Private funding rounds, September 2025
Every private raise an operating company reported to the SEC on Form D in September 2025: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
832
Rounds with money sold
$11.49bn
Total sold
$1.6M
Median round
97
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 |
|---|---|---|---|---|---|
| Forward Industries, Inc.Equity | NY | Other | $1.65bn | 214 | 2025-09-25 |
| Wonder Group, Inc.Equity | NY | Restaurants | $1.14bn | 36 | 2025-09-17 |
| Databricks, Inc.Equity | CA | Other Technology | $955M | 124 | 2025-09-23 |
| ETHZilla CorpEquity | FL | Other | $425M | 80 | 2025-09-15 |
| BTA 22504 Big Horn LLCEquity, revenue no revenue | TX | Oil and Gas | $350M | 102 | 2025-09-03 |
| Eightco Holdings Inc.Equity | PA | Other Technology | $270M | 74 | 2025-09-18 |
| Capital Rx, Inc.Equity | NY | Other | $231M | 8 | 2025-09-26 |
| Supabase, Inc.Equity | DE | Other Technology | $202M | 19 | 2025-09-08 |
| Treeline Biosciences, Inc.Equity | MA | Biotechnology | $200M | 22 | 2025-09-04 |
| CleanCore Solutions, Inc.Equity | NE | Other | $175M | 87 | 2025-09-12 |
| Luminary Cloud, Inc.Convertible | CA | Other Technology | $172M | 46 | 2025-09-16 |
| Ambience Healthcare, Inc.Equity | CA | Other Technology | $140M | 16 | 2025-09-18 |
| DeFi Development Corp.Equity | FL | Other Banking and Financial Services | $124M | 19 | 2025-09-08 |
| Wugen, Inc.Equity | MO | Other Health Care | $109M | 20 | 2025-09-08 |
| Satsuma Technology PLCDebt | Outside US | Other Technology | $108M | 47 | 2025-09-30 |
| Overhaul Group, Inc.Equity | TX | Other Technology | $105M | 12 | 2025-09-02 |
| Glydways, Inc.Equity | CA | Other Technology | $101M | 6 | 2025-09-29 |
| Horizon Bancorp Inc /In/Debt | IN | Commercial Banking | $100M | 59 | 2025-09-12 |
| Pineapple Financial Inc.Options or warrants, revenue $1m to $5m | Outside US | Other Real Estate | $100M | 26 | 2025-09-17 |
| Smartfinancial Inc.Debt | TN | Commercial Banking | $100M | 44 | 2025-09-02 |
| Clay Labs Inc.Equity | NY | Other | $100M | 10 | 2025-09-10 |
| Thyme Care, Inc.Equity | TN | Other Health Care | $97M | 14 | 2025-09-25 |
| Galvanize Therapeutics, Inc.Equity | CA | Biotechnology | $96.1M | 28 | 2025-09-11 |
| All Inspire Health, Inc.Equity | NY | Other | $85M | 16 | 2025-09-25 |
| Splash Financial, Inc.Equity | OH | Other Banking and Financial Services | $71M | 10 | 2025-09-17 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Technology1038 software and internet investors | 265 | $3.38bn | $2M | Databricks, Inc. $955M |
| Other | 189 | $3.26bn | $821K | Forward Industries, Inc. $1.65bn |
| Healthcare425 healthcare and life sciences investors | 100 | $1.27bn | $2.1M | Treeline Biosciences, Inc. $200M |
| Consumer58 food and beverage investors | 16 | $1.23bn | $775K | Wonder Group, Inc. $1.14bn |
| Real estate39 real estate investors | 157 | $980M | $3M | Pineapple Financial Inc. $100M |
| Financial services296 financial services investors | 34 | $696M | $6.3M | DeFi Development Corp. $124M |
| Energy204 energy and utilities investors | 33 | $505M | $1.2M | BTA 22504 Big Horn LLC $350M |
| Business services77 business and professional services investors | 17 | $107M | $1M | RunBuggy OMI, Inc. $40M |
| Industrials122 industrials and manufacturing investors | 21 | $65.9M | $450K | Lumber Manufactory Inc. $34.7M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 343 | $107M | $225K |
| $1M to $5M | 251 | $638M | $2.3M |
| $5M to $20M | 148 | $1.47bn | $9M |
| $20M to $50M | 56 | $1.56bn | $25.8M |
| $50M to $100M | 14 | $951M | $59.6M |
| $100M and over | 20 | $6.76bn | $174M |
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 | 97 | $514M | $358K |
| Up to $1M | 47 | $72.3M | $300K |
| $1M to $5M | 16 | $119M | $698K |
| $5M to $25M | 7 | $20.3M | $2M |
| $25M to $100M | 4 | $13.6M | $3M |
| Over $100M | 2 | $14.5M | $7.3M |
| Declined to disclose | 655 | $10.73bn | $2.3M |
| Not applicable | 4 | $3.5M | $533K |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 363 | $1.8bn | $1.1M |
| 2 to 5 years | 217 | $2.39bn | $2.1M |
| Over 5 years | 252 | $7.3bn | $2.2M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 628 | $10.13bn | $2.2M |
| Debt | 46 | $627M | $1.6M |
| Convertible | 49 | $352M | $990K |
| Options or warrants | 38 | $216M | $200K |
| Other | 24 | $138M | $1.5M |
| SAFE | 47 | $23.3M | $150K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| NY | 68 | $3.8bn | $5.6M |
| CA | 111 | $2.37bn | $4.2M |
| FL | 47 | $788M | $2M |
| TX | 74 | $781M | $2M |
| Outside US | 75 | $531M | $550K |
| MA | 35 | $516M | $2.5M |
| PA | 22 | $360M | $1.1M |
| DE | 29 | $276M | $895K |
| TN | 11 | $274M | $7.1M |
| NE | 3 | $184M | $8.9M |
| MO | 11 | $138M | $357K |
| IL | 23 | $135M | $2.3M |
| NV | 9 | $124M | $900K |
| IN | 8 | $121M | $1.9M |
| WA | 26 | $110M | $2.4M |
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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.
3,056 original Form D notices were filed in September 2025; 832 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for September 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.