This paper develops a comprehensive conceptual model for comparing donation-based and equity crowdfunding in the context of social enterprises. Drawing on multiple theoretical perspectives, including Signalling Theory (Spence, 1973) [16], Social Capital Theory (Lin, 2001) [12], and Stakeholder Theory (Freeman, 1984) [8], we propose a framework that elucidates the distinct dynamics of these two crowdfunding models for social ventures. The study presents seven key theoretical propositions addressing aspects such as quality signalling, the role of social capital, platform features, herding behaviour, governance challenges, and long-term outcomes. By integrating insights from social entrepreneurship, crowdfunding, and organisational theory literature, this conceptual model provides a nuanced understanding of how different factors influence crowdfunding success and post-funding performance for social enterprises. The paper contributes to the growing body of literature on social finance and offers practical implications for social entrepreneurs, crowdfunding platform developers, and policymakers. Future empirical research directions are suggested to test and refine the proposed theoretical framework.