Insights
Every Form D filing we have indexed from the last 12 months, read as one market.: who raised, how much, and who is due back.
In the last 12 months, 1,216 companies sold $28.7B on 1,478 filings. The typical round was $2.5M, and it grew from $2.0M in March to $2.5M in August. 1,056 of those companies had no earlier Form D in the index.
Every round, by filing date
1,336 filings reported money sold. Each is one dot, and its height is the amount.
Still raising
448 rounds filed since May still had money to sell when they filed, $4.01B in all.
- $363Kleft to sell$363KNov 6$138K of $500KFiled Nov 6
- AI · Min $25K$2.2Mleft to sell$2.2MNov 5$1.8M of $4.0MFiled Nov 5
- Healthcare$1.3Mleft to sell$1.3MNov 5$713K of $2.0MFiled Nov 5
- Cleantech$154Kleft to sell$154KNov 5$6.9M of $7.0MFiled Nov 5
Who comes back
125 of 559 companies that first appeared in the index in Feb-Apr 2025 have raised again. Half of those were back within 6½ months.
- 240-3
- 323-6
- 206-9
- 149-12
- 2212-15
Gaps longer than 15 months are still being counted.
Returns in May 2025-Feb 2026 are under-counted; few filings from those months are indexed.
- Cybersecurity46%of 24
- Biotech31%of 64
- Media30%of 27
- Hardware20%of 20
- Healthcare19%of 67
- SaaS19%of 68
- AI17%of 65
- Consumer15%of 20
- Fintech12%of 50
- Cleantech5%of 22
First rounds under $1M came back 29% of the time; rounds of $20M and up, 26%.
Due to raise again
17 companies had gone longer than the gap between their last two offerings by Aug 31, the end of the last month the index covers well. The tick marks when the next one was due.
- 5 months$500KSep 2025Municipal Parking ServicesGovtech · last raised $500KGovtech5 months overdue
- 5 monthsUndisclosedSep 2025Cognitive Network SolutionsCybersecurityCybersecurity5 months overdue
- 5 months$2.3MSep 2025Claris BiotherapeuticsBiotech · last raised $2.3MBiotech5 months overdue
Some of these may have raised again in Sep 2025-Feb 2026, when few filings are indexed.
How rounds come together
The typical round had 6 investors, and 242 had just one. Bigger rounds add both more investors and bigger checks.
- 1242
- 2-5389
- 6-10239
- 11-25279
- 26-50136
- 50+65
- Under $1M2 investors2$59K
- $1M-5M6 investors6$346K
- $5M-20M11 investors11$852K
- $20M and up18 investors18$3.6M
Medians for each size band.
Raises that grew
An amended Form D can raise the amount sold. 105 of the 146 amended offerings on file did.
- +$1.5MAmended Nov 5Infinite Cooling$5.3M to $6.9M · amended Nov 5+$1.5M
- +$3.6MAmended Sep 14Namsoft$200K to $3.8M · amended Sep 14+$3.6M
- +$2.3MAmended Aug 31SmartStory Technologies$1.5M to $3.8M · amended Aug 31+$2.3M
- +$8.0MAmended Aug 14Nuclein$1.3M to $9.3M · amended Aug 14+$8.0M
Who sells the rounds
73 rounds in the last 12 months paid a broker-dealer to find investors: $124M in fees on $2.63B offered across the 60 with a fee and a target.
- H.C. Wainwright11 rounds, mostly biotechMostly biotech11$176M5.7%
- LifeSci Capital4 rounds, biotechBiotech4$337M5.1%
- Finalis Securities4 rounds, fintech, govtechFintech, govtech4$24.6M3.0%
- Leerink Partners3 rounds, biotechBiotech · with 11 others3$659M5.7%
Both figures are for the whole round, shared rounds included. Round fee is each firm's median.
The shaded band is the middle half. 1 round above 15% is off the scale. 21 of the 60 fees are the filer's estimate. 4 rounds with a named agent reported no fee, 5 reported under 0.5% and 4 had no fixed target; they're left out.
- Biotech15%of 218
- Infrastructure10%of 41
- Media9%of 43
- Logistics7%of 28
- Fintech5%of 117
- Hardware5%of 80