Equitise, a major local equity crowdfunding platform, is in talks with investors to recapitalise in a make-or-break funding round after 18 months described by its chief executive as “diabolical” for private technology firm valuations.

The company is among a small number of local operators of online platforms that allow retail investors to buy shares in privately held companies, usually start-ups, making money from fees. While figures compiled by the country’s largest crowdfunding firm, Birchal, show that overall financing raised in the last financial year rose to $65.5 million, the companies facilitating these deals are essentially start-ups themselves.