{"p"=>"This explorative study examines how European crowdfunding platforms interpret and operationalise sustainability. Drawing on qualitative interviews with managers of 16 platforms from nine EU member states and the UK, the study addresses two research questions concerning how European crowdfunding platforms conceptualise sustainability within their organisational strategies and practices, and how they operationalise sustainability across the pre-funding, funding and post-funding phases of funder–project interaction. The findings show that the COVID‑19 pandemic intensified public interest in conscious investment, leading platforms to adjust and strengthen their sustainability practices in response to evolving stakeholder expectations. The three phases of funder–project interaction – pre-funding, funding, and post-funding – serve as critical touchpoints where platforms can enhance transparency, reduce information asymmetry, and improve impact measurement. While many platforms perceive themselves as having strong sustainability orientation, their long-term contributions to sustainable development remain constrained by limited data availability and the absence of standardised reporting frameworks. The study offers context‑specific insights that refine stakeholder‑theoretical perspectives by showing how crowdfunding platforms mediate and balance the expectations of funders, entrepreneurs and regulators when operationalising sustainability across multi‑actor ecosystems. It also outlines practical implications for platform governance and digital-tool adoption, and highlights how EU regulatory instruments may support more consistent sustainability disclosures and strengthen investor protection."}