Private funding rounds, January 2025
Every private raise an operating company reported to the SEC on Form D in January 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
911
Rounds with money sold
$17.23bn
Total sold
$2M
Median round
80
Rounds by pre-revenue companies
The largest raises
Amount sold as reported on the Form D. Each company links to its filing on EDGAR.
| Company | State | Industry | Sold | Investors | Filed |
|---|---|---|---|---|---|
| Databricks, Inc.Equity | CA | Other Technology | $8.59bn | 175 | 2025-01-02 |
| Immunovant, Inc.Equity | NY | Pharmaceuticals | $450M | 11 | 2025-01-21 |
| Whatnot Inc.Equity | CA | Other Technology | $262M | 11 | 2025-01-10 |
| Thompson Thrift 2025 Multifamily Development, LPEquity | IN | Construction | $255M | 445 | 2025-01-31 |
| Canvasback Oil & Gas, LPEquity, revenue no revenue | TX | Oil and Gas | $250M | 19 | 2025-01-21 |
| Discovery Land Consolidated, LLCEquity | AZ | Other Real Estate | $232M | 25 | 2025-01-22 |
| Own Tactical Equipment I LLCEquity | NY | Other | $198M | 5 | 2025-01-07 |
| STOKE Space Technologies, Inc.Equity | WA | Other Technology | $184M | 25 | 2025-01-23 |
| Tune Therapeutics, Inc.Equity | WA | Biotechnology | $182M | 39 | 2025-01-24 |
| Electrasteel, Inc.Equity | CO | Other | $180M | 17 | 2025-01-02 |
| AuditBoard HoldCo L.P.Equity | NY | Other | $171M | 24 | 2025-01-02 |
| Verkada Inc.Equity | CA | Other Technology | $150M | 2 | 2025-01-07 |
| RAPT Therapeutics, Inc.Equity | CA | Biotechnology | $150M | 20 | 2025-01-03 |
| Halcyon Tech, Inc.Equity | TX | Other Technology | $125M | 16 | 2025-01-06 |
| Cresta Intelligence Inc.Equity | CA | Other Technology | $125M | 21 | 2025-01-08 |
| Evommune, Inc.Equity | CA | Other | $115M | 25 | 2025-01-08 |
| CRA Funding XII LLCOther | NY | Other Banking and Financial Services | $97.3M | 11 | 2025-01-10 |
| Highnote Platform, Inc.Equity | CA | Other Technology | $91M | 11 | 2025-01-22 |
| Alleviant Medical, Inc.Equity | TX | Other Health Care | $90.8M | 12 | 2025-01-27 |
| Secure Tomorrow (01-45), LLCOther | TX | Other Technology | $82.8M | 669 | 2025-01-24 |
| Vireo Growth Inc.Equity | MN | Other | $81M | 41 | 2025-01-07 |
| Shop My Shelf, Inc.Equity | MA | Other | $72.9M | 36 | 2025-01-30 |
| Rad AI, Inc.Equity | CA | Other Technology | $72.9M | 12 | 2025-01-21 |
| Ubicquia, Inc.Equity | FL | Other Technology | $70.6M | 15 | 2025-01-21 |
| Curaleaf Holdings, Inc.Debt | CT | Other | $67M | 3 | 2025-01-31 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 277 | $11.58bn | $2.9M | Databricks, Inc. $8.59bn |
| Other | 245 | $2.02bn | $1.4M | Own Tactical Equipment I LLC $198M |
| Healthcare425 healthcare and life sciences investors | 115 | $1.47bn | $2.2M | Immunovant, Inc. $450M |
| Real estate | 162 | $1.32bn | $2.4M | Thompson Thrift 2025 Multifamily Development, LP $255M |
| Energy204 energy and utilities investors | 27 | $347M | $678K | Canvasback Oil & Gas, LP $250M |
| Financial services296 financial services investors | 27 | $299M | $3.3M | CRA Funding XII LLC $97.3M |
| Industrials122 industrials and manufacturing investors | 22 | $116M | $1.9M | NICE Holding Co LLC $22.5M |
| Consumer238 consumer and retail investors | 28 | $63.9M | $850K | FL101, Inc. $26.1M |
| Business services77 business and professional services investors | 8 | $12.9M | $807K | Superfiliate Inc. $5.5M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 334 | $101M | $200K |
| $1M to $5M | 294 | $766M | $2.5M |
| $5M to $20M | 187 | $1.74bn | $8.3M |
| $20M to $50M | 66 | $2bn | $29.4M |
| $50M to $100M | 14 | $1bn | $71.7M |
| $100M and over | 16 | $11.62bn | $183M |
By company revenue
The revenue range the issuer reported on its Form D. Many decline to disclose it.
| Revenue | Rounds | Total sold | Median round |
|---|---|---|---|
| No revenue | 80 | $496M | $732K |
| Up to $1M | 49 | $100M | $442K |
| $1M to $5M | 4 | $5.9M | $1.2M |
| $5M to $25M | 12 | $52.1M | $3.8M |
| $25M to $100M | 2 | $21.4M | $10.7M |
| Over $100M | 2 | $69.2M | $34.6M |
| Declined to disclose | 758 | $16.44bn | $2.5M |
| Not applicable | 4 | $40.8M | $1.5M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 298 | $2.24bn | $1.6M |
| 2 to 5 years | 299 | $2.57bn | $2M |
| Over 5 years | 314 | $12.42bn | $2.7M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 717 | $16.47bn | $2.7M |
| Other | 28 | $365M | $2.4M |
| Debt | 40 | $179M | $964K |
| Convertible | 42 | $102M | $988K |
| Options or warrants | 43 | $86.4M | $500K |
| SAFE | 41 | $29.5M | $190K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 132 | $10.32bn | $3.7M |
| NY | 94 | $1.6bn | $4.1M |
| TX | 86 | $1.23bn | $3M |
| WA | 26 | $533M | $4.2M |
| CO | 36 | $522M | $4.1M |
| MA | 41 | $325M | $5M |
| FL | 43 | $299M | $1.7M |
| Outside US | 76 | $298M | $480K |
| IN | 10 | $268M | $994K |
| AZ | 11 | $255M | $1.3M |
| VA | 21 | $203M | $1.7M |
| MN | 21 | $168M | $2.5M |
| MO | 11 | $115M | $2.6M |
| IL | 26 | $90.6M | $1.8M |
| OH | 21 | $77.9M | $2.1M |
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How this is built
A US company raising money privately files a Form D with the SEC within 15 days of the first sale. Each report counts every original Form D (not amendments, so a round that closes in tranches is counted once) filed in the period by an operating company. A weekly report covers an ISO week, Monday to Sunday UTC; a monthly report the calendar month. Investment funds, SPVs, finance vehicles and business-combination filings are left out. A round is counted when the filing reports money already sold, and its size is that amount.
Form D does not name the round, so there is no seed or Series A label here. The tables group by what the filing does state: the amount sold, the issuer's industry group, its own revenue range, how long ago it was incorporated, and the instrument sold.
3,204 original Form D notices were filed in January 2025; 911 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for January 2025. Built 2026-10-11 from the SEC quarterly Form D data set, with the same filters as the reports built from EDGAR each month.