The Ledger / Equity crowdfunding, offering by offering
Equity crowdfunding, offering by offering
Every offering filed under Regulation Crowdfunding since it opened in May 2016. A US company may raise up to $5m in 12 months this way (up to $1.07m before 15 March 2021) from anyone, through an SEC-registered funding portal or broker. Each offering is counted once, on its original Form C, with the terms and accounts as first filed. Money is in thousands of dollars ($k). The target is the minimum the company must reach or the money goes back; the maximum is the most it will take. A Reg CF offering sells nothing unless it reaches its target, so it counts as reaching it when a progress update (Form C-U) reports the target met, or when the company's first offering is followed by an annual report (Form C-AR), which only a company that sold must file. Many companies file neither: “reached” is a floor, and “where known” leaves out the offerings with no evidence either way. Outcomes use offerings with deadlines to 30 June 2025. We drop offerings with a target under $500 or a maximum above the legal cap, and blank revenue over $100m, assets or debt over $500m: unit errors.
SEC Regulation Crowdfunding offerings data sets, 2016 Q2 to 2026 Q3 (https://www.sec.gov/data-research/sec-markets-data/crowdfunding-offerings-data-sets; quarterly files such as https://www.sec.gov/files/dera/data/crowdfunding-offerings-data-sets/2025q4_cf.zip). Forms C, C/A, C-U, C-AR, C-TR and C-W. Our calculations. Data to 30 September 2026.
Crowdfunding in one line
- Offerings
- 11,089
- Companies
- 9,147
- Most they would take, added up
- $10.8bn
- Median target
- $37.6k
- Median maximum
- $750k
- Reached the target, at least
- 50.9%
- Reached it, where the outcome is known
- 81.3%
- Median raise that reached its target
- $122k
- Middle half of those raises
- $50k to $331k
- Raised against the target, median
- 4.2×
- Filled to the maximum
- 17.5%
- Median portal fee
- 7.0%
- Portal also takes securities
- 28.4%
- Companies with no revenue
- 44.4%
- Companies in profit
- 14.3%
- Median employees
- 3
Year by year
By the year the Form C was filed. The cap rose from $1.07m to $5m in March 2021. Price is the median price per share of equity offerings. 2026 runs to September; recent years' outcomes are still coming in.
| Filed | Offerings | Company's first | Median target | Median maximum | Maximums added up | Equity price per share ($) | Portal fee | Median revenue | Reached target, at least | Median raise that reached target |
|---|---|---|---|---|---|---|---|---|---|---|
| 2016 | 192 | 93.2% | $70k | $1,000k | $122m | 1.32 | 5.0% | $0k | 40.1% | $200k |
| 2017 | 522 | 91.2% | $25k | $500k | $301m | 2.00 | 6.0% | $0k | 52.8% | $124k |
| 2018 | 761 | 89.0% | $25k | $500k | $425m | 1.28 | 6.0% | $0k | 49.0% | $94k |
| 2019 | 712 | 89.5% | $25k | $500k | $400m | 2.00 | 6.0% | $0k | 51.7% | $139k |
| 2020 | 1,163 | 86.7% | $30k | $500k | $663m | 1.50 | 6.5% | $0k | 51.7% | $150k |
| 2021 | 1,582 | 84.3% | $25k | $1,000k | $1,641m | 2.00 | 6.5% | $0k | 55.2% | $142k |
| 2022 | 1,617 | 80.2% | $25k | $1,070k | $2,030m | 2.00 | 7.5% | $10k | 52.3% | $102k |
| 2023 | 1,475 | 79.1% | $35k | $618k | $1,629m | 2.00 | 7.5% | $43k | 51.6% | $105k |
| 2024 | 1,430 | 78.4% | $50k | $618k | $1,588m | 2.50 | 7.9% | $61k | 45.4% | $120k |
| 2025 | 1,038 | 77.7% | $50k | $850k | $1,248m | 2.50 | 7.9% | $41k | 43.8% | $161k |
| 2026 | 597 | 74.4% | $50k | $750k | $781m | 2.50 | 7.9% | $11k | $50k |
What companies sell, year by year
Share of each year's offerings by security, in per cent. Revenue share includes Mainvest's revenue sharing notes, which its issuers file as debt.
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Common equity or LLC units | 44% | 39% | 40% | 28% | 27% | 32% | 33% | 30% | 36% | 32% | 29% |
| SAFE | 25% | 23% | 21% | 22% | 25% | 26% | 28% | 24% | 19% | 21% | 24% |
| Debt | 18% | 23% | 17% | 21% | 14% | 10% | 14% | 22% | 26% | 26% | 31% |
| Preferred equity | 6% | 8% | 10% | 8% | 8% | 9% | 9% | 8% | 10% | 10% | 8% |
| Revenue share | 2% | 4% | 2% | 10% | 15% | 16% | 9% | 11% | 5% | 4% | 4% |
| Convertible note | 4% | 3% | 10% | 11% | 10% | 7% | 6% | 5% | 3% | 5% | 2% |
| Other | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 2% | 2% |
By security
Common equity includes LLC units. Recent share is 2024 to 2026.
| Security | Offerings | Share | Recent share | Median target | Median maximum | Median revenue | No revenue | Employees | Portal fee | Reached target, at least | Where known | Median raise that reached target |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common equity or LLC units | 3,605 | 32.5% | 33.3% | $10k | $1,070k | $0k | 51.3% | 4 | 7.0% | 57.3% | 81.9% | $161k |
| SAFE | 2,627 | 23.7% | 20.7% | $50k | $1,000k | $8k | 39.6% | 3 | 6.5% | 47.4% | 85.9% | $165k |
| Debt | 2,137 | 19.3% | 27.3% | $25k | $107k | $70k | 30.2% | 3 | 8.0% | 45.3% | 90.4% | $52k |
| Preferred equity | 978 | 8.8% | 9.3% | $50k | $1,070k | $33k | 39.3% | 4 | 7.0% | 51.3% | 88.9% | $396k |
| Revenue share | 973 | 8.8% | 4.3% | $50k | $124k | $0k | 70.4% | 2 | 6.0% | 51.1% | 55.9% | $60k |
| Convertible note | 669 | 6.0% | 3.5% | $50k | $618k | $16k | 35.6% | 4 | 6.5% | 47.6% | 89.0% | $128k |
| Other | 100 | 0.9% | 1.6% | $50k | $750k | $0k | 78.0% | 1 | 7.5% | 51.5% | 85.4% | $172k |
By the company's revenue
Revenue in the most recent fiscal year, as stated on the Form C. Raised before: the company filed an earlier Reg CF offering, and one that reached its target. The maximum against the target is the median ratio of the two.
| Revenue | Offerings | Share | Median target | Median maximum | Maximum against target | Employees | In profit | Filed before | Raised before | Reached target, at least | Median raise that reached target |
|---|---|---|---|---|---|---|---|---|---|---|---|
| No revenue | 4,918 | 44.4% | $50k | $618k | 10.7× | 2 | 1.4% | 13.1% | 9.8% | 47.7% | $107k |
| Under $100k | 2,256 | 20.4% | $30k | $450k | 10.0× | 2 | 16.6% | 15.2% | 12.1% | 49.8% | $97k |
| $100k to $500k | 1,769 | 16.0% | $25k | $500k | 10.5× | 4 | 29.8% | 20.5% | 17.1% | 52.9% | $94k |
| $500k to $1m | 735 | 6.6% | $30k | $1,000k | 15.0× | 7 | 28.6% | 25.7% | 21.5% | 57.3% | $131k |
| $1m to $5m | 1,049 | 9.5% | $30k | $1,070k | 24.7× | 10 | 27.5% | 27.5% | 24.0% | 57.9% | $252k |
| $5m or more | 353 | 3.2% | $25k | $1,235k | 61.0× | 30 | 31.5% | 32.0% | 28.3% | 62.0% | $457k |
How often an offering reaches its target
Offerings with deadlines to 30 June 2025, by the year filed. Missed: a progress update reported less than the target, or the offering was withdrawn. Unknown: no update and no annual report. Raised against target is the median for offerings that reached it.
| Filed | Offerings | Reached | Missed | Of which withdrawn | Unknown | Reached, where known | Median raise | Raised against target | Filled to the maximum |
|---|---|---|---|---|---|---|---|---|---|
| 2016 | 192 | 40.1% | 11.5% | 11.5% | 48.4% | 77.8% | $200k | 2.6× | 26.2% |
| 2017 | 521 | 52.8% | 8.8% | 8.3% | 38.4% | 85.7% | $124k | 3.0× | 20.5% |
| 2018 | 761 | 49.0% | 8.0% | 7.9% | 43.0% | 85.9% | $94k | 3.5× | 16.8% |
| 2019 | 712 | 51.7% | 12.1% | 11.8% | 36.2% | 81.1% | $139k | 4.3× | 30.7% |
| 2020 | 1,163 | 51.7% | 12.4% | 11.6% | 35.9% | 80.7% | $150k | 5.6× | 26.8% |
| 2021 | 1,579 | 55.2% | 12.8% | 12.3% | 32.0% | 81.2% | $142k | 6.2× | 15.4% |
| 2022 | 1,614 | 52.3% | 13.1% | 12.5% | 34.6% | 79.9% | $102k | 4.9× | 7.5% |
| 2023 | 1,463 | 51.6% | 10.2% | 8.3% | 38.2% | 83.5% | $105k | 3.1× | 16.9% |
| 2024 | 1,298 | 45.4% | 11.7% | 5.9% | 42.9% | 79.5% | $114k | 3.0× | 15.4% |
| 2025 | 240 | 43.8% | 17.5% | 6.7% | 38.8% | 71.4% | $108k | 2.1× | 17.8% |
How much the successful offerings raised
The final amount in the last progress update of each offering that reached its target, deadlines to 30 June 2025.
| Raised | Offerings | Share |
|---|---|---|
| Under $50k | 976 | 24.5% |
| $50k to $100k | 762 | 19.1% |
| $100k to $250k | 1,013 | 25.4% |
| $250k to $500k | 518 | 13.0% |
| $500k to $1m | 327 | 8.2% |
| $1m to $2.5m | 305 | 7.6% |
| $2.5m or more | 90 | 2.3% |
The companies' accounts
Medians from the most recent fiscal year on each Form C, by the year filed. Debt is short-term plus long-term debt.
| Filed | Offerings | Employees | Revenue | Revenue, where any | No revenue | Net income | In profit | Total assets | Cash | Debt | With debt |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016 | 192 | 2 | $0k | $125k | 63.5% | $-6k | 8.3% | $29k | $2k | $1k | 54.2% |
| 2017 | 522 | 3 | $0k | $89k | 52.1% | $-12k | 8.6% | $36k | $5k | $19k | 60.5% |
| 2018 | 761 | 3 | $0k | $151k | 53.4% | $-7k | 10.4% | $23k | $3k | $7k | 56.4% |
| 2019 | 712 | 3 | $0k | $163k | 50.0% | $-11k | 11.7% | $26k | $5k | $10k | 58.0% |
| 2020 | 1,163 | 3 | $0k | $143k | 48.4% | $-14k | 11.1% | $39k | $6k | $17k | 60.4% |
| 2021 | 1,582 | 3 | $0k | $135k | 48.5% | $-22k | 11.8% | $52k | $8k | $30k | 61.9% |
| 2022 | 1,617 | 3 | $10k | $209k | 42.5% | $-34k | 14.7% | $97k | $18k | $78k | 69.7% |
| 2023 | 1,475 | 3 | $43k | $254k | 37.1% | $-33k | 18.7% | $129k | $21k | $80k | 71.3% |
| 2024 | 1,430 | 3 | $61k | $374k | 37.6% | $-33k | 18.8% | $135k | $21k | $113k | 72.3% |
| 2025 | 1,038 | 3 | $41k | $372k | 39.1% | $-32k | 15.3% | $166k | $23k | $124k | 72.5% |
| 2026 | 597 | 2 | $11k | $364k | 43.5% | $-14k | 17.1% | $90k | $14k | $54k | 66.6% |
What the portals charge
Intermediaries with 40 offerings or more. The fee is the highest cash percentage in the filing's compensation field, so tiered or ranged fees are taken at their top. Takes securities: the portal also receives some of the securities sold, at the median share shown.
| Portal | Offerings | Share | Latest | Main security | Cash fee | Takes securities | Share of securities | Median target | Median maximum | Reached target, at least | Where known | Median raise that reached target |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wefunder | 2,912 | 26.3% | 2026 | SAFE | 7.0% | 7.6% | 2.0% | $50k | $1,000k | 33.9% | 93.6% | $304k |
| StartEngine | 1,976 | 17.8% | 2026 | Common equity or LLC units | 9.0% | 66.5% | 3.0% | $10k | $1,070k | 69.6% | 81.8% | $170k |
| Honeycomb Credit | 1,192 | 10.7% | 2026 | Debt | 8.0% | 0.0% | $25k | $75k | 56.3% | 93.3% | $40k | |
| Republic (OpenDeal) | 828 | 7.5% | 2026 | SAFE | 6.0% | 97.2% | 2.0% | $25k | $1,070k | 83.5% | 87.1% | $181k |
| Mainvest | 777 | 7.0% | 2024 | Revenue share | 6.0% | 0.3% | 6.0% | $50k | $107k | 51.4% | 51.6% | $57k |
| Netcapital | 510 | 4.6% | 2026 | Common equity or LLC units | 4.9% | 0.0% | $10k | $1,000k | 66.3% | 93.0% | $50k | |
| SeedInvest (SI Securities) | 309 | 2.8% | 2022 | Debt | 7.5% | 99.0% | 5.0% | $25k | $1,025k | 40.5% | 89.3% | $297k |
| DealMaker Securities | 279 | 2.5% | 2026 | Common equity or LLC units | 8.5% | 8.2% | 1.0% | $10k | $3,500k | 58.3% | 80.7% | $260k |
| SMBX | 270 | 2.4% | 2026 | Debt | 4.5% | 0.0% | $20k | $124k | 9.8% | 82.1% | $139k | |
| truCrowd | 154 | 1.4% | 2023 | Common equity or LLC units | 8.0% | 1.3% | 2.0% | $10k | $1,000k | 28.6% | 83.0% | $294k |
| MicroVenture | 134 | 1.2% | 2025 | Convertible note | 5.0% | 60.4% | 2.0% | $25k | $250k | 70.8% | 91.1% | $108k |
| PicMii | 115 | 1.0% | 2026 | Common equity or LLC units | 4.9% | 2.6% | 2.0% | $10k | $1,235k | 31.9% | 52.4% | $80k |
| NextSeed | 87 | 0.8% | 2021 | Debt | 10.0% | 12.6% | 5.0% | $125k | $250k | 83.9% | 97.3% | $184k |
| NSSC Funding Portal | 58 | 0.5% | 2026 | Preferred equity | 5.0% | 0.0% | $100k | $600k | 79.2% | 90.5% | $1k | |
| First Democracy VC | 53 | 0.5% | 2018 | Convertible note | 7.0% | 96.2% | 2.0% | $50k | $500k | 88.5% | 95.8% | $151k |
| Mr. Crowd | 53 | 0.5% | 2026 | Common equity or LLC units | 5.0% | 5.7% | 10.0% | $50k | $600k | 12.2% | $58k | |
| Dalmore Group | 52 | 0.5% | 2026 | Common equity or LLC units | 3.0% | 36.5% | 1.0% | $50k | $1,235k | 48.8% | 83.3% | $371k |
| Climatize | 51 | 0.5% | 2026 | Debt | 5.0% | 0.0% | $250k | $498k | 37.5% | $742k | ||
| Jumpstart Micro | 50 | 0.5% | 2026 | Common equity or LLC units | 6.5% | 0.0% | $18k | $1,200k | 18.8% | $418k | ||
| Silicon Prairie Online | 47 | 0.4% | 2025 | Common equity or LLC units | 5.0% | 8.5% | 2.0% | $50k | $1,200k | 22.0% | $91k | |
| GigaStar Portal | 46 | 0.4% | 2026 | Revenue share | 10.0% | 0.0% | $29k | $130k | 90.3% | 100.0% | ||
| Raise Green | 45 | 0.4% | 2024 | Debt | 5.0% | 22.2% | 2.0% | $50k | $350k | 86.7% | 100.0% | $244k |
| Andes Capital Group | 44 | 0.4% | 2026 | Common equity or LLC units | 3.0% | 9.1% | 1.0% | $50k | $1,366k | 28.6% | $92k |
The spread of portal fees
Offerings by the cash fee stated, all years.
| Cash fee | Offerings | Share |
|---|---|---|
| Under 3% | 133 | 1.2% |
| 3% to 5% | 1,313 | 12.1% |
| 5% to 6% | 1,180 | 10.9% |
| 6% to 7% | 2,585 | 23.8% |
| 7% to 8% | 2,416 | 22.2% |
| 8% to 10% | 2,237 | 20.6% |
| 10% or more | 1,002 | 9.2% |
By state
The company's address on the Form C, states with 25 offerings or more.
| State | Offerings | Share | Median target | Median maximum | Maximums added up | Median revenue | Main security | Reached target, at least |
|---|---|---|---|---|---|---|---|---|
| CA | 2,638 | 23.8% | $30k | $1,000k | $2,989m | $14k | Common equity or LLC units | 51.6% |
| NY | 1,003 | 9.0% | $25k | $1,000k | $975m | $17k | SAFE | 53.6% |
| FL | 795 | 7.2% | $25k | $1,000k | $889m | $1k | Common equity or LLC units | 47.0% |
| TX | 777 | 7.0% | $50k | $1,000k | $852m | $1k | Common equity or LLC units | 48.7% |
| PA | 473 | 4.3% | $25k | $124k | $262m | $40k | Debt | 64.5% |
| MA | 453 | 4.1% | $50k | $250k | $255m | $0k | Revenue share | 57.0% |
| DE | 344 | 3.1% | $50k | $1,000k | $375m | $0k | SAFE | 41.9% |
| IL | 305 | 2.8% | $25k | $500k | $315m | $23k | Common equity or LLC units | 51.6% |
| CO | 304 | 2.7% | $50k | $900k | $277m | $17k | Common equity or LLC units | 51.3% |
| GA | 264 | 2.4% | $40k | $450k | $250m | $2k | Debt | 43.0% |
| WA | 252 | 2.3% | $50k | $1,000k | $277m | $21k | Common equity or LLC units | 50.5% |
| NJ | 226 | 2.0% | $25k | $1,000k | $240m | $3k | Common equity or LLC units | 44.9% |
| NC | 219 | 2.0% | $50k | $535k | $196m | $2k | Common equity or LLC units | 43.5% |
| NV | 201 | 1.8% | $25k | $1,070k | $267m | $0k | Common equity or LLC units | 43.6% |
| OH | 200 | 1.8% | $25k | $150k | $138m | $22k | Debt | 53.5% |
| VA | 199 | 1.8% | $40k | $400k | $160m | $24k | Common equity or LLC units | 53.5% |
| AZ | 187 | 1.7% | $40k | $950k | $191m | $13k | Common equity or LLC units | 49.1% |
| MD | 173 | 1.6% | $35k | $250k | $131m | $7k | Debt | 46.2% |
| MI | 168 | 1.5% | $26k | $250k | $130m | $17k | Common equity or LLC units | 56.7% |
| OR | 159 | 1.4% | $25k | $250k | $86m | $58k | Debt | 43.9% |
| UT | 156 | 1.4% | $50k | $1,070k | $215m | $14k | Common equity or LLC units | 50.4% |
| TN | 149 | 1.3% | $50k | $550k | $155m | $0k | Common equity or LLC units | 45.6% |
| WY | 128 | 1.2% | $32k | $1,070k | $149m | $0k | Revenue share | 50.0% |
| CT | 116 | 1.0% | $25k | $380k | $100m | $10k | Common equity or LLC units | 62.4% |
| MN | 111 | 1.0% | $50k | $846k | $100m | $12k | Common equity or LLC units | 40.2% |
| DC | 104 | 0.9% | $50k | $250k | $52m | $20k | Debt | 45.6% |
| KY | 98 | 0.9% | $50k | $300k | $47m | $0k | Common equity or LLC units | 48.6% |
| SC | 91 | 0.8% | $30k | $1,000k | $99m | $32k | Common equity or LLC units | 62.2% |
| MO | 80 | 0.7% | $40k | $136k | $42m | $14k | Debt | 45.2% |
| IN | 63 | 0.6% | $50k | $250k | $51m | $13k | Common equity or LLC units | 47.2% |
| ID | 56 | 0.5% | $18k | $618k | $70m | $54k | Common equity or LLC units | 70.8% |
| NH | 56 | 0.5% | $25k | $200k | $29m | $0k | Revenue share | 61.7% |
| WI | 54 | 0.5% | $50k | $250k | $29m | $13k | SAFE | 42.2% |
| NM | 52 | 0.5% | $50k | $535k | $57m | $0k | Common equity or LLC units | 57.1% |
| AL | 49 | 0.4% | $25k | $500k | $53m | $0k | Common equity or LLC units | 41.9% |
| LA | 48 | 0.4% | $50k | $686k | $42m | $0k | Common equity or LLC units | 45.2% |
| HI | 46 | 0.4% | $50k | $945k | $45m | $145k | Common equity or LLC units | 56.4% |
| ME | 35 | 0.3% | $50k | $250k | $31m | $20k | Common equity or LLC units | 46.7% |
| RI | 31 | 0.3% | $50k | $250k | $13m | $8k | Revenue share | 56.7% |
| KS | 28 | 0.3% | $50k | $137k | $16m | $46k | Common equity or LLC units | 39.1% |