Private funding rounds, February 2025
Every private raise an operating company reported to the SEC on Form D in February 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
776
Rounds with money sold
$5.77bn
Total sold
$1.5M
Median round
69
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 |
|---|---|---|---|---|---|
| Eikon Therapeutics, Inc.Equity | CA | Biotechnology | $351M | 27 | 2025-02-28 |
| Saronic Technologies, Inc.Equity | TX | Other Technology | $348M | 23 | 2025-02-25 |
| Counsel AI CorpEquity | CA | Other Technology | $300M | 9 | 2025-02-14 |
| Apptronik, IncEquity | TX | Other Technology | $231M | 31 | 2025-02-18 |
| Tectonic Therapeutic, Inc.Equity | MA | Biotechnology | $185M | 29 | 2025-02-14 |
| Aligos Therapeutics, Inc.Equity | CA | Biotechnology | $105M | 12 | 2025-02-28 |
| Newleos Therapeutics, Inc.Equity | MA | Biotechnology | $93.4M | 11 | 2025-02-24 |
| Prenuvo, Inc.Equity | CA | Other Health Care | $85M | 13 | 2025-02-14 |
| Vestaron CorpEquity | NC | Agriculture | $82.9M | 10 | 2025-02-06 |
| Tmrw Sports, Inc.Equity | FL | Other | $82.9M | 102 | 2025-02-24 |
| Abcuro, Inc.Equity | MA | Biotechnology | $80M | 21 | 2025-02-19 |
| Castle Creek Biosciences, Inc.Options or warrants | PA | Biotechnology | $75M | 30 | 2025-02-25 |
| V-Three Retail Holdings LLCEquity | AR | Other | $59.1M | 141 | 2025-02-20 |
| ICON Technology, Inc.Equity | TX | Other Technology | $56.2M | 22 | 2025-02-13 |
| Bambusa Therapeutics, Inc.Equity | MA | Biotechnology | $53.3M | 16 | 2025-02-26 |
| Liberation Labs Holdings Inc.Debt, revenue not applicable | NY | Other Technology | $52M | 6 | 2025-02-10 |
| Underdog Sports Holdings, Inc.Equity | NY | Other | $50.9M | 2 | 2025-02-12 |
| Latigo Biotherapeutics, Inc.Equity | CA | Biotechnology | $50M | 7 | 2025-02-13 |
| fal - Features & Labels, Inc.Equity | CA | Other Technology | $48.8M | 8 | 2025-02-24 |
| FitOn Inc.Equity | CA | Other Technology | $48.7M | 4 | 2025-02-13 |
| HeartFlow Holding, Inc.Convertible | CA | Other Health Care | $48.4M | 79 | 2025-02-07 |
| CloudZero Inc.Equity | MA | Other Technology | $48M | 14 | 2025-02-19 |
| Allay Therapeutics, Inc.Equity | CA | Biotechnology | $45M | 18 | 2025-02-10 |
| AgVend Inc.Equity | TX | Other Technology | $42.8M | 5 | 2025-02-11 |
| n3xt incEquity | NC | Other Technology | $40.3M | 32 | 2025-02-21 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 237 | $2.26bn | $2M | Saronic Technologies, Inc. $348M |
| Healthcare425 healthcare and life sciences investors | 116 | $1.77bn | $3.4M | Eikon Therapeutics, Inc. $351M |
| Other | 204 | $866M | $710K | Tmrw Sports, Inc. $82.9M |
| Real estate39 real estate investors | 134 | $518M | $2.2M | Elite Investments of Sarasota LLC $25M |
| Industrials42 agriculture investors | 13 | $112M | $1.5M | Vestaron Corp $82.9M |
| Financial services296 financial services investors | 21 | $102M | $864K | Varo Money, Inc. $29M |
| Energy204 energy and utilities investors | 19 | $90.5M | $3.2M | Exodus Energy 1, LLC $19M |
| Business services77 business and professional services investors | 21 | $36.8M | $942K | Nooks Holdings, Inc. $10M |
| Consumer58 food and beverage investors | 11 | $17.2M | $930K | Dswdwk, LLC $6.5M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 315 | $99.3M | $250K |
| $1M to $5M | 251 | $631M | $2.4M |
| $5M to $20M | 151 | $1.52bn | $8.1M |
| $20M to $50M | 42 | $1.23bn | $24.8M |
| $50M to $100M | 11 | $771M | $75M |
| $100M and over | 6 | $1.52bn | $266M |
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 | 69 | $191M | $750K |
| Up to $1M | 30 | $52.5M | $632K |
| $1M to $5M | 13 | $34.9M | $1.9M |
| $5M to $25M | 6 | $34.8M | $1.7M |
| Over $100M | 2 | $6.3M | $3.2M |
| Declined to disclose | 649 | $5.39bn | $1.7M |
| Not applicable | 7 | $63.5M | $1M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 278 | $1.15bn | $1.4M |
| 2 to 5 years | 250 | $2bn | $1.6M |
| Over 5 years | 248 | $2.62bn | $2M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 611 | $5.28bn | $2.1M |
| Convertible | 60 | $193M | $688K |
| Options or warrants | 32 | $120M | $525K |
| Debt | 25 | $119M | $1M |
| Other | 12 | $31.8M | $794K |
| SAFE | 36 | $20.9M | $138K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 111 | $1.69bn | $2M |
| TX | 72 | $961M | $2.4M |
| MA | 38 | $682M | $6.4M |
| NY | 78 | $411M | $2.5M |
| FL | 40 | $218M | $2M |
| Outside US | 74 | $200M | $435K |
| NC | 20 | $186M | $3.4M |
| PA | 24 | $169M | $813K |
| CO | 31 | $136M | $2.7M |
| DE | 21 | $128M | $1.5M |
| UT | 15 | $113M | $4.6M |
| VA | 18 | $109M | $1.5M |
| WA | 19 | $80.9M | $2M |
| AR | 5 | $75.4M | $5M |
| MN | 15 | $68.2M | $3M |
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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.
2,529 original Form D notices were filed in February 2025; 776 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for February 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.