Private funding rounds, July 2025
Every private raise an operating company reported to the SEC on Form D in July 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
881
Rounds with money sold
$7.54bn
Total sold
$1.9M
Median round
89
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 |
|---|---|---|---|---|---|
| American Bitcoin Corp.Equity | FL | Other Technology | $220M | 133 | 2025-07-09 |
| Bitmine Immersion Technologies, Inc.Equity | NV | Other Technology | $213M | 59 | 2025-07-15 |
| Lovable Labs IncEquity | DE | Other Technology | $193M | 40 | 2025-07-21 |
| MapLight Therapeutics, Inc.Equity | CA | Biotechnology | $188M | 19 | 2025-07-28 |
| Awardco, Inc.Equity | UT | Other Technology | $165M | 8 | 2025-07-08 |
| Revenant Energy Holdings LLCEquity | TX | Oil and Gas | $161M | 10 | 2025-07-29 |
| Motive Technologies, Inc.Equity | DE | Other Technology | $150M | 35 | 2025-07-30 |
| MaintainX Inc.Equity | CA | Other Technology | $150M | 13 | 2025-07-10 |
| Sierra International Network IncEquity | CA | Other Technology | $136M | 5 | 2025-07-08 |
| Terra CO2 Technology Holdings, Inc.Equity | CO | Manufacturing | $125M | 16 | 2025-07-08 |
| Maxx For Beauty IncEquity | CA | Other Technology | $110M | 2 | 2025-07-08 |
| Hadrian Automation, Inc.Equity | CA | Other | $110M | 28 | 2025-07-28 |
| Premium Packaged Products LLCEquity | NV | Other | $96.5M | 279 | 2025-07-14 |
| Bridgewater Bancshares IncDebt | MN | Commercial Banking | $80M | 37 | 2025-07-08 |
| Legora, Inc.Equity | DE | Other Technology | $79.8M | 31 | 2025-07-01 |
| Positron AI, Inc.Equity | NV | Other | $75.1M | 95 | 2025-07-28 |
| Equity Bancshares IncDebt | KS | Commercial Banking | $75M | 44 | 2025-07-29 |
| I-Pulse Inc.Equity | Outside US | Other Technology | $72.5M | 16 | 2025-07-31 |
| Oxide Computer CoEquity | CA | Other Technology | $69.2M | 24 | 2025-07-17 |
| Nitricity Inc.Equity | CA | Other Technology | $62.6M | 13 | 2025-07-16 |
| Aerones Holdings Inc.Equity | CA | Other | $62.3M | 10 | 2025-07-31 |
| Sparrow Pharmaceuticals, Inc.Equity | OR | Pharmaceuticals | $61.8M | 17 | 2025-07-01 |
| F&M Financial CorpDebt | TN | Commercial Banking | $60M | 28 | 2025-07-16 |
| Centific Global Solutions, Inc.Equity | WA | Other Technology | $60M | 2 | 2025-07-07 |
| Belong Health, Inc.Equity | PA | Other Health Care | $57M | 7 | 2025-07-11 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 262 | $3.33bn | $2.7M | American Bitcoin Corp. $220M |
| Other | 222 | $1.09bn | $908K | Hadrian Automation, Inc. $110M |
| Real estate39 real estate investors | 178 | $1.07bn | $2.7M | Whiskey Springs Resorts Inc $40M |
| Healthcare425 healthcare and life sciences investors | 94 | $975M | $2.1M | MapLight Therapeutics, Inc. $188M |
| Financial services296 financial services investors | 33 | $415M | $1.5M | Bridgewater Bancshares Inc $80M |
| Energy204 energy and utilities investors | 29 | $337M | $2M | Revenant Energy Holdings LLC $161M |
| Industrials122 industrials and manufacturing investors | 23 | $232M | $2M | Terra CO2 Technology Holdings, Inc. $125M |
| Consumer238 consumer and retail investors | 27 | $56.3M | $500K | Travel Curious Group Inc. $20.7M |
| Business services77 business and professional services investors | 13 | $24.6M | $350K | Measurabl, Inc. $6.5M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 336 | $109M | $225K |
| $1M to $5M | 280 | $674M | $2.1M |
| $5M to $20M | 169 | $1.67bn | $8.5M |
| $20M to $50M | 66 | $1.99bn | $28.5M |
| $50M to $100M | 18 | $1.17bn | $62.1M |
| $100M and over | 12 | $1.92bn | $155M |
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 | 89 | $267M | $500K |
| Up to $1M | 32 | $89.3M | $575K |
| $1M to $5M | 16 | $28.9M | $950K |
| $5M to $25M | 5 | $20M | $1.1M |
| $25M to $100M | 2 | $8.8M | $4.4M |
| Over $100M | 7 | $109M | $1.5M |
| Declined to disclose | 724 | $6.96bn | $2.1M |
| Not applicable | 6 | $49.5M | $1.3M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 357 | $1.98bn | $1.6M |
| 2 to 5 years | 237 | $2.18bn | $2M |
| Over 5 years | 287 | $3.38bn | $1.9M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 684 | $6.6bn | $2.2M |
| Debt | 35 | $387M | $2M |
| Convertible | 72 | $321M | $1M |
| Other | 12 | $101M | $748K |
| Options or warrants | 39 | $68.2M | $935K |
| SAFE | 39 | $54.9M | $150K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| CA | 110 | $1.96bn | $6.3M |
| DE | 40 | $573M | $882K |
| NY | 66 | $547M | $3M |
| TX | 79 | $524M | $1.4M |
| NV | 6 | $415M | $50M |
| FL | 50 | $401M | $1.3M |
| MA | 32 | $326M | $4.7M |
| CO | 40 | $295M | $1.8M |
| Outside US | 79 | $259M | $753K |
| UT | 14 | $247M | $3.6M |
| MN | 15 | $194M | $5.5M |
| WA | 21 | $149M | $1.5M |
| TN | 15 | $140M | $2.7M |
| PA | 21 | $136M | $1.7M |
| IL | 20 | $135M | $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.
3,070 original Form D notices were filed in July 2025; 881 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for July 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.