Private funding rounds, March 2025
Every private raise an operating company reported to the SEC on Form D in March 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
810
Rounds with money sold
$6.18bn
Total sold
$1.7M
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 |
|---|---|---|---|---|---|
| Econic Partners LLCEquity | CA | Other | $438M | 12 | 2025-03-31 |
| Olipop Inc.Equity | CA | Other | $188M | 78 | 2025-03-03 |
| Koch, Inc.Equity | KS | Other | $184M | 35 | 2025-03-05 |
| Celestial AI Inc.Equity | CA | Other Technology | $148M | 39 | 2025-03-12 |
| Different Technologies LLCEquity | MO | Other Banking and Financial Services | $134M | 7 | 2025-03-18 |
| Caban Systems Holding, Inc.Equity | CA | Other Technology | $123M | 19 | 2025-03-25 |
| One Amazon USA Inc.Options or warrants | FL | Other | $105M | 2 | 2025-03-31 |
| Stonetown 8, LLLPEquity | CO | Other Real Estate | $101M | 186 | 2025-03-13 |
| Aadi Bioscience, Inc.Equity | NJ | Biotechnology | $100M | 17 | 2025-03-18 |
| CRP Giving 2024 LLCEquity, revenue no revenue | CA | Other | $98M | 805 | 2025-03-05 |
| Biolinq IncEquity | CA | Biotechnology | $90M | 45 | 2025-03-21 |
| Impulse Dynamics plcEquity | Outside US | Biotechnology | $84.1M | 20 | 2025-03-06 |
| Bally's Chicago, Inc.Other | RI | Other | $83.2M | 270 | 2025-03-14 |
| ByHeart, Inc.Equity | NY | Other Health Care | $72.2M | 49 | 2025-03-27 |
| Omni Analytics, Inc.Equity | CA | Other Technology | $68.2M | 16 | 2025-03-14 |
| Cicero Technologies, Inc.Equity | CA | Other | $63M | 3 | 2025-03-25 |
| Patriot National Bancorp IncEquity | CT | Commercial Banking | $57.8M | 72 | 2025-03-21 |
| Richmond National Group, Inc.Equity | VA | Insurance | $55.1M | 59 | 2025-03-27 |
| ICERTIS, Inc.Equity | WA | Other Technology | $50M | 5 | 2025-03-18 |
| Delta Parent Holdings, Inc.Equity | NY | Other | $47.7M | 219 | 2025-03-19 |
| Bancar Technologies LtdEquity | Outside US | Other Technology | $45.5M | 14 | 2025-03-20 |
| Atomwise Inc.Equity | CA | Biotechnology | $44.3M | 19 | 2025-03-14 |
| Hidden Level, IncEquity | NY | Other Technology | $42.6M | 32 | 2025-03-31 |
| Curevo, Inc.Equity | WA | Pharmaceuticals | $42.4M | 11 | 2025-03-18 |
| Magnus Medical, Inc.Equity | CA | Biotechnology | $40.3M | 10 | 2025-03-14 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Other | 204 | $1.94bn | $884K | Econic Partners LLC $438M |
| Technology1038 software and internet investors | 253 | $1.75bn | $2M | Celestial AI Inc. $148M |
| Healthcare425 healthcare and life sciences investors | 118 | $1.07bn | $2M | Aadi Bioscience, Inc. $100M |
| Real estate39 real estate investors | 130 | $791M | $3M | Stonetown 8, LLLP $101M |
| Financial services296 financial services investors | 27 | $401M | $4.7M | Different Technologies LLC $134M |
| Energy204 energy and utilities investors | 22 | $99.8M | $1M | Spartan Delta Corp. $18.1M |
| Industrials42 agriculture investors | 21 | $61M | $864K | Sound Agriculture Co $23.3M |
| Consumer238 consumer and retail investors | 24 | $53.3M | $1M | Pathfinder Collective LLC $10.1M |
| Business services77 business and professional services investors | 11 | $9.3M | $500K | Azjah31 LLC $4M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 327 | $110M | $250K |
| $1M to $5M | 249 | $635M | $2.3M |
| $5M to $20M | 166 | $1.72bn | $9.6M |
| $20M to $50M | 49 | $1.48bn | $28.3M |
| $50M to $100M | 10 | $722M | $70.2M |
| $100M and over | 9 | $1.52bn | $134M |
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 | $260M | $457K |
| Up to $1M | 32 | $54.3M | $325K |
| $1M to $5M | 13 | $27.1M | $2M |
| $5M to $25M | 9 | $77.5M | $8.5M |
| $25M to $100M | 5 | $17M | $2.6M |
| Over $100M | 3 | $68.8M | $25M |
| Declined to disclose | 671 | $5.65bn | $2M |
| Not applicable | 8 | $29.5M | $2.5M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 307 | $2.02bn | $1.3M |
| 2 to 5 years | 257 | $1.94bn | $2M |
| Over 5 years | 246 | $2.22bn | $2.1M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 599 | $5.37bn | $2.3M |
| Convertible | 69 | $229M | $748K |
| Debt | 46 | $192M | $1.7M |
| Options or warrants | 45 | $177M | $324K |
| Other | 16 | $171M | $645K |
| SAFE | 35 | $42.2M | $500K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 133 | $2.05bn | $2.8M |
| NY | 75 | $524M | $2.5M |
| Outside US | 57 | $369M | $1.2M |
| TX | 71 | $340M | $1.7M |
| MA | 41 | $291M | $2.5M |
| CO | 35 | $242M | $2.3M |
| FL | 43 | $238M | $1.4M |
| KS | 3 | $187M | $2.6M |
| WA | 22 | $181M | $2M |
| VA | 21 | $172M | $1.2M |
| NJ | 16 | $163M | $1.3M |
| PA | 20 | $140M | $2.1M |
| MO | 4 | $139M | $2.3M |
| NC | 23 | $88.6M | $1.6M |
| RI | 3 | $83.6M | $250K |
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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.
3,045 original Form D notices were filed in March 2025; 810 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for March 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.