Will investment crowdfunding limit future financing options because of the large number of shareholders on the cap table?

Sometimes but it really depends on your particular circumstances.

Investment crowdfunding can potentially limit future financing options due to the large number of shareholders on the cap table. When a company has numerous individual investors from a crowdfunding campaign, it can complicate future fundraising efforts as new investors may be wary of coming into a situation with such a dispersed ownership structure. Additionally, managing communication and decision-making with a large number of shareholders can be challenging and time-consuming for the company's management team.

There are ways to limit the effects of both of these concerns with planning.  For instance, a company may be suited to issued non-equity securities, like revenue share notes, or might utilize transfer agents that consolidate ownership into one record holder.  You could also limit voting rights on regulated investment crowdfunding issued securities. 

Institutional and angel investors have varying views on crowdfunding.  There has been a significant shift in "acceptance" of the use of regulated investment crowdfunding by many more (but not all) institutional and angel investors.  It may also depend on the region of the country where those investors are located. 

I'd be happy to chat more about the realities as they would apply to your circumstances if you want to chat directly.