How Much Do Startups Raise?
Based on 41,440 Form D filings by operating companies from 2021 to 2026. Funds and real estate are excluded.
Median raise by quarter
Amount sold in a new Form D filing
Number of raises by quarter
How big is a typical raise
New filings in the last four quarters
<$250K19% · 1,441 raises
$250K–1M20% · 1,481 raises
$1–5M29% · 2,157 raises
$5–20M19% · 1,423 raises
$20–100M9% · 685 raises
$100M+3% · 212 raises
Median raise by industry
New filings in the last four quarters
Insurance$5.25M · 85 raises
Pharmaceuticals$5M · 114 raises
Other Energy$4.11M · 162 raises
Biotechnology$3M · 541 raises
Other Banking and Financial Services$2.7M · 152 raises
Other Technology$2.25M · 2,776 raises
Other Health Care$1.9M · 589 raises
Telecommunications$1.74M · 48 raises
Manufacturing$1.65M · 215 raises
Other$1.06M · 2,196 raises
Business Services$850K · 153 raises
Retailing$750K · 123 raises
Agriculture$666K · 74 raises
Computers$481K · 108 raises
Where the money is raised
New filings in the last four quarters
Equity, SAFE or debt
Share of filings by type of security, by year
- Equity
- SAFE
- Debt
- Other
Form D is the notice US companies file with the SEC after selling securities privately. It shows the amount sold so far, not the valuation, and not every raise is filed.