Private funding rounds, April 2025
Every private raise an operating company reported to the SEC on Form D in April 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
723
Rounds with money sold
$9.71bn
Total sold
$1.6M
Median round
52
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 |
|---|---|---|---|---|---|
| Infinite Reality, Inc.Equity | FL | Other Technology | $3.36bn | 3 | 2025-04-28 |
| Rarestep, Inc.Equity | AL | Other Technology | $454M | 5 | 2025-04-14 |
| DBV Technologies S.A.Equity | Outside US | Pharmaceuticals | $307M | 14 | 2025-04-17 |
| Mercury Technologies, Inc.Equity | CA | Other Technology | $200M | 6 | 2025-04-11 |
| Cognito Therapeutics Group, Inc.Equity | MA | Other Health Care | $196M | 23 | 2025-04-01 |
| Nextnav Inc.Convertible | VA | Other Technology | $190M | 15 | 2025-04-07 |
| Apex Technology, Inc.Equity | CA | Other | $158M | 25 | 2025-04-30 |
| Bdci Capital LPEquity | Outside US | Other | $150M | 2 | 2025-04-22 |
| 1924345 Ontario Inc.Debt | Outside US | Business Services | $125M | 4 | 2025-04-03 |
| Supira Medical, Inc.Equity | CA | Other Health Care | $120M | 20 | 2025-04-03 |
| SetPoint Medical CorpEquity | CA | Other Health Care | $115M | 23 | 2025-04-11 |
| Science CorpConvertible | CA | Other Technology | $104M | 29 | 2025-04-14 |
| Neurona Therapeutics, IncEquity | CA | Biotechnology | $102M | 46 | 2025-04-04 |
| Upexi, Inc.Equity, revenue $5m to $25m | FL | Other | $100M | 73 | 2025-04-28 |
| Atsena Therapeutics, Inc.Equity | NC | Biotechnology | $90M | 14 | 2025-04-11 |
| Bae Systems Plc /Fi/Equity, revenue over $100m | Outside US | Other | $85M | 300 | 2025-04-04 |
| Surrozen, Inc./DEEquity | CA | Biotechnology | $76.4M | 29 | 2025-04-08 |
| Hidden Level, IncEquity | NY | Other Technology | $66.5M | 19 | 2025-04-01 |
| Luma Financial Technologies, LLCEquity | OH | Other Technology | $62.9M | 6 | 2025-04-22 |
| Find Solace, Inc.Equity | CA | Other Technology | $60M | 16 | 2025-04-11 |
| ThreatLocker, Inc.Equity | FL | Other Technology | $60M | 12 | 2025-04-11 |
| Imbria Pharmaceuticals, Inc.Equity | MA | Biotechnology | $59.2M | 8 | 2025-04-01 |
| nEye Systems, Inc.Equity | CA | Other Technology | $58M | 6 | 2025-04-11 |
| Easy Street Capital, LLCEquity | TX | Other Real Estate | $56.8M | 69 | 2025-04-10 |
| Natron Holdings, Inc.Equity | MI | Other Energy | $55.4M | 3 | 2025-04-23 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 230 | $5.83bn | $2.2M | Infinite Reality, Inc. $3.36bn |
| Healthcare425 healthcare and life sciences investors | 103 | $1.56bn | $2.4M | DBV Technologies S.A. $307M |
| Other | 208 | $1.18bn | $756K | Apex Technology, Inc. $158M |
| Real estate39 real estate investors | 99 | $423M | $1.8M | Easy Street Capital, LLC $56.8M |
| Business services77 business and professional services investors | 13 | $214M | $575K | 1924345 Ontario Inc. $125M |
| Financial services296 financial services investors | 24 | $188M | $2.4M | Tampa Bay Banking Co $46.5M |
| Energy204 energy and utilities investors | 13 | $116M | $2.5M | Natron Holdings, Inc. $55.4M |
| Consumer58 food and beverage investors | 18 | $97.6M | $625K | Hwood Group, LLC $36.3M |
| Industrials122 industrials and manufacturing investors | 15 | $89.6M | $2.1M | Lexington Medical, Inc. $37.8M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 288 | $92.9M | $258K |
| $1M to $5M | 230 | $551M | $2.1M |
| $5M to $20M | 144 | $1.46bn | $9.3M |
| $20M to $50M | 33 | $1.03bn | $30M |
| $50M to $100M | 14 | $888M | $59.6M |
| $100M and over | 14 | $5.68bn | $154M |
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 | 52 | $108M | $619K |
| Up to $1M | 26 | $28.5M | $420K |
| $1M to $5M | 9 | $33.6M | $2.5M |
| $5M to $25M | 6 | $123M | $3.9M |
| Over $100M | 3 | $132M | $46.5M |
| Declined to disclose | 623 | $9.26bn | $1.8M |
| Not applicable | 4 | $19.5M | $5.2M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 240 | $1.14bn | $1.1M |
| 2 to 5 years | 223 | $2.4bn | $2.3M |
| Over 5 years | 260 | $6.16bn | $2M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 566 | $8.87bn | $2M |
| Convertible | 47 | $525M | $1.9M |
| Debt | 26 | $203M | $775K |
| Options or warrants | 39 | $40.3M | $500K |
| SAFE | 37 | $38.9M | $167K |
| Other | 8 | $28.1M | $2.3M |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| FL | 47 | $3.82bn | $1.5M |
| CA | 110 | $1.74bn | $4M |
| Outside US | 58 | $901M | $919K |
| NY | 59 | $464M | $2.7M |
| MA | 34 | $463M | $2.4M |
| AL | 3 | $456M | $2M |
| TX | 59 | $292M | $1.5M |
| VA | 7 | $208M | $3.4M |
| NC | 19 | $163M | $2.2M |
| OH | 17 | $107M | $1.6M |
| IL | 21 | $92.6M | $2M |
| GA | 11 | $84.5M | $2.7M |
| UT | 8 | $80.1M | $3.3M |
| AZ | 12 | $71.3M | $1.4M |
| WA | 18 | $69.5M | $2.8M |
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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.
2,333 original Form D notices were filed in April 2025; 723 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for April 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.