AFO · Head-to-head
Both raise early-stage equity, but the investor profile and the post-raise obligations look nothing alike. Angel introductions bring 1–5 accredited investors per round writing $100K–$500K cheques each — fewer voices, sophisticated diligence, often domain-aligned. Equity crowdfunding raises from a large pool of retail investors through a securities-regulated platform — many small cheques, simpler post-raise governance, but ongoing disclosure obligations the founder may not have signed up for.
Side by side
The matrix below pulls directly from the catalog. Each row shows the same data point across both programs so you can spot the differences at a glance.
| Attribute | Angel & Strategic Equity Introductions | Equity Crowdfunding |
|---|---|---|
| Capital type | Angel / strategic equity | Crowdfunding |
| Family | Equity | Alternative structures |
| Size range | $100,000 — $2,000,000 | $100,000 — $5,000,000 |
| Typical cost | Dilution typically 5–25% per round, depending on stage and valuation. The CPA models the cap-table impact before the term sheet is signed. | Platform fee typically 6–8% of capital raised plus payment processing. Legal and accounting fees for the offering document on top. |
| Speed to close | Weeks to a few months | Months |
| Eligibility | Pre-Series-A operating business with a working product, real revenue (or a credible path to it), and a founder prepared to take on outside shareholders. Below institutional PE/VC thresholds. | Canadian incorporated business willing to issue equity to retail investors and accept the disclosure obligations that follow. Audience and narrative matter more than balance-sheet strength. |
| Use of proceeds | Expansion, R&D / innovation | Expansion, R&D / innovation |
| Status | Coming soon | Coming soon |
Choosing between them
Each side describes the scenarios where the program is the stronger fit. Most real-world deals end up in the “in common” section below — neither/nor.
When to choose
Pick angel introductions when the company benefits from sophisticated investor input (a domain expert, an industry connector, a previous-exit founder), when the round is $250K–$2M, and when concentrated ownership across a few engaged investors is preferable to broad retail ownership. The investors actively participate; the relationship is the value.
When to choose
Pick equity crowdfunding when the business has a strong consumer narrative, an engaged audience to convert into investors, and tolerance for the ongoing disclosure obligations (annual financials filed publicly, retail-investor communications). Platform fees run 6–8% of capital raised; the brand-marketing benefit of the raise itself often exceeds the financial-engineering benefit.
Both sit in the AFO equity bucket below institutional rounds. The dedicated Venture Capital and Private Equity modules handle priced Series A onward; both of these formats serve the pre-institutional stage where introductions and structure matter more than full-process M&A representation.
The CPA can look at your specific situation and tell you in one twenty-minute call which program (or stack) is the right structure — and what providers will want to see before the first conversation.