Equity crowdfunding seeks to promote the fundraising efforts of micro, small, and medium enterprises. In support of this aim, policy makers around the world have constructed regulatory frameworks that provide an exemption from the traditional requirements that accompany a public offer of shares for corporations wishing to raise funds through equity crowdfunding. This has expanded the number and type of corporations that can obtain funds from the broader public and empowers these enterprises to raise funds outside of the traditional financial sector. While ostensibly just another corporate fundraising mechanism, equity crowdfunding also establishes a new set of corporate circumstances that effect our understanding of corporate governance. In particular, equity crowdfunding creates a new class of corporate actor: a widely dispersed group of shareholders consisting of investors that, while relatively unsophisticated financial investors, are driven to invest through the combined promise of potential financial return on investment and the desire to contribute towards an enterprise that benefits the community. Equity crowdfunding therefore reintroduces a key aspect of the Berle and Means corporation into the corporate governance framework – widely dispersed shareholders. However, the process tweaks our understanding of the Berle and Means corporation by applying this shareholder cohort to private corporations and recognising an element of community benefit as a motivator for investment. This chapter explores some of the corporate governance implications of this evolution in corporate fundraising.