This study examines the impact of the quantity (number of digital tools) and quality (sophistication of technologies) of digital technologies on the extent of equity fundraising in firms, emphasizing the role of organizational learning and market knowledge in this relationship. Drawing on the resource-based view and dynamic capabilities frameworks, we explore how adoption of a higher number of digital technologies and of the highest quality shapes firms' resource mobilization strategies. While younger firms are known as more agile and innovative, mature firms benefit to a greater extent from the adoption of quantity and quality of digital technologies for fundraising, raising questions regarding the role of accumulated market experience and organizational learning for resource mobilization. Using micro-level data from Pitchbook Canada comprised of 5,607 Canadian companies during 2010-2023 we demonstrate that more mature firms, in particular 11 years since the establishment and older, are more able to increase equity fundraising, given their focus on an increased number of digital tools adoption of highly advanced technologies. The study contributes to entrepreneurship finance and digital transformation literature by differentiating between technology adoption strategies, the role of firm maturity for fundraising and the ability of firms to raise external equity financing with technologies.
