Every Form D carries an industry code. Grouped into technology, real estate, health and life sciences, energy and finance, they show how differently each state uses the private market.1
Technology is about a third of private raises in California, New York, Massachusetts and Washington, and 44% in Washington, DC. Health and life sciences are 31% of raises in Massachusetts, a quarter in Maryland and Connecticut, and 23% in Minnesota. Real estate is 44% of raises in Texas and 46% in Wyoming. Energy is 12% of Texan raises and barely registers on either coast.
The mix shapes how money is raised. Texan raises had a median of eleven investors and a median cheque of $200,000, and more than one in five was advertised to the public. Massachusetts raises had a median of nine investors and a median cheque of $589,000, and fewer than one in twenty was advertised.
A state's private market inherits the habits of what it builds.
For a founder this cuts two ways. A medical device company in Boston raises among investors who know its market, and competes with many others for them. The same company in Phoenix has the attention of fewer specialists and must travel to find them. Knowing where your industry's investors cluster is the first step in building the list.
Method. US operating companies' Form D offerings of $1m to $1bn begun 2023 to 2025, by the state of the principal place of business and industry group. States with fewer than 60 raises are left blank. Group definitions are in The map of American private capital.
“A state's private market inherits the habits of what it builds.”
Sources
- Form D data sets, US Securities and Exchange Commission, 2014 to 2026
Cite as: “Massachusetts raises for medicine. Texas raises for property and oil.”, Norvian Review, 7 October 2026.