In this paper we analyze the financing of firms in the Cleantech sector that have successfully raised equity crowdfunding on platforms in 16 European countries. We find that firms with lower total assets and higher cash balances raise greater amounts of crowdfunding. In the period pre-crowdfunding, illiquid firms raise less finance and firms with greater tangible assets raise more debt. In the post-crowdfunding period, crowdfunded firms raise significantly greater amounts of external equity suggesting signaling effects. Our study highlights the ameliorating liquidity effects of crowdfunding, which are especially important in early stage firms developing new technologies.