The Ledger / US private raises, by industry, place and size
US private raises, by industry, place and size
Every private offering by a US operating company that filed a Form D, $1m to $1bn. Volumes count raises begun in 2024 and 2025. Fill rates use raises begun from 2022 to 2024, so each has had time to finish: “sold in full” means it reported selling 99.9% or more of the amount offered, “under half” less than half. The cheque is the amount sold divided by the number of investors. 506(c) raises were advertised to the public; an agent is a broker paid to find investors.
SEC Form D data sets, 2014 to 2026, operating companies only. Our calculations.
By industry
Industries with 30 raises or more in 2024 and 2025.
27 rows
| Industry | Raises | Sold | Median target | Sold in full | Under half | Investors | Cheque | Advertised | Paid an agent | Includes debt | Raised before |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Other Technology | 4,896 | $63,144m | $5.0m | 36.8% | 24.6% | 7 | $500k | 3.8% | 5.4% | 11.8% | 51.7% |
| Other | 4,127 | $38,931m | $5.0m | 33.0% | 40.4% | 7 | $313k | 9.5% | 8.3% | 11.9% | 40.5% |
| Commercial | 2,598 | $12,488m | $5.0m | 32.8% | 50.3% | 17 | $163k | 31.6% | 10.5% | 6.0% | 6.7% |
| Other Real Estate | 1,771 | $19,465m | $7.7m | 33.8% | 46.4% | 17 | $190k | 34.0% | 16.3% | 8.9% | 7.4% |
| Residential | 1,257 | $8,953m | $6.9m | 32.4% | 42.1% | 16 | $167k | 28.7% | 11.9% | 6.3% | 6.5% |
| Other Health Care | 1,076 | $11,574m | $5.1m | 30.8% | 34.3% | 8 | $403k | 4.4% | 8.4% | 15.6% | 58.1% |
| Biotechnology | 1,044 | $22,048m | $8.0m | 39.3% | 30.5% | 9 | $665k | 4.3% | 18.1% | 18.4% | 67.3% |
| Investing | 562 | $5,623m | $7.3m | 45.8% | 39.6% | 14 | $170k | 24.6% | 18.5% | 8.5% | 20.1% |
| Oil and Gas | 382 | $3,668m | $5.0m | 13.2% | 74.6% | 8 | $125k | 38.2% | 24.9% | 4.2% | 19.1% |
| Other Banking and Financial Services | 377 | $4,411m | $10.0m | 41.3% | 36.1% | 7 | $554k | 26.8% | 20.7% | 21.2% | 37.9% |
| Manufacturing | 356 | $2,415m | $4.2m | 26.6% | 48.2% | 7 | $250k | 15.4% | 10.1% | 21.9% | 48.3% |
| Other Energy | 266 | $5,838m | $7.7m | 34.8% | 39.6% | 6 | $750k | 11.7% | 17.3% | 18.0% | 48.5% |
| Business Services | 259 | $1,472m | $5.0m | 30.6% | 43.2% | 7 | $275k | 21.6% | 13.1% | 20.5% | 24.7% |
| Pharmaceuticals | 243 | $5,700m | $8.8m | 43.5% | 30.0% | 7 | $1,000k | 2.5% | 26.3% | 17.7% | 73.7% |
| Retailing | 243 | $1,195m | $3.6m | 26.5% | 38.9% | 6 | $262k | 10.3% | 11.1% | 16.5% | 35.8% |
| Commercial Banking | 182 | $4,312m | $15.9m | 65.4% | 22.9% | 19 | $818k | 3.8% | 40.7% | 47.8% | 61.0% |
| Restaurants | 157 | $1,469m | $3.0m | 23.4% | 55.0% | 8 | $167k | 9.6% | 10.2% | 5.1% | 23.6% |
| REITS and Finance | 151 | $3,133m | $20.0m | 45.3% | 44.6% | 14 | $245k | 33.8% | 23.8% | 29.8% | 30.5% |
| Agriculture | 131 | $1,320m | $7.0m | 26.9% | 43.8% | 9 | $310k | 16.8% | 11.5% | 16.8% | 48.1% |
| Construction | 118 | $1,194m | $5.0m | 29.6% | 54.3% | 13 | $302k | 22.0% | 11.0% | 7.6% | 15.3% |
| Insurance | 117 | $6,637m | $10.0m | 60.7% | 19.4% | 5 | $1,218k | 19.7% | 5.1% | 7.7% | 70.1% |
| Computers | 111 | $1,701m | $4.0m | 34.1% | 35.4% | 5.5 | $318k | 10.8% | 9.0% | 10.8% | 33.3% |
| Telecommunications | 82 | $945m | $5.0m | 40.5% | 37.8% | 5.5 | $410k | 8.5% | 15.9% | 17.1% | 51.2% |
| Lodging and Conventions | 49 | $136m | $7.5m | 25.6% | 60.3% | 12 | $211k | 14.3% | 4.1% | 6.1% | 6.1% |
| Investment Banking | 37 | $484m | $2.3m | 68.8% | 18.8% | 1 | $1,041k | 10.8% | 16.2% | 40.5% | 83.8% |
| Hospitals and Physicians | 36 | $172m | $5.6m | 33.3% | 50.0% | 13.5 | $265k | 16.7% | 5.6% | 5.6% | 50.0% |
| Environmental Services | 34 | $213m | $3.8m | 29.2% | 29.2% | 4 | $250k | 2.9% | 20.6% | 20.6% | 55.9% |
Share sold in full, by industry and year
Raises of $5m to $500m by the year they began. Recent years are still filling. Cells with fewer than 15 raises are blank.
25 rows
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Commercial Banking | 66% | 55% | 61% | 56% | 60% | 77% | 85% | 82% | 42% | 51% | 80% |
| Insurance | 50% | 48% | 28% | 58% | 53% | 47% | 57% | 68% | 64% | 58% | 58% |
| Pharmaceuticals | 45% | 36% | 45% | 37% | 43% | 46% | 56% | 42% | 34% | 45% | 39% |
| Other Technology | 41% | 37% | 41% | 37% | 39% | 42% | 50% | 43% | 36% | 39% | 42% |
| Telecommunications | 51% | 54% | 53% | 48% | 29% | 33% | 42% | 21% | 48% | 18% | 41% |
| Biotechnology | 44% | 35% | 34% | 40% | 37% | 47% | 49% | 37% | 38% | 38% | 31% |
| Computers | 47% | 42% | 49% | 33% | 29% | 34% | 61% | 41% | 24% | 25% | 36% |
| Other | 36% | 36% | 37% | 39% | 35% | 40% | 42% | 38% | 33% | 32% | 33% |
| Other Banking and Financial Services | 38% | 23% | 34% | 33% | 28% | 47% | 48% | 52% | 30% | 35% | 27% |
| Residential | 32% | 45% | 38% | 37% | 39% | 38% | 30% | 31% | 33% | 28% | 29% |
| Other Health Care | 39% | 35% | 34% | 37% | 32% | 38% | 41% | 32% | 31% | 28% | 28% |
| Manufacturing | 37% | 27% | 36% | 38% | 43% | 42% | 38% | 25% | 28% | 19% | 30% |
| Business Services | 34% | 42% | 25% | 38% | 24% | 35% | 42% | 19% | 29% | 22% | 33% |
| Other Energy | 36% | 27% | 22% | 33% | 18% | 35% | 39% | 35% | 28% | 33% | 38% |
| Investing | 39% | 26% | 26% | 26% | 29% | 19% | 29% | 44% | 35% | 30% | 34% |
| Other Real Estate | 39% | 35% | 38% | 34% | 28% | 24% | 33% | 36% | 25% | 20% | 23% |
| Retailing | 27% | 25% | 35% | 40% | 27% | 42% | 36% | 23% | 26% | 26% | 26% |
| Agriculture | 26% | 26% | 33% | 35% | 28% | 23% | 31% | 42% | 30% | 24% | 25% |
| Commercial | 28% | 32% | 35% | 34% | 28% | 27% | 29% | 30% | 21% | 24% | 27% |
| Restaurants | 43% | 24% | 36% | 19% | 15% | 18% | 42% | 23% | 33% | 19% | 36% |
| Construction | 9% | 35% | 53% | 25% | 35% | 48% | 17% | 25% | 21% | ||
| REITS and Finance | 29% | 20% | 31% | 26% | 31% | 27% | 20% | 22% | 19% | 9% | 20% |
| Oil and Gas | 22% | 37% | 35% | 31% | 21% | 23% | 24% | 14% | 11% | 7% | 15% |
| Lodging and Conventions | 11% | 22% | 35% | 24% | 19% | 12% | |||||
| Hospitals and Physicians | 40% |
By state
States and territories with 20 raises or more in 2024 and 2025.
59 rows
| State | Raises | Sold | Median target | Sold in full | Under half | Investors | Cheque | Advertised | Most common industry |
|---|---|---|---|---|---|---|---|---|---|
| CA | 3,133 | $60,576m | $8.0m | 38.4% | 29.6% | 9 | $561k | 12.1% | Other Technology |
| TX | 2,217 | $19,608m | $5.7m | 28.2% | 46.3% | 11 | $204k | 22.3% | Commercial |
| NY | 1,869 | $26,919m | $6.2m | 38.1% | 32.6% | 9 | $421k | 10.5% | Other Technology |
| FL | 1,300 | $9,899m | $5.0m | 33.8% | 44.5% | 8 | $250k | 19.8% | Other |
| MA | 915 | $12,520m | $6.9m | 40.4% | 25.8% | 9 | $625k | 4.5% | Other Technology |
| CO | 908 | $10,698m | $5.4m | 34.9% | 36.6% | 11 | $240k | 22.7% | Other Technology |
| WA | 694 | $5,158m | $4.1m | 29.4% | 41.6% | 8 | $286k | 11.7% | Other Technology |
| IL | 544 | $6,111m | $5.3m | 34.8% | 34.9% | 11 | $300k | 10.8% | Other |
| NC | 528 | $3,183m | $4.9m | 34.1% | 40.6% | 10 | $220k | 21.8% | Commercial |
| GA | 497 | $4,135m | $5.4m | 34.3% | 38.1% | 12 | $213k | 26.2% | Other |
| PA | 484 | $4,666m | $5.0m | 33.4% | 39.2% | 9 | $266k | 13.6% | Other Technology |
| OH | 477 | $3,187m | $5.0m | 28.6% | 41.5% | 10 | $212k | 11.7% | Other |
| DE | 447 | $3,972m | $5.0m | 44.2% | 33.0% | 9 | $282k | 21.7% | Other Technology |
| AZ | 401 | $2,330m | $5.0m | 23.1% | 51.0% | 8 | $173k | 20.4% | Other |
| VA | 397 | $3,831m | $5.5m | 33.7% | 38.6% | 9 | $354k | 11.8% | Other Technology |
| MN | 379 | $3,678m | $6.0m | 29.9% | 40.8% | 11 | $193k | 22.7% | Other Real Estate |
| NJ | 329 | $2,500m | $5.0m | 36.3% | 36.1% | 7 | $308k | 19.1% | Other Technology |
| UT | 303 | $2,556m | $7.0m | 35.7% | 39.4% | 9 | $350k | 11.9% | Other Technology |
| TN | 278 | $2,354m | $5.0m | 36.4% | 41.6% | 10 | $260k | 11.5% | Other Technology |
| MD | 274 | $3,172m | $5.0m | 35.7% | 37.5% | 8 | $330k | 5.8% | Other Technology |
| MI | 252 | $1,564m | $5.0m | 29.4% | 44.4% | 9 | $213k | 10.3% | Other Technology |
| NV | 248 | $2,960m | $5.5m | 25.8% | 50.3% | 9 | $232k | 33.9% | Commercial |
| OR | 238 | $1,466m | $4.0m | 25.1% | 51.5% | 7 | $250k | 10.1% | Other Technology |
| IN | 226 | $2,655m | $5.0m | 38.0% | 33.2% | 9 | $258k | 11.1% | Other Real Estate |
| A1 | 207 | $1,053m | $2.5m | 39.3% | 39.6% | 5 | $305k | 2.4% | Other |
| WI | 197 | $1,624m | $5.0m | 30.9% | 41.2% | 11 | $216k | 15.2% | Commercial |
| CT | 179 | $2,019m | $4.5m | 41.4% | 27.3% | 7 | $320k | 7.8% | Other Technology |
| MO | 177 | $1,629m | $5.0m | 33.6% | 45.8% | 9 | $219k | 18.1% | Commercial |
| SC | 172 | $827m | $5.0m | 34.8% | 38.5% | 11.5 | $180k | 16.3% | Commercial |
| WY | 166 | $666m | $6.4m | 12.7% | 75.0% | 7 | $169k | 44.6% | Commercial |
| AL | 161 | $1,936m | $3.7m | 42.3% | 28.8% | 12 | $223k | 9.9% | Other Technology |
| A6 | 155 | $1,142m | $4.3m | 51.5% | 33.8% | 3 | $752k | 2.6% | Other |
| IA | 134 | $604m | $5.0m | 33.3% | 40.5% | 9 | $200k | 14.2% | Investing |
| ID | 119 | $391m | $3.1m | 31.5% | 47.6% | 9 | $183k | 20.2% | Commercial |
| OK | 113 | $537m | $6.0m | 28.6% | 49.5% | 14.5 | $195k | 19.5% | Commercial |
| KS | 109 | $1,067m | $5.6m | 29.3% | 45.7% | 15 | $185k | 16.5% | Other Technology |
| AR | 107 | $815m | $3.6m | 53.1% | 27.8% | 28.5 | $154k | 31.8% | Other Real Estate |
| KY | 102 | $741m | $3.6m | 19.9% | 62.7% | 8 | $147k | 23.5% | Other |
| NE | 99 | $714m | $3.7m | 29.7% | 46.4% | 10 | $218k | 9.1% | Other Technology |
| X0 | 99 | $3,196m | $6.7m | 50.3% | 25.4% | 7.5 | $859k | 10.1% | Other Technology |
| DC | 88 | $831m | $6.0m | 37.1% | 32.9% | 7 | $451k | 11.4% | Other Technology |
| MT | 64 | $219m | $5.0m | 18.9% | 48.9% | 7 | $207k | 15.6% | Commercial |
| ME | 60 | $289m | $2.9m | 21.3% | 34.8% | 11 | $162k | 5.0% | Other Technology |
| NH | 59 | $1,454m | $5.3m | 30.4% | 44.6% | 9 | $250k | 15.3% | Other |
| E9 | 57 | $633m | $8.2m | 37.9% | 26.3% | 7 | $655k | 29.8% | Other Technology |
| LA | 57 | $277m | $4.6m | 38.0% | 43.0% | 8 | $205k | 10.5% | Other |
| K3 | 51 | $16m | $5.0m | 26.7% | 73.3% | 2.5 | $1,100k | 3.9% | Other Technology |
| L3 | 50 | $629m | $5.0m | 72.1% | 16.4% | 4.5 | $968k | 6.0% | Other Technology |
| A0 | 44 | $145m | $3.4m | 67.3% | 21.8% | 3.5 | $584k | 2.3% | Other |
| SD | 43 | $144m | $6.0m | 31.2% | 58.4% | 8 | $238k | 23.3% | Residential |
| ND | 41 | $110m | $6.5m | 22.6% | 72.0% | 6 | $245k | 29.3% | Other Real Estate |
| VT | 38 | $1,003m | $2.0m | 34.1% | 29.4% | 16 | $100k | 5.3% | Other |
| RI | 35 | $532m | $11.0m | 18.8% | 50.0% | 11 | $408k | 20.0% | Other Technology |
| NM | 34 | $216m | $5.6m | 22.1% | 48.5% | 9 | $483k | 0.0% | Biotechnology |
| A8 | 27 | $143m | $3.3m | 47.4% | 36.8% | 3 | $726k | 7.4% | Other |
| MS | 26 | $62m | $5.0m | 14.3% | 73.8% | 2 | $130k | 26.9% | Commercial |
| C3 | 26 | $231m | $5.1m | 57.1% | 32.1% | 7 | $983k | 7.7% | Other Technology |
| HI | 23 | $160m | $8.0m | 33.3% | 36.7% | 7 | $280k | 21.7% | Other Real Estate |
| L2 | 21 | $609m | $10.8m | 35.7% | 35.7% | 6 | $567k | 4.8% | Other Technology |
Raises by state and year
Number of raises begun each year. States with ten or more in a year.
73 rows
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CA | 2,265 | 2,118 | 2,293 | 2,370 | 2,358 | 2,021 | 2,576 | 2,267 | 1,709 | 1,608 | 1,525 |
| TX | 886 | 860 | 965 | 1,070 | 1,094 | 975 | 1,479 | 1,662 | 1,228 | 1,093 | 1,124 |
| NY | 1,000 | 919 | 979 | 1,057 | 1,194 | 967 | 1,325 | 1,214 | 932 | 955 | 914 |
| MA | 606 | 553 | 570 | 622 | 601 | 595 | 680 | 621 | 492 | 487 | 428 |
| FL | 413 | 399 | 379 | 454 | 471 | 478 | 663 | 724 | 609 | 630 | 670 |
| CO | 411 | 419 | 449 | 450 | 497 | 426 | 558 | 536 | 409 | 475 | 433 |
| WA | 428 | 409 | 388 | 424 | 483 | 395 | 488 | 394 | 338 | 375 | 319 |
| IL | 319 | 312 | 343 | 362 | 354 | 314 | 424 | 390 | 294 | 303 | 241 |
| PA | 251 | 228 | 299 | 284 | 288 | 290 | 329 | 311 | 241 | 256 | 228 |
| GA | 232 | 248 | 288 | 299 | 284 | 244 | 292 | 312 | 259 | 230 | 267 |
| NC | 208 | 228 | 227 | 200 | 222 | 250 | 313 | 305 | 267 | 276 | 252 |
| VA | 201 | 221 | 236 | 260 | 273 | 232 | 310 | 271 | 200 | 190 | 207 |
| OH | 179 | 188 | 190 | 200 | 209 | 197 | 249 | 264 | 212 | 235 | 242 |
| AZ | 177 | 157 | 160 | 179 | 187 | 188 | 300 | 288 | 231 | 205 | 196 |
| NJ | 156 | 144 | 193 | 165 | 158 | 169 | 255 | 217 | 191 | 182 | 147 |
| MN | 129 | 136 | 168 | 174 | 171 | 138 | 221 | 182 | 188 | 189 | 190 |
| MD | 189 | 149 | 175 | 173 | 166 | 153 | 199 | 200 | 147 | 141 | 133 |
| UT | 148 | 142 | 141 | 126 | 161 | 147 | 188 | 197 | 189 | 154 | 149 |
| OR | 108 | 109 | 141 | 152 | 149 | 138 | 172 | 184 | 145 | 137 | 101 |
| TN | 122 | 133 | 105 | 133 | 149 | 112 | 195 | 161 | 147 | 137 | 141 |
| MI | 100 | 113 | 116 | 136 | 145 | 112 | 164 | 159 | 149 | 124 | 128 |
| CT | 132 | 139 | 128 | 144 | 140 | 112 | 162 | 122 | 112 | 86 | 93 |
| DE | 27 | 26 | 48 | 50 | 63 | 79 | 175 | 196 | 152 | 204 | 243 |
| IN | 80 | 105 | 104 | 99 | 99 | 103 | 130 | 141 | 142 | 112 | 114 |
| NV | 78 | 86 | 107 | 110 | 90 | 78 | 136 | 163 | 110 | 123 | 125 |
| A1 | 57 | 77 | 75 | 96 | 120 | 132 | 179 | 122 | 97 | 94 | 113 |
| MO | 85 | 90 | 81 | 107 | 108 | 90 | 129 | 102 | 97 | 78 | 99 |
| WI | 83 | 80 | 78 | 97 | 95 | 87 | 102 | 107 | 84 | 100 | 97 |
| AL | 45 | 74 | 64 | 75 | 81 | 80 | 115 | 107 | 77 | 76 | 85 |
| SC | 51 | 41 | 60 | 60 | 82 | 69 | 105 | 96 | 84 | 93 | 79 |
| A6 | 64 | 64 | 59 | 65 | 74 | 57 | 101 | 62 | 61 | 75 | 80 |
| DC | 55 | 66 | 62 | 66 | 49 | 61 | 91 | 71 | 36 | 36 | 52 |
| WY | 27 | 20 | 18 | 38 | 37 | 56 | 80 | 99 | 88 | 73 | 93 |
| IA | 28 | 43 | 39 | 46 | 42 | 37 | 40 | 85 | 75 | 77 | 57 |
| OK | 50 | 37 | 41 | 44 | 46 | 43 | 57 | 80 | 58 | 54 | 59 |
| KS | 47 | 37 | 52 | 51 | 38 | 31 | 73 | 68 | 62 | 58 | 51 |
| AR | 24 | 35 | 37 | 27 | 37 | 47 | 91 | 96 | 51 | 47 | 60 |
| KY | 37 | 47 | 29 | 51 | 48 | 45 | 65 | 55 | 48 | 58 | 44 |
| ID | 23 | 28 | 31 | 33 | 48 | 49 | 64 | 60 | 52 | 56 | 63 |
| X0 | 39 | 26 | 23 | 38 | 35 | 50 | 77 | 60 | 58 | 55 | 44 |
| NE | 28 | 35 | 33 | 22 | 32 | 33 | 43 | 48 | 43 | 47 | 52 |
| E9 | 16 | 22 | 32 | 41 | 29 | 29 | 62 | 37 | 19 | 39 | 18 |
| NH | 33 | 21 | 32 | 36 | 25 | 23 | 42 | 36 | 33 | 23 | 36 |
| ME | 18 | 27 | 26 | 37 | 33 | 28 | 37 | 25 | 36 | 28 | 32 |
| LA | 28 | 34 | 19 | 34 | 26 | 24 | 25 | 43 | 26 | 31 | 26 |
| MT | 18 | 21 | 12 | 20 | 23 | 25 | 38 | 39 | 22 | 29 | 35 |
| NM | 24 | 22 | 30 | 25 | 33 | 21 | 33 | 24 | 23 | 21 | 13 |
| ND | 17 | 24 | 11 | 17 | 23 | 23 | 30 | 27 | 36 | 30 | 11 |
| VT | 19 | 15 | 15 | 23 | 19 | 21 | 29 | 34 | 30 | 21 | 17 |
| L3 | 15 | 15 | 25 | 21 | 22 | 28 | 25 | 20 | 18 | 23 | 27 |
| SD | 25 | 18 | 17 | 15 | 21 | 14 | 23 | 40 | 17 | 20 | 23 |
| RI | 12 | 18 | 22 | 23 | 19 | 17 | 26 | 19 | 22 | 23 | 12 |
| A0 | 19 | 20 | 15 | 13 | 15 | 15 | 28 | 20 | 17 | 18 | 26 |
| A8 | 11 | 16 | 10 | 10 | 19 | 22 | 11 | 14 | 13 | 14 | |
| MS | 13 | 14 | 12 | 13 | 11 | 15 | 15 | 12 | 14 | ||
| HI | 10 | 26 | 10 | 23 | 21 | 12 | 14 | ||||
| PR | 13 | 16 | 10 | 17 | 19 | 17 | 10 | ||||
| X1 | 22 | 25 | 14 | 21 | 13 | ||||||
| C3 | 15 | 12 | 13 | 10 | 10 | 16 | |||||
| 2Q | 13 | 14 | 11 | 13 | |||||||
| F4 | 14 | 17 | 19 | ||||||||
| D5 | 12 | 16 | 14 | ||||||||
| K3 | 42 | ||||||||||
| V8 | 12 | 10 | 10 | ||||||||
| O5 | 14 | 10 | |||||||||
| U0 | 12 | 11 | |||||||||
| AK | 10 | 10 | |||||||||
| WV | 10 | 10 | |||||||||
| L2 | 13 | ||||||||||
| 1H | 12 | ||||||||||
| I0 | 11 | ||||||||||
| D0 | 10 | ||||||||||
| K7 | 10 |
The sixty busiest cities
Raises begun in 2024 and 2025, by the city of the company's principal place of business.
60 rows
| City | Raises | Sold | Median target | Most common industry |
|---|---|---|---|---|
| New York, NY | 1,329 | $22,260m | $7.0m | Other |
| San Francisco, CA | 546 | $12,302m | $10.0m | Other Technology |
| Austin, TX | 449 | $5,050m | $6.1m | Other Technology |
| Dallas, TX | 396 | $3,068m | $7.1m | Commercial |
| Denver, CO | 375 | $5,718m | $6.4m | Other Technology |
| Chicago, IL | 322 | $4,382m | $6.0m | Other Technology |
| Houston, TX | 285 | $4,528m | $7.0m | Commercial |
| Seattle, WA | 278 | $1,833m | $5.0m | Other Technology |
| Boston, MA | 269 | $4,607m | $9.6m | Other Technology |
| Miami, FL | 240 | $2,043m | $6.0m | Other Technology |
| Atlanta, GA | 233 | $2,477m | $7.0m | Other Real Estate |
| Los Angeles, CA | 211 | $2,748m | $6.0m | Other |
| San Diego, CA | 208 | $4,552m | $6.8m | Biotechnology |
| Vancouver, A1 | 175 | $923m | $2.5m | Other |
| Wilmington, DE | 167 | $1,493m | $5.0m | Other Technology |
| Charlotte, NC | 163 | $839m | $8.0m | Commercial |
| Dover, DE | 162 | $1,902m | $6.0m | Other Technology |
| Brooklyn, NY | 160 | $1,313m | $5.0m | Other Technology |
| Scottsdale, AZ | 154 | $794m | $6.0m | Commercial |
| Las Vegas, NV | 149 | $2,059m | $6.1m | Commercial |
| Cambridge, MA | 134 | $1,571m | $7.9m | Biotechnology |
| Irvine, CA | 124 | $1,513m | $10.0m | Other Technology |
| Toronto, A6 | 122 | $883m | $4.0m | Other |
| Portland, OR | 116 | $646m | $3.6m | Other Technology |
| Nashville, TN | 109 | $1,250m | $4.5m | Other Technology |
| Minneapolis, MN | 109 | $1,535m | $6.1m | Other Technology |
| Raleigh, NC | 106 | $560m | $5.0m | Commercial |
| Fort Worth, TX | 102 | $930m | $3.5m | Commercial |
| Phoenix, AZ | 99 | $689m | $5.0m | Other |
| Sheridan, WY | 99 | $304m | $5.0m | Commercial |
| Palo Alto, CA | 98 | $1,984m | $8.9m | Other Technology |
| Pittsburgh, PA | 96 | $1,188m | $4.0m | Other Technology |
| Boulder, CO | 93 | $1,296m | $5.0m | Other Technology |
| Cincinnati, OH | 92 | $472m | $5.0m | Other Technology |
| Bellevue, WA | 92 | $422m | $3.0m | Other Real Estate |
| Indianapolis, IN | 91 | $827m | $4.2m | Other Real Estate |
| San Antonio, TX | 86 | $537m | $5.0m | Commercial |
| Plano, TX | 84 | $425m | $4.7m | Oil and Gas |
| Washington, DC | 83 | $818m | $6.0m | Other Technology |
| Tampa, FL | 82 | $882m | $9.0m | Other Technology |
| Birmingham, AL | 82 | $1,040m | $3.9m | Other Real Estate |
| Columbus, OH | 80 | $1,310m | $6.0m | Residential |
| Beverly Hills, CA | 79 | $657m | $2.7m | Other Real Estate |
| Boca Raton, FL | 73 | $588m | $5.1m | Other |
| Pasadena, CA | 67 | $494m | $24.8m | Commercial |
| Orlando, FL | 65 | $470m | $8.0m | Other Technology |
| London, X0 | 63 | $2,132m | $10.0m | Other Technology |
| Irving, TX | 63 | $231m | $3.0m | Oil and Gas |
| Milwaukee, WI | 61 | $358m | $7.6m | Commercial |
| Salt Lake City, UT | 61 | $670m | $7.0m | Other Technology |
| Alpharetta, GA | 60 | $292m | $6.0m | Other |
| Durham, NC | 59 | $684m | $5.5m | Other Technology |
| Richmond, VA | 56 | $254m | $3.9m | Other |
| Baltimore, MD | 56 | $529m | $5.3m | Biotechnology |
| Frisco, TX | 55 | $138m | $5.0m | Other Real Estate |
| Philadelphia, PA | 54 | $990m | $6.6m | Other Technology |
| Newport Beach, CA | 54 | $4,881m | $5.6m | Insurance |
| Aventura, FL | 54 | $610m | $5.1m | Investing |
| Cleveland, OH | 53 | $320m | $5.5m | Commercial |
| Santa Monica, CA | 53 | $767m | $7.0m | Other |
By the size of the raise
Larger raises fill less often and lean more on agents.
8 rows
| Amount offered | Raises | Sold in full | Under half | Investors | Cheque | Advertised | Paid an agent |
|---|---|---|---|---|---|---|---|
| $1m-$2m | 3,382 | 36.4% | 41.6% | 5 | $117k | 10.9% | 5.8% |
| $2m-$5m | 5,734 | 35.8% | 37.0% | 8 | $200k | 11.5% | 7.2% |
| $5m-$10m | 4,184 | 35.0% | 35.4% | 10 | $331k | 14.1% | 9.7% |
| $10m-$25m | 4,083 | 32.2% | 38.0% | 12 | $617k | 19.4% | 13.5% |
| $25m-$50m | 1,560 | 35.5% | 35.3% | 12 | $1,343k | 18.8% | 17.8% |
| $50m-$100m | 869 | 30.6% | 43.7% | 13 | $2,202k | 23.1% | 22.1% |
| $100m-$250m | 696 | 30.0% | 49.2% | 17 | $3,771k | 31.0% | 26.3% |
| $250m-$1bn | 242 | 28.6% | 47.1% | 23 | $7,568k | 36.4% | 32.2% |
By the company's revenue
As stated on the Form D. Most companies decline to say.
8 rows
| Revenue | Raises | Median target | Sold in full | Under half | Investors |
|---|---|---|---|---|---|
| No Revenues | 2,219 | $5.0m | 19.5% | 62.3% | 10 |
| $1 - $1,000,000 | 676 | $3.0m | 29.1% | 54.2% | 6 |
| $1,000,001 - $5,000,000 | 409 | $3.5m | 30.8% | 51.5% | 7 |
| $5,000,001 - $25,000,000 | 282 | $6.5m | 48.4% | 37.2% | 8 |
| $25,000,001 - $100,000,000 | 103 | $20.0m | 37.4% | 51.8% | 10 |
| Over $100,000,000 | 122 | $24.4m | 51.2% | 41.5% | 6 |
| Decline to Disclose | 16,793 | $5.9m | 36.7% | 33.6% | 9 |
| Not Applicable | 146 | $5.0m | 31.4% | 44.3% | 11 |
First raise against later raises
The company's first offering on record, its second, and so on. Later raises are larger, written by fewer investors, and fill more often.
5 rows
| Raise | Raises | Median target | Sold in full | Under half | Investors | Cheque |
|---|---|---|---|---|---|---|
| First | 13,340 | $5.0m | 33.7% | 41.7% | 10 | $235k |
| Second | 2,960 | $5.5m | 34.6% | 32.0% | 7 | $494k |
| Third | 1,637 | $7.0m | 35.7% | 29.3% | 8 | $655k |
| Fourth | 962 | $8.0m | 38.1% | 29.2% | 8 | $687k |
| Fifth or later | 1,851 | $7.0m | 38.4% | 33.2% | 8 | $500k |
How long between raises
Median months from one raise to the company's next, by industry.
7 rows
| Industry | Gaps measured | Median months |
|---|---|---|
| Other Banking and Financial Services | 884 | 13.3 |
| Manufacturing | 972 | 13.8 |
| Other | 8,721 | 14.7 |
| Other Technology | 14,191 | 15.6 |
| Pharmaceuticals | 1,081 | 15.6 |
| Other Health Care | 3,643 | 16.2 |
| Biotechnology | 3,625 | 16.3 |
Paid agents and the fill rate, by year
Raises of $5m to $500m that paid a broker against those that did not.
8 rows
| Began | Paid an agent | Raises | Sold in full |
|---|---|---|---|
| 2021 | No | 6,656 | 41.4% |
| 2021 | Yes | 1,231 | 44.4% |
| 2022 | No | 6,593 | 36.9% |
| 2022 | Yes | 1,066 | 39.5% |
| 2023 | No | 5,094 | 30.9% |
| 2023 | Yes | 711 | 31.2% |
| 2024 | No | 4,999 | 30.7% |
| 2024 | Yes | 788 | 31.0% |