Insights
Written from SEC Form D, Reg A and Reg CF filings rather than from surveys or secondhand reporting. Every figure carries the accession number behind it, so you can check any of them yourself.
August 19, 2026
Every figure here comes from SEC Form D filings, with the accession number so you can check it. The surprise isn't how much companies raised. It's the rule almost all of them were operating under, and how few founders know it.
Read it →August 19, 2026
Across 140 completed raises in 18 states, the median number of investors was three. A quarter of companies raised from exactly one. The pipeline advice every founder is given describes a process almost nobody used.
Read it →August 19, 2026
Across 11,548 filings, only 6.9% included a single investor who was not already wealthy. Rule 506(b) explicitly permits up to 35 of them, and almost nobody uses it. The friends-and-family round most founders picture is rarer than the advice suggests.
Read it →August 19, 2026
By the time a company files its Form D, the median company has already sold 92% of what it set out to raise, and 45% have sold all of it. If you are reading these filings to find companies that are currently raising, you are reading a list of rounds that already closed.
Read it →