YEAR 2022 No 2

ISSN 2182-9845

Startups Funding Legal Regime

Joana Costa Lopes / Chen Chen


Startups; innovation; funding; crowdfunding; venture capital; Initial Coin Offerings; securities.


Because of their characteristics, startups are generally unable to access traditional forms of funding, such as bank loans. However, the global digital and technological revolution of recent years has enabled other forms of funding to emerge, offering alternatives to bank loans. These have allowed startups to fund themselves and so develop their business. This paper sets out to look at the alternative, technology-driven forms of finance used by startups and how these funding arrangements are regulated in the Portuguese legal system and in the European Union.

Table of contents

1. Introduction 
2. Startups: concept and legal nature 
3. Startups funding
3.1. Introduction to startups funding cycle
3.2. Forms of startups funding
3.2.1. Venture Capital
a) Introduction
b) Legal Regime
3.2.2. Crowdfunding
a) Concept and types
b) Legal Regime
3.2.3. Initial Coin Offerings (ICOs)
a) Introduction
b) Legal Regime
c) Crypto-assets as contributions in the share capital of startups
4. Conclusions