Norvian Review.By Norvian Capital Partners Norvian Capital Partners
Note

Advertising private raises has spread south

In 2015, 7.6% of US private raises were advertised to the public under Rule 506(c). In 2025, 16.3%. In Texas the share went from 12% to 21%. In Massachusetts it barely moved.

By Norvian Review9 September 2026Data: raises begun 2015 to 2025, read September 202610 min readequity · form-d · us · geography · distribution

Since September 2013 a US company may advertise a private raise to the public, as long as every buyer is a verified accredited investor. The exemption is Rule 506(c). For years few companies used it. The share has risen every year since 2015.1

Share of private raises advertised to the public under Rule 506(c)
By state and year begun. States with fewer than 40 raises in a year are left blank. Drag the year.
AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode Island
    SEC Form D data sets; Norvian analysisNorvian Review

    Drag the year and the colour spreads from the West into Texas, the Plains and the South-East. In Texas the advertised share rose from 12% of raises in 2015 to 2017 to 21% in 2023 to 2025. In Minnesota it went from 6% to 19%, in South Carolina from 8% to 20%. In Massachusetts it stayed between 3% and 4%, and in California it rose from 8% to 12%.

    The states that advertise most are the states that gained raises fastest and fill them least often. Advertising is how a company reaches investors it does not already know. Where the local pool of experienced investors is shallow, more companies reach for it.

    Advertising widens the audience. It does not deepen it.

    On the record it does not fill raises. Our note on advertised raises found they sell in full a third as often as the rest. For a founder weighing a public campaign, the better question is who already funds this kind of asset, and how to reach them directly.

    Method. US operating companies' Form D offerings of $1m to $1bn by year of first sale and the state of the principal place of business. A raise counts as advertised if its Form D claims Rule 506(c). States with fewer than 40 raises in a year are left blank on the map. Every state and year is in the Ledger.

    “Advertising widens the audience. It does not deepen it.”

    Sources

    1. Form D data sets, US Securities and Exchange Commission, 2014 to 2026

    Cite as: “Advertising private raises has spread south”, Norvian Review, 9 September 2026.

    Read next

    All notes →

    The map of American private capital

    Report26 October 202630 min

    Eleven years of US private raises, state by state, mapped by volume, money, fill rate, advertising and what each state raises for.

    Texas advertises its private raises. California fills them.

    Note2 November 20262 min

    How the fifteen busiest states raise private money, and how often it works.

    Texas raises fill less often than California's, even in technology

    Note19 October 20264 min

    Where a company raises changes how often the raise fills, inside the same industry.