In recent years, equity crowdfunding has become increasingly popular for capital-seeking start-ups. A widely held assumption is that these ventures have no other risk capital options and see it as their “last resort” to obtain funding. However, not much is known about their narrow and broader motivational backgrounds. Based on case studies of ten crowdfunded ventures, this study unveils the motives to use equity crowdfunding and links them with organisational characteristics. Based on the analysis, a theoretical model of four motivational types is developed that could stimulate future research.