Norvian Review.By Norvian Capital Partners Norvian Capital Partners

The Ledger / US private raises, state by state

Data

US private raises, state by state

Every private raise of $1m to $1bn by a US operating company, by the state of its principal place of business, 2015 to 2025. Per-head figures use the Census Bureau's 2024 population estimates. Fill rates use raises begun 2022 to 2024 so each has had time to finish. Read the story in The map of American private capital.

SEC Form D data sets; US Census Bureau population estimates. Our calculations.

Private raises by state, year by year
US operating companies raising $1m to $1bn under Regulation D, by the state of their principal place of business. Drag the year.
AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode Island
    SEC Form D data sets; US Census Bureau population estimates; Norvian analysisNorvian Review
    Where private raises sell in full
    Raises begun 2022 to 2024, so each has had time to finish. States with fewer than 100 raises in 2023 to 2025 are left blank.
    AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode Island
      SEC Form D data sets; US Census Bureau population estimates; Norvian analysisNorvian Review
      Where raising grew, and where it shrank
      Change in the number of raises, 2015 to 2017 against 2023 to 2025. States with fewer than 100 raises in the first period are left blank.
      AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode Island
        SEC Form D data sets; US Census Bureau population estimates; Norvian analysisNorvian Review
        What each state raises money for
        Share of each state's raises, 2023 to 2025, by industry group. States with fewer than 60 raises are left blank.
        AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode Island
          SEC Form D data sets; US Census Bureau population estimates; Norvian analysisNorvian Review
          Share of all US private raises, by state
          Operating companies, raises of $1m to $1bn, by year begun
          0%10%20%30%201520172019202120232025California15.6%Texas11.5%New York9.4%Florida6.9%Massachusetts4.4%
          SEC Form D data sets; Norvian analysisNorvian Review

          Every state, 2023 to 2025

          Raises, money, fill rates (raises begun 2022 to 2024), cheques, advertising, agents and industry mix, with the 2015 to 2017 count for comparison.

          55 rows
          StateRaisesRaises 2015-17SoldMedian targetSold in fullUnder halfInvestorsChequeAdvertisedPaid an agentTechReal estateHealthEnergyMost common industry
          CA4,8426,676$84,183m$7.5m38.4%29.6%9$505k11.9%8.7%34%21%14%1%Other Technology
          TX3,4452,711$29,333m$5.6m28.2%46.3%11$200k21.1%12.5%15%44%8%12%Commercial
          NY2,8012,898$34,843m$6.0m38.1%32.6%9$402k10.9%8.9%32%16%10%2%Other Technology
          FL1,9091,191$14,039m$5.0m33.8%44.5%8$250k19.3%11.3%22%31%10%1%Other Technology
          MA1,4071,729$21,390m$7.0m40.4%25.8%9$589k3.8%8.1%32%11%31%2%Other Technology
          CO1,3171,279$14,187m$5.0m34.9%36.6%11$233k19.7%13.3%24%30%7%4%Other Technology
          WA1,0321,225$7,355m$4.5m29.4%41.6%8$283k10.1%4.4%35%34%6%2%Other Technology
          IL838974$9,191m$5.4m34.8%34.9%11$305k10.1%14.2%21%28%12%2%Other
          NC795663$4,861m$5.0m34.1%40.6%11$209k18.0%14.6%20%40%15%2%Commercial
          GA756768$6,180m$5.6m34.3%38.1%12$227k23.9%10.6%16%46%7%0%Other
          PA725778$6,020m$5.0m33.4%39.2%9$257k13.7%10.3%23%23%19%3%Other Technology
          OH689557$4,442m$5.0m28.6%41.5%10$201k11.6%4.5%14%41%14%2%Other
          AZ632494$3,596m$5.6m23.1%51.0%9$174k19.0%20.1%14%46%7%2%Other
          DE599101$5,451m$5.0m44.2%33.0%9$292k21.7%4.2%41%23%7%1%Other Technology
          VA597658$5,175m$5.3m33.7%38.6%9$320k13.1%11.1%34%24%12%1%Other Technology
          MN567433$4,967m$5.8m29.9%40.8%11$196k19.4%9.5%16%35%23%1%Other Real Estate
          NJ520493$4,382m$5.0m36.3%36.1%7$312k16.0%10.6%26%22%21%2%Other Technology
          UT492431$3,921m$6.1m35.7%39.4%10$308k13.2%4.3%24%34%8%3%Other Technology
          TN425360$4,276m$5.0m36.4%41.6%11$251k10.8%7.8%17%32%17%3%Commercial
          MD421513$4,636m$5.0m35.7%37.5%8$303k5.5%7.6%22%28%25%0%Other Technology
          MI401329$2,517m$5.0m29.4%44.4%9$211k11.5%5.2%20%34%14%3%Other Technology
          OR383358$3,144m$4.0m25.1%51.5%6$285k11.0%7.8%26%27%7%2%Other Technology
          IN368289$4,582m$5.0m38.0%33.2%10$257k9.0%7.1%22%45%8%1%Other Real Estate
          NV358271$3,605m$5.0m25.8%50.3%9$233k30.7%12.6%16%33%6%5%Other
          CT291399$2,886m$4.1m41.4%27.3%8$278k6.5%17.2%23%15%24%2%Other Technology
          WI281241$2,155m$5.0m30.9%41.2%11$237k13.5%2.5%17%47%9%3%Commercial
          MO274256$2,828m$5.0m33.6%45.8%10$231k16.4%8.0%15%34%13%2%Commercial
          SC256152$1,325m$4.9m34.8%38.5%13$166k19.5%4.7%15%49%7%0%Commercial
          WY25465$1,018m$6.2m12.7%75.0%8$150k46.9%7.9%17%46%3%4%Commercial
          AL238183$2,774m$4.4m42.3%28.8%13$231k8.8%8.4%19%43%13%0%Other Technology
          IA209110$1,093m$5.0m33.3%40.5%9$196k16.3%3.3%22%24%4%2%Other Technology
          OK171128$707m$5.3m28.6%49.5%15$175k19.9%14.6%9%35%6%23%Commercial
          KS171136$1,493m$5.3m29.3%45.7%12.5$189k14.0%7.0%21%40%6%6%Other Technology
          ID17182$617m$4.0m31.5%47.6%9$186k22.2%7.0%19%50%4%0%Commercial
          AR15896$1,198m$4.5m53.1%27.8%28$132k31.0%30.4%6%49%4%5%Other Real Estate
          KY150113$819m$3.7m19.9%62.7%7.5$141k22.7%8.0%23%14%5%15%Other
          NE14296$930m$3.4m29.7%46.4%10$205k9.9%3.5%23%30%5%0%Other Technology
          DC124183$1,128m$5.3m37.1%32.9%5$550k9.7%8.1%44%12%9%5%Other Technology
          ME9671$440m$3.0m21.3%34.8%10$169k3.1%3.1%32%18%2%3%Other Technology
          NH9286$1,777m$4.2m30.4%44.6%9$250k12.0%7.6%11%21%13%2%Other
          MT8651$353m$5.0m18.9%48.9%7$250k17.4%5.8%22%22%20%5%Other
          LA8381$392m$5.0m38.0%43.0%8$227k10.8%12.0%15%15%16%11%Other
          ND7752$215m$5.0m22.6%72.0%6.5$237k29.9%11.7%14%57%7%1%Other Real Estate
          VT6849$1,147m$2.4m34.1%29.4%17$103k2.9%2.9%25%4%4%4%Other
          SD6060$184m$5.0m31.2%58.4%8$151k16.7%8.3%3%48%20%3%Residential
          NM5776$296m$5.0m22.1%48.5%9$360k5.3%10.5%19%26%19%7%Biotechnology
          RI5752$606m$10.0m18.8%50.0%11$365k22.8%8.8%28%25%11%5%Other Technology
          MS4134$78m$4.0m14.3%73.8%3$125k24.4%9.8%12%27%12%5%Commercial
          PR3512$226m$4.6m31.8%59.1%6$272k25.7%11.4%20%17%9%3%Other
          HI2746$182m$8.0m33.3%36.7%7$296k22.2%3.7%19%41%0%19%Other Real Estate
          AK1515$194m$3.8m35.3%58.8%15$500k0.0%33.3%13%20%0%13%Other
          WV1526$229m$5.0m30.8%53.8%8$667k33.3%26.7%13%20%13%13%Commercial Banking
          XX20$11m$8.0m37.5$116k0.0%0.0%0%50%0%0%Other Travel
          VI12$0m$1.0m0.0%100.0%6$11k0.0%0.0%0%0%0%0%Other Travel
          GU02

          Share sold in full, by state and industry group

          Raises begun 2022 to 2024. Cells with fewer than 10 raises since 2021 are blank.

          51 rows
          ConsumerEnergyFinanceHealthOtherReal estateTechnology
          NJ42%63%47%41%31%36%33%
          DE33%40%41%24%38%60%41%
          NC31%59%58%26%28%35%36%
          MO47%40%63%39%21%27%33%
          NY20%36%54%39%33%47%38%
          CA25%28%53%42%36%38%39%
          MA17%34%38%41%42%42%41%
          IL31%29%58%32%31%31%38%
          CT44%33%49%52%30%32%
          FL27%28%53%33%32%29%39%
          TN20%25%50%27%36%38%39%
          DC17%14%40%33%38%53%39%
          CO28%31%31%33%32%41%33%
          VA14%30%55%26%29%38%32%
          TX27%15%61%37%25%27%33%
          PA14%17%63%30%30%34%32%
          OH22%42%42%25%29%27%33%
          UT6%24%46%31%30%41%41%
          WA9%39%52%29%26%33%28%
          MD25%40%44%29%36%34%
          LA11%100%18%27%23%25%
          AR0%41%38%22%75%25%
          IN57%29%30%39%40%
          MN20%57%30%29%25%36%
          GA21%0%33%29%32%34%44%
          AL41%27%41%50%34%
          KS0%67%12%54%16%39%
          NV20%43%16%23%26%22%35%
          SC14%50%28%12%45%34%
          MI29%42%23%27%31%29%
          IA43%43%54%14%20%
          ID56%25%26%35%27%
          PR71%23%8%63%
          OR25%13%35%15%22%26%29%
          NE0%77%20%12%23%30%
          AZ29%18%16%20%28%19%30%
          WI44%14%34%32%29%
          NH31%46%30%18%26%
          OK26%23%40%5%40%8%
          KY4%44%11%18%15%29%
          HI55%43%14%
          ME14%12%53%17%
          MT29%17%32%0%17%
          WY0%0%27%13%9%8%34%
          SD50%13%23%
          ND17%25%25%
          NM0%23%29%13%
          RI11%26%0%26%
          MS20%8%33%
          VT36%17%
          AK0%

          Raises by state and year

          55 rows
          20152016201720182019202020212022202320242025Total
          CA2,2652,1182,2932,3702,3582,0212,5762,2671,7091,6081,52523,110
          TX8868609651,0701,0949751,4791,6621,2281,0931,12412,436
          NY1,0009199791,0571,1949671,3251,21493295591411,456
          MA6065535706226015956806214924874286,255
          FL4133993794544714786637246096306705,890
          CO4114194494504974265585364094754335,063
          WA4284093884244833954883943383753194,441
          IL3193123433623543144243902943032413,656
          PA2512282992842882903293112412562283,005
          GA2322482882992842442923122592302672,955
          NC2082282272002222503133052672762522,748
          VA2012212362602732323102712001902072,601
          OH1791881902002091972492642122352422,365
          AZ1771571601791871883002882312051962,268
          NJ1561441931651581692552171911821471,977
          MN1291361681741711382211821881891901,886
          MD1891491751731661531992001471411331,825
          UT1481421411261611471881971891541491,742
          OR1081091411521491381721841451371011,536
          TN1221331051331491121951611471371411,535
          MI1001131161361451121641591491241281,446
          CT13213912814414011216212211286931,370
          DE2726485063791751961522042431,263
          IN8010510499991031301411421121141,229
          NV788610711090781361631101231251,206
          MO859081107108901291029778991,066
          WI83807897958710210784100971,010
          AL457464758180115107777685879
          SC51416060826910596849379820
          DC5566626649619171363652645
          WY2720183837568099887393629
          IA2843394642374085757757569
          OK5037414446435780585459569
          KS4737525138317368625851568
          AR2435372737479196514760552
          KY3747295148456555485844527
          ID2328313348496460525663507
          NE2835332232334348434752416
          NH3321323625234236332336340
          ME1827263733283725362832327
          LA2834193426242543263126316
          MT1821122023253839222935282
          NM2422302533213324232113269
          ND1724111723233027363011249
          VT1915152319212934302117243
          SD2518171521142340172023233
          RI1218222319172619222312213
          HI102610923921124149147
          MS71314121381115151214134
          PR363131610171917810122
          WV710910686544776
          AK103281069764570
          VI11211118
          GU112
          XX22

          Share sold in full, by state and year

          Recent years are still filling.

          55 rows
          20152016201720182019202020212022202320242025
          AR25%31%32%37%32%68%68%63%43%45%67%
          AL36%58%45%49%42%51%50%50%40%34%32%
          MA43%42%40%44%39%42%48%43%41%37%40%
          VT42%47%27%30%37%52%62%44%27%29%59%
          GA45%48%47%47%44%45%46%36%36%31%30%
          CA38%37%38%41%38%42%47%39%37%39%38%
          NY34%34%39%39%39%41%47%43%35%34%35%
          NC44%43%45%34%38%38%36%36%32%34%37%
          VA43%48%40%35%33%33%42%35%35%31%39%
          MO35%41%38%37%34%39%48%27%38%37%35%
          MD36%33%39%41%34%33%49%38%34%35%33%
          NJ42%39%26%36%31%46%41%35%36%38%34%
          CT31%42%33%34%30%30%42%33%48%44%32%
          IL41%33%35%39%33%32%44%39%33%31%38%
          DE30%31%23%22%43%42%46%54%38%40%31%
          DC44%32%36%42%33%34%28%37%28%47%35%
          LA14%32%26%29%39%46%56%49%42%19%39%
          TN31%44%34%35%34%32%38%42%34%32%35%
          CO32%31%37%37%34%39%41%41%34%29%31%
          WI41%33%35%34%27%36%41%28%33%32%42%
          HI20%54%50%0%35%33%52%17%25%50%44%
          PA34%27%38%31%35%40%43%35%32%32%31%
          UT35%32%26%34%31%27%44%37%34%37%42%
          IN30%22%26%24%37%39%38%38%39%37%40%
          SC26%29%28%28%39%35%36%32%37%36%34%
          OH39%32%31%34%32%31%42%30%26%30%31%
          KS32%27%35%26%26%36%49%29%29%29%39%
          WA27%33%30%32%36%33%36%33%26%29%34%
          OK54%30%34%23%35%30%32%40%26%15%31%
          FL31%28%27%30%29%26%35%38%32%31%38%
          IA29%26%28%37%31%32%35%48%33%17%25%
          MN33%29%30%33%26%36%34%32%30%28%27%
          NH33%52%34%17%24%22%33%33%39%13%28%
          TX34%33%33%31%28%31%29%33%26%24%27%
          MI27%24%31%29%28%32%35%31%22%37%30%
          OR32%27%33%26%28%29%24%23%32%20%36%
          NE36%29%33%23%22%21%28%42%23%23%29%
          AZ30%25%29%27%26%26%31%26%23%20%24%
          MS14%31%29%17%31%75%36%20%13%8%7%
          ID13%11%16%18%29%25%50%35%29%30%19%
          NM25%41%37%28%33%19%24%21%13%33%0%
          AK0%0%0%38%20%33%11%29%33%50%60%
          WV43%10%0%0%17%50%33%20%0%75%14%
          NV22%13%20%33%22%14%39%34%17%23%26%
          ME28%30%23%24%15%18%32%16%28%18%16%
          RI8%33%32%26%16%29%15%16%18%22%25%
          MT11%14%25%10%35%40%21%26%27%3%20%
          SD24%17%18%13%24%7%17%33%35%25%13%
          KY22%26%7%22%13%33%23%27%15%17%18%
          PR0%0%0%23%6%30%35%37%41%0%30%
          ND18%4%9%12%17%13%10%15%22%30%27%
          WY15%10%11%3%8%13%11%17%8%12%20%
          VI0%0%0%0%100%0%0%
          GU0%0%
          XX0%

          Share advertised under Rule 506(c), by state and year

          55 rows
          20152016201720182019202020212022202320242025
          WY22%40%17%40%49%36%53%40%51%52%39%
          WV14%10%22%40%33%13%17%20%25%50%29%
          NV30%23%19%23%20%22%18%22%24%32%36%
          PR0%17%0%23%25%40%41%37%24%50%10%
          AR8%0%11%11%14%32%41%44%29%28%35%
          DE26%8%17%36%22%15%19%14%22%23%21%
          ND0%0%9%0%0%17%47%59%31%40%0%
          KY8%13%24%14%19%13%11%26%21%26%21%
          GA11%14%11%13%15%17%15%18%20%27%26%
          ID13%21%10%9%10%18%14%18%27%9%30%
          HI10%23%0%11%9%22%10%25%25%21%22%
          FL15%18%14%15%13%14%14%12%18%20%20%
          TX13%13%11%12%13%13%14%16%19%21%23%
          MO6%22%21%13%22%10%13%10%13%18%18%
          AZ16%16%13%17%12%10%9%12%17%22%18%
          MT11%14%0%25%22%4%16%13%23%10%20%
          OK4%8%15%7%22%9%16%16%21%15%24%
          VA8%9%11%15%13%16%15%18%16%11%13%
          AK30%33%50%13%10%0%0%0%0%0%0%
          MN6%5%5%9%12%11%11%17%13%21%25%
          LA11%12%5%18%15%13%24%5%12%13%8%
          SC12%10%3%10%6%3%12%19%26%16%17%
          MS14%8%7%8%15%0%0%7%20%17%36%
          CO6%8%5%8%9%9%11%10%13%20%25%
          OR5%9%9%6%11%12%22%19%12%12%8%
          KS15%5%21%10%3%0%15%10%10%16%18%
          NJ5%10%15%11%7%8%6%12%11%17%22%
          RI0%0%5%4%16%6%15%0%27%13%33%
          NC5%7%6%3%10%8%10%12%11%20%24%
          OH8%5%6%12%11%7%10%20%11%9%15%
          DC0%11%7%9%10%25%13%6%6%11%12%
          UT9%6%8%9%10%13%4%10%15%13%11%
          VT21%20%7%4%16%10%14%6%0%10%0%
          IA14%5%3%7%5%5%10%8%20%13%16%
          NE7%11%9%14%13%9%5%6%12%13%6%
          CA7%9%8%8%10%7%8%9%12%13%11%
          TN16%7%9%8%6%5%12%8%10%12%11%
          VI0%0%0%100%0%0%0%
          NY5%6%9%10%9%8%9%9%12%10%11%
          SD8%17%0%0%5%0%13%5%0%25%22%
          WI6%4%6%12%7%6%3%8%10%17%13%
          PA6%4%7%8%7%7%6%6%14%14%13%
          IL7%5%6%6%8%9%10%7%9%9%13%
          MI1%3%8%5%5%7%12%9%13%12%9%
          AL9%8%13%5%7%5%2%7%7%7%13%
          NM13%9%3%8%9%14%6%0%13%0%0%
          IN4%1%5%6%8%2%9%7%6%9%13%
          CT5%5%4%6%6%9%8%4%5%8%8%
          WA3%2%5%4%6%4%5%8%7%13%10%
          NH6%5%0%3%0%0%5%6%6%22%11%
          MD5%4%3%5%6%7%8%7%5%6%6%
          ME17%0%0%16%6%0%5%0%0%7%3%
          MA3%3%4%4%3%5%2%3%3%4%5%
          GU0%0%
          XX0%

          The whole country, year by year

          11 rows
          YearRaisesSoldMedian targetSold in fullInvestorsChequeAdvertisedPaid an agentTechReal estateFirst raise
          20159,661$83,966m$4.0m35.6%9$243k7.6%13.1%27.9%21.2%74.2%
          20169,434$69,296m$4.0m34.6%9$233k8.4%12.4%26.5%24.6%69.3%
          201710,039$78,620m$4.0m35.2%10$224k8.3%11.9%26.0%25.2%65.4%
          201810,692$95,811m$4.5m35.7%10$250k9.4%11.0%26.5%25.0%65.1%
          201911,041$103,452m$4.8m34.0%10$250k9.9%11.3%24.5%28.7%66.7%
          20209,879$106,919m$5.0m36.5%10$269k9.3%12.0%24.9%27.2%63.2%
          202113,386$187,326m$5.6m40.7%13$280k10.5%10.8%24.9%29.5%66.4%
          202212,901$149,667m$5.8m36.8%12$280k11.5%9.7%24.3%32.2%68.8%
          202310,240$94,624m$5.1m32.5%10$273k13.5%9.2%24.8%28.7%64.9%
          202410,028$103,234m$5.4m31.9%10$283k15.4%9.6%23.8%30.3%65.3%
          20259,753$115,718m$5.6m33.6%9$316k16.3%10.6%25.0%29.7%64.4%