With the rapid development of digital technology and innovative financial service, online crowdfunding platform has become a vital financing channel that replaces traditional angels and private equity. Existing literature on crowdfunding mainly concentrates on donation-based crowdfunding and microloans (P2P), but largely neglects equity-based crowdfunding. Based on quantitative text analysis of 741 equity-based crowdfunding campaigns launched on Seedrs in 2015 and 2016, this study finds that the length and tone of the pitch have a significant impact on the success rate of crowdfunding. Compared with professional investors, the crowd usually rely more on intuition to make relatively emotional investment decisions. The lengthy pitch not only cannot effectively mitigate information asymmetry, but also increase the difficulty for investors to quickly extract valuable information and accurately understand business plans, which eventually weakens their investment enthusiasm and reduces the success rate of crowdfunding. Pitch in a positive tone can signal positive inside information to potential investors, enhance investor optimism and investment willingness, thereby contributing to successful crowdfunding.