The Australian Securities and Investments Commission couldn't make up its mind in its latest review of the crowd-sourced funding regime, saying "from the data it is evident that crowd-sourced funding is emerging as a viable alternative source of capital raising".It then went on to say: "However, we consider it is too early to form a view as to whether crowd sourced funding is a meaningful source of capital for smaller or start-up companies."ASIC surveyed the activities of CSF intermediaries between July 2018 and June 2019, when 56 offers were launched and 39 were completed - a 69.6 per cent completion rate.A total of A$26.3 million was raised, at an average of $488,000 per completed offer. Proprietary companies raised $14 million through 22 completed offers and public companies raised $12.3 million through 17 completed offers.The crow-sourced funding regime, which opened up equity crowd funding to retail investors, was established in September 2017. A year later it was extended from public companies to proprietary companies.There are 16 licensed CSF intermediaries, with fund raising arranged on websites hosted by the intermediaries. Only eight of the 16 intermediaries hosted CSF offers in 2018/19. The highest number of offers hosted on a single platform was 22.ASIC said: "The number of CSF intermediaries is large compared with the number of offers and the actual amount of capital raised. We are unsure whether the CSF industry can continue to support this number of intermediaries, as well as any new entrants."ASIC has not licensed any CSF intermediaries since April 2019.The majority of companies seeking funding through CSF platforms are start-up and small companies.Eligible companies are allowed to make offers of ordinary shares to raise up to $5 million in a 12-month period. Investors are limited to investing $10,000 a year in any individual company.A total of 14,799 investors subscribed to CSF offers, with an average of 264 per offer. Retail investors made up 98.5 per cent of the investor base and provided 66.5 per cent of funds. The balance came from wholesale investors.Close to half (27) of the offering companies were in the consumer staples sector, 12 were in the consumer discretionary sector.Financial sector companies and information technology companies each made nine offers.Intermediaries made extensive use of so-called "subscribe now pay later" arrangements, which allow investors to pay subscription amounts at a later date. About $1.3 million committed (6.5 per cent of the total subscribed) under such arrangements remained unpaid at the end of the survey period."This is a substantial shortfall'" ASIC said. It raised the prospect of requiring intermediaries to warn offering companies that some investors may default on their obligations.