The crowdfunding phenomenon has garnered a considerable amount of attention in recent years. Several online crowdfunding platforms have risen to prominence; they can be characterized as two-sided marketplaces. Recent research reveals initial insights into the dynamics and characteristics of crowdfunding networks arising from such marketplaces. This research, though, is restricted primarily to analyses of static network snapshots and at the dyadic level. In this study, we use a large longitudinal dataset to analyze the behavior of actors on both sides of the market who promote their own and fund others’ projects. We investigate the influence of endogenous and exogenous effects on the dynamics of crowdfunding networks. Our results provide evidence for mechanisms promoting a hierarchical network organization and the absence of homophily-related mechanisms regarding gender or geographic distance. Moreover, we establish that experienced and popular project creators fund fewer projects.