Title: From crowdfunding to crowdlending: the cases of Acero Watch and Perinet Winery

Authors: Samuel Ribeiro-Navarrete; Esther Calderon-Monge; Pilar Huerta-Zavala; Daniel Palacios-Marqués

Addresses: Polytechnic University of Valencia, Valencia, Spain ' Department of Economics & Business Administration, Faculty of Economy and Business Studies, University of Burgos, Castilla and Leon, Burgos, Spain ' Department of Economics & Business Administration, Faculty of Economy and Business Studies, University of Burgos, Castilla and Leon, Burgos, Spain ' Polytechnic University of Valencia, Valencia, Spain

Abstract: Crowdlending is becoming an increasingly viable financing alternative for companies and individuals. This paper analyses the combined use of reward-based crowdfunding and crowdlending to finance ventures. It also examines the use of crowdlending to secure funding. Specifically, the paper studies the cases of two companies from different sectors (watchmaking and quality wine) and at different stages of the business life cycle (early years and maturity). The crowdlending projects, platforms and types of loans used by these two companies also differ. Analysis based on the case study method indicates that, for early-stage ventures, the combination of crowdfunding for business creation and crowdlending to support business operations is an effective way of securing funding an entrepreneurial venture. Moreover, crowdlending is the most suitable way to secure funding for a project at an existing firm. Using a crowdlending platform with a large community of investors ensures that borrowers achieve the funding they seek, as long as the loan offers high returns and low risk or the business idea has a positive impact on the planet or society.

Keywords: crowdlending; crowdfunding; entrepreneurship; fintech; wine; watches.

DOI: 10.1504/EJIM.2025.149298

European Journal of International Management, 2025 Vol.27 No.3, pp.361 - 383

Received: 21 May 2021
Accepted: 13 Jul 2021
Published online: 24 Oct 2025 *

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