Crowdfunding can help start-ups get funding, but it doesn't always impress professional investors. A study looked at how crowdfunding affects venture capitalists' decisions. The results show that venture capitalists see crowdfunding as a negative sign, but they pay attention to positive signals from the crowd. Start-ups that got money from securities-based crowdfunding were less likely to get funding from venture capitalists. However, start-ups that quickly raised a lot of money from reward-based crowdfunding, especially if they were B2C businesses, were more likely to get funding from venture capitalists. Getting investments from business angels before seeking venture capital also increased the chances of getting funding.