California filed 3,133 private raises by operating companies in 2024 and 2025, more than any other state. Texas filed 2,217 and New York 1,869. The three raise money in noticeably different ways.1
California and New York raise mostly technology companies, from a median of nine investors writing $561,000 and $421,000 each. Texas raises more real estate. Its most common industry is commercial property, and its median raise has eleven investors writing $204,000. Texas is also twice as likely as California to advertise. In 2024 and 2025, 22.3% of its raises claimed Rule 506(c), which allows a raise to be marketed to the public if every buyer's accreditation is checked.
The states that advertise most fill least. Arizona advertised 20.4% of its raises and sold 23.1% in full. Texas, at 22.3% and 28.2%, is close behind. Massachusetts advertised 4.5% and filled 40.4%, California 12.1% and 38.4%. Delaware, where many companies are incorporated but few are run, sits at the top with 44.2%.
This mostly reflects what each state raises for. A Texas apartment syndication sold to forty individuals is a harder raise to finish than a Boston biotech's round with five specialist funds. It would fill less often wherever it was filed. Our note on advertised raises found the same pattern within industries.
Advertising a raise finds more investors. It does not find better ones.
For a founder outside the coastal centres, the lesson is about method, not place. The raises that fill in every state are those sold to a small number of investors who understand the asset, and who can be shown, rather than told, why it works.
Method. US operating companies' Form D offerings of $1m to $1bn (pooled investment funds excluded), read from the SEC's quarterly data sets. Fill rates use offerings begun from 2022 to 2024 with a stated amount, so each has had time to finish. "Sold in full" means at least 99.9% of the amount offered, "less than half" under 50%, as last reported. Counts of raises, investors and cheques use offerings begun in 2024 and 2025. The cheque is the amount sold divided by the number of investors. Every table behind this note is in the Ledger, where it can be sorted and copied.
“Advertising a raise finds more investors. It does not find better ones.”
Sources
- Form D data sets, US Securities and Exchange Commission, 2014 to 2026
- Form D, General Instructions, US Securities and Exchange Commission
Cite as: “Texas advertises its private raises. California fills them.”, Norvian Review, 2 November 2026.