In recent years, equity crowdfunding (ECF) has become an increasingly important financing tool for early-stage firms. However, its long-term effects remain underexplored. This study investigates whether the success of equity crowdfunding campaign serves as a signal or as a determinant of firm’s post-crowdfunding performance. Using a dataset of 300 campaigns from Crowdcube platform we examine the relationship between campaign success indicators - attracted amount, number of investors, and average investment size - with three business performance outcomes: survivability, exit, and asset growth. Our results demonstrate that campaign success is a valuable informational signal that can be used by investor to differentiate high- and low-quality firms and predict post-crowdfunding outcomes. Besides that, the research highlights that the campaign success has a positive influence on the firm’s follow-on performance by itself, by enhancing firm’s financial and human capital resources. The paper contributes to a more nuanced understanding of the ECF campaign success effects and specific mechanisms that ensure its link with the firm’s follow-on performance.