Taiwan’s largest crowdfunding platform, “Zz,” officially released its “2023–2025 Annual Data Report” today (the 24th). Now in its 14th year since launch, Zeczec has delivered results that mark a “structural transformation.” The report indicates that the platform’s total annual funding raised grew steadily from NT$2.7 billion in 2023 and NT$2.9 billion in 2024 to NT$3.5 billion in 2025, demonstrating robust growth momentum.
Zezze Releases Three-Year Data Report: Fundraising Total to Reach Record High of 3.5 Billion in 2025
Not only has the platform grown in overall scale, but the data also shows that it has achieved the milestone of “three record-high metrics” (based on an analysis of the data context, these are: total funding raised of 3.5 billion yuan, an average funding amount per project of 2.34 million yuan, and the total number of annual proposals exceeding 3,000). Zezecoo officials have also boldly projected that, based on current growth momentum, the platform’s cumulative total funding is expected to officially surpass the 20 billion yuan mark in the second quarter of this year (2026).
Transforming the Platform’s Business Model: Moving Away from “Reliance on Viral Hits” Toward a Healthy Ladder-Shaped Structure
Looking back at market trends over the past three years, the most significant shift in Taiwan’s crowdfunding industry has been the gradual move away from “fireworks-style” marketing that relied heavily on a “handful of extremely successful projects.” According to data provided by Zeczec, in 2023, the top ten projects on the platform still accounted for nearly one-fifth (approximately 20%) of the total funding raised; however, this proportion has steadily declined to between 11% and 12% in 2024 and 2025. Against the backdrop of continuously rising annual total funding, the declining share of top projects indicates that the market structure has shifted from a “pyramid-shaped concentration model” to a “healthy trapezoidal structure” supported collectively by medium- and large-scale projects.
The rise of this core segment is evidenced by the growth in the number of projects in this price range. Data shows that the number of projects in the 1 million tier steadily increased from 391 in 2023 to 451 in 2025; meanwhile, the number of projects exceeding the 10 million threshold surged from 60 to 97. In addition, the average funding amount per project has risen significantly from 1.77 million yuan in 2023 to 2.34 million yuan in 2025. This trend demonstrates that the ZheZhe platform has developed a stable incubation capability to propel promising proposals from the “100,000” level to the “1 million” level, and then from the “1 million” level to the “10 million” level. Compared to the unpredictability of past one-off viral hits, this stable business incubation mechanism holds longer-term value for the industry as a whole.
Strict Quality Control and a Commitment to Originality: Despite Tighter Regulations, Global Premieres Still Account for More Than Half
In terms of proposal activity, the number of proposals has continued to rise over the past three years, with the total number of proposals for the full year of 2025 surpassing the 3,000 mark for the first time. However, the number of projects ultimately launched on ZheZhe has remained at around 1,500 per year, with an approval rate of approximately 50 percent.
This data reflects the platform’s proactive efforts to upgrade its case review mechanisms. In line with the Ministry of Digital Development’s recent discussions on the bill regarding “mandatory and prohibited disclosures for crowdfunding,” Zeczec has adopted stricter screening standards: in addition to completely excluding existing products already sold through general retail channels, the platform also provides professional advice on proposals that lack sufficient development maturity and may even suspend their listing.
Even under such strict screening criteria, original crowdfunding projects on the ZheZhe platform that qualify as “world premieres” still consistently account for more than 55% of the total. This figure not only ensures project quality and upholds the core spirit of crowdfunding—”supporting innovation”—but also further solidifies ZheZhe’s market positioning as “Taiwan’s premier launchpad for original creations.”
2025 Will Be the “Year of AI Explosion”: Smart Hardware Set to Take the Mainstream Market by Storm
If one were to choose a keyword to describe the crowdfunding market in 2025, “AI-powered hardware” would undoubtedly be the only answer. The report notes that AI-related projects surged to become the dominant category on the ZheZhe platform for the first time last year.
Looking at the annual crowdfunding rankings, the top two spots in 2025 were both dominated by AI-related products. First place went to “Leqi AI Smart Glasses,” with a single project raising over 61 million New Taiwan dollars; second place, “PLAUD NotePin AI Voice Recorder,” also achieved an impressive total of 56 million New Taiwan dollars. A closer look at the overall performance reveals that in 2025 alone, a total of 42 AI-centric projects successfully raised funds on the platform, raising a cumulative total of over NT$400 million. Their applications spanned a wide range of fields, including smart wearables, voice recording, small appliance control, and personal productivity tools.
This is a structural shift in market demand. As can be seen from the evolution of project types, this wave of AI fundraising has moved beyond the early “theme effect”—which was driven purely by speculation around technical specifications—and has shifted to emphasize “hardware-software integration” and “cross-device applications,” deeply integrating with users’ real-life scenarios to precisely address consumers’ pain points regarding the need for “long-term, repeatable use.” As the market’s understanding of and expectations for AI products continue to mature, 2026 is expected to be a critical turning point for AI projects, marking the transition from a “full-scale boom” to a phase of “market selection and maturation.”
Solving Distribution Pain Points: The “Comeback” Mechanism Proves Effective, with a Single Project Surging 16-Fold
Addressing the biggest long-standing pain point for proposal teams—”the difficulty of breaking into formal distribution channels after a funding campaign ends”— ZheZhe’s “Comeback” project mechanism, officially launched in January 2024, has delivered highly convincing results over the past two years, completely shattering the industry’s long-held notion that “the end of a crowdfunding campaign is the end of the road.”
The core of the “Relunch” mechanism lies in extending the commercial lifecycle of crowdfunding. Data shows that since the model was launched two years ago, more than 400 projects have participated, successfully attracting support from nearly 100,000 backers and generating cumulative long-tail commercial value exceeding NT$400 million. Among these, nine projects—after completing their initial fundraising—went on to generate revenue in the tens of millions again through the “Re-launch” mechanism.
Take the representative case of the “Smini Zero-Consumables Air Purifier” as an example: during its initial crowdfunding phase, the product raised 1.86 million yuan; However, upon entering the relaunch phase, thanks to its consistent product quality and comprehensive after-sales service system, its cumulative sales ultimately exceeded 31 million yuan—a growth of more than 16 times. This clearly demonstrates that, with a high-quality team and product, and supported by the platform’s mechanisms, crowdfunding can generate a remarkable long-tail effect.
From Platform to Ecosystem Builder: Expanding into Venture Capital and M&A to Deepen Local Original Content Initiatives
In addition to upgrading its internal mechanisms, ZheZhe has also demonstrated a strong commitment to external expansion over the past year, deepening its long-term commitment to Taiwan’s local original IP through specific strategic investments and acquisitions.
First, ZheZhe has joined “Xiaonan Capital,” a venture capital fund launched by the well-known finance podcaster “Gu Gan.” This marks the platform’s first foray into the venture capital sector, with a focus on investing in early-stage Taiwanese game development teams with global market potential. This move signals that ZheZhe is transitioning from its role as a mere “fundraising platform” to that of an “investor in original content.”
Subsequently, ZheZhe announced the acquisition of Fandora, a well-known IP e-commerce platform in Taiwan. By integrating Fandora’s strong capabilities in product development and its deep expertise in fan economy operations, ZheZhe has been able to extend its service chain backward, providing creators with a comprehensive, one-stop service ranging from “crowdfunding launches” to “long-term sales.” These two landmark strategic moves clearly outline ZheZhe’s development blueprint: to establish a comprehensive ecosystem that enables original IPs to achieve commercial scalability and sustainable development.
Toward the 20 Billion Milestone: Making Great Things Happen
As the platform marks its 14th anniversary, looking back on its journey since its launch in 2012, ZheZhe recently surpassed the milestone of 10 billion yuan in cumulative funding in August 2023—marking its first decade of operations.
From the steady expansion of medium- to large-scale projects in 2025 and the commitment to ensuring that more than half of the projects are original debuts, to the long-tail impact of the “re-launch” mechanism and the strategic ecosystem development through venture capital and mergers and acquisitions—all these signs indicate that: In Taiwan, crowdfunding is no longer merely a one-time marketing tool, but rather a mature commercial infrastructure capable of supporting the realization of original ideas, assisting brands in long-term development, and facilitating market validation.
Building on this solid foundation of structural growth, ZheZhe expects the platform’s cumulative total funding to surpass the next key milestone of 20 billion yuan in 2026. True to its founding mission—“To Make Wonderful Things Happen”—Zezze is striving to demonstrate that crowdfunding not only provides a short-term source of capital but also fosters a healthy ecosystem that builds long-term trust and commercial value between creative teams and consumers.
Source: KOCPC Chinese