Texas files more private raises than any state but California. Fewer of them finish. Of raises begun from 2022 to 2024, 28% of Texan raises sold in full and 46% sold less than half. In California the figures were 38% and 30%.1
The obvious explanation is the mix. Texas raises more money for property and for oil and gas, and those raises fill less often everywhere. But the gap survives when we compare like with like.
Technology raises sold in full 39% of the time in California, 38% in New York and 41% in Massachusetts. In Texas the figure was 33%, in Arizona 30% and in Washington 28%. In real estate the spread is wider still: 47% in New York, 38% in California, 27% in Texas and 19% in Arizona.
The cheques explain part of it. The median cheque in a Texan raise was $200,000. In California it was $505,000, and in Massachusetts $589,000. A raise built from larger cheques needs fewer investors to finish, and each of them is more likely to have done this before.
The same raise, in the same industry, fills more often where the investors are.
For a company outside the coastal centres the lesson is about the list, not the location. The raise should go to investors who fund its kind of asset, wherever they are. A Texan software company competing for local cheques against a hundred property syndications is in the wrong queue.
Method. US operating companies' Form D offerings of $1m to $1bn begun 2022 to 2024 with a stated amount, by the state of the principal place of business. Industry groups combine Form D industry codes, as in The map of American private capital. Every state's figures are in the Ledger.
“The same raise, in the same industry, fills more often where the investors are.”
Sources
- Form D data sets, US Securities and Exchange Commission, 2014 to 2026
Cite as: “Texas raises fill less often than California's, even in technology”, Norvian Review, 19 October 2026.