This study aims to conduct an institutional mapping of the crowdfunding system in Iran by identifying key actors, mapping the network of institutional relations, evaluating the main functions of the system, and discovering its structural gaps. The research adopts a sequential exploratory mixed-methods design. In the qualitative phase, thematic analysis was applied to the responses of 14 key experts—including managers of crowdfunding platforms, investors, fundraisers, bank managers, and Farabourse experts—collected through semi-structured questionnaires administered in two stages. In the quantitative phase, the system’s functions were scored using a 5-point Likert scale, and institutional mapping matrices (actor–function, roles, and relations) were developed. Official documents and statistical reports on the Iranian crowdfunding market up to the end of 1404 were also used as secondary data. The results indicate that the Iranian crowdfunding ecosystem has a core-periphery structure, with three key actors—crowdfunding platforms, Farabourse Iran, and banks—holding the greatest power and influence. The system performs relatively well in connecting retail and professional investors with founders (mean score: 4.5 out of 5) and financing projects (mean score: 4.2), but shows serious weaknesses in risk management and sharing (mean score: 2.5) and in supporting innovation and entrepreneurship (mean score: 2.0). Five major institutional challenges and gaps were identified, the most important of which are the absence of a secondary market, the high cost of bank guarantees, weak post-financing monitoring, excessive focus on working capital rather than innovative projects, and the absence of key actors such as professional associations and universities. A comparison with advanced global ecosystems revealed that Iran is still in the early stages of developing this market.