2015. The investor's right to withdraw the investment commitment within a reflection period (período de reflexión) of 4 calendar days after committing under Article 22 ECSPR.

Data Protection and RGPD Compliance: Processing of personal data of promotors and investors by the platform under RGPD Article 6(1)(b) (contract performance) and Article 6(1)(c) (AML/KYC legal obligations), with the AEPD as supervisory authority. Retention of investor and transaction records for a minimum of 5 years under Article 78 Ley 5/2015.

Forms-legal.com provides this Crowdfunding Agreement Spain template as a starting framework. Every crowdfunding campaign must be structured through a CNMV or ECSPR-authorised platform with its own standard documentation, and the specific investment terms reviewed by a qualified abogado mercantilista or financial regulatory specialist before launching to confirm compliance with Ley 5/2015, ECSPR, and applicable CNMV guidance.

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.