Background: The Investment-based Crowdfunding development since its regulation by ICVM no. 588 in 2017. Objective: Assess the hypothesis that the regulation brought by CVM Instruction No. 588 of 2017 is fulfilling the objectives that led to its institution, that is, democratizing and expanding access to the securities market for new ventures of recognized potential. Method: Bibliographic review and an analysis of quantitative and qualitative data regarding Investment-based Crowdfunding platforms, the volume of funds raised, investors, invested companies and invested areas between 2014 and 2020. Results: It was noticeable an increase on the Investment-based Crowdfunding numbers from 2017 and on its potential to finance business ventures. It has also been possible to note that investments are usually concentrated among male investors, under the age of 40 years old, with higher education degrees and high average income, located in the south and southeast regions and interested in investing in particular domains such as financial, real estate and technology. Conclusions: The mapped results seem to indicate that there is still room for improvement in terms of regulation in order to promote the expansion of the use the Investment-based Crowdfunding, since the collected data framed limited investment diversification landscape in three aspects: country regions where securities are offered via Investment-based Crowdfunding, the investors’ profile and the scope of activities subject to investment. Based on the recent Public Consultation SDM CVM 02/2020, it has not been possible to identify rules, mechanisms or regulatory standards that could possibly address the verified concentrated investment landscape in Brazil.