Private funding rounds, March 2026
Every private raise an operating company reported to the SEC on Form D in March 2026: by sector, round size, revenue, age and state, with the largest raises named and linked to their filings.
943
Rounds with money sold
$14.79bn
Total sold
$1.4M
Median round
109
Rounds by pre-revenue companies
Against March 2025
The same month a year earlier, counted with the same filters. Totals swing with a handful of very large raises; the number of rounds and the median move less.
| March 2026 | March 2025 | Change | |
|---|---|---|---|
| Rounds with money sold | 943 | 810 | +16% |
| Total sold | $14.79bn | $6.18bn | +139% |
| Median round | $1.4M | $1.7M | -17% |
| Rounds by pre-revenue companies | 109 | 69 | +58% |
| Original Form D notices filed | 3,642 | 3,045 | +20% |
| Sector | Rounds March 2026 | Rounds March 2025 | Change | Median now | Median then |
|---|---|---|---|---|---|
| Other | 240 | 204 | +18% | $695K | $884K |
| Technology | 280 | 253 | +11% | $1.4M | $2M |
| Financial services | 35 | 27 | +30% | $8M | $4.7M |
| Healthcare | 122 | 118 | +3% | $1.4M | $2M |
| Real estate | 161 | 130 | +24% | $2.5M | $3M |
| Energy | 28 | 22 | +27% | $555K | $1M |
| Business services | 21 | 11 | +91% | $1.6M | $500K |
| Consumer | 28 | 24 | +17% | $750K | $1M |
| Industrials | 28 | 21 | +33% | $1.3M | $864K |
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 |
|---|---|---|---|---|---|
| New York Life Insurance & Annuity CorpOther, revenue over $100m | NY | Insurance | $3.03bn | 227 | 2026-03-11 |
| EAG Holdings LPEquity | NY | Other | $2.05bn | 490 | 2026-03-31 |
| Sierra Space CorpEquity | CO | Other | $550M | 2 | 2026-03-16 |
| MatX Inc.Equity | CA | Other Technology | $528M | 23 | 2026-03-10 |
| Legora, Inc.Equity | DE | Other Technology | $442M | 40 | 2026-03-24 |
| Curaleaf Holdings, Inc.Debt | CT | Other | $345M | 25 | 2026-03-11 |
| Raintank Inc.Equity | NY | Other Technology | $250M | 11 | 2026-03-12 |
| Science CorpEquity | CA | Other Technology | $230M | 40 | 2026-03-06 |
| Koch, Inc.Equity | KS | Other | $224M | 38 | 2026-03-10 |
| Immunic, Inc.Equity | Outside US | Biotechnology | $200M | 43 | 2026-03-04 |
| Eridu CorpEquity | CA | Other Technology | $187M | 51 | 2026-03-19 |
| DMMS Purchaser, Inc.Equity | LA | Other | $171M | 438 | 2026-03-31 |
| Metropolitan Tower Life Insurance CoOther | NE | Insurance | $151M | 2 | 2026-03-06 |
| NLC Health Investors DSTOther, revenue not applicable | NH | Other Real Estate | $145M | 53 | 2026-03-05 |
| VFN Holdings, Inc.Equity | CO | Telecommunications | $125M | 8 | 2026-03-10 |
| Code Metal, Inc.Equity | MA | Other Technology | $123M | 12 | 2026-03-12 |
| Solstice Oncology, Inc.Equity | MA | Biotechnology | $121M | 8 | 2026-03-09 |
| XBow Holding Inc.Equity | WA | Other Technology | $121M | 13 | 2026-03-19 |
| Cloaked, Inc.SAFE | NY | Other Technology | $117M | 25 | 2026-03-27 |
| Neurophos Inc.Equity | TX | Other Technology | $109M | 44 | 2026-03-16 |
| Strand Therapeutics Inc.Equity | MA | Biotechnology | $108M | 10 | 2026-03-17 |
| Imperative Care, Inc.Convertible | CA | Other Health Care | $100M | 15 | 2026-03-20 |
| Exa Labs Inc.Equity | CA | Other Technology | $81.4M | 29 | 2026-03-11 |
| Nominal, Inc.Equity | TX | Other | $80M | 13 | 2026-03-06 |
| Humand Holdings LtdEquity | Outside US | Other Technology | $77.5M | 87 | 2026-03-20 |
By sector
Sector is the issuer's own Form D industry group, grouped.
| Sector | Rounds | Total sold | Median | Largest |
|---|---|---|---|---|
| Other | 240 | $4.39bn | $695K | EAG Holdings LP $2.05bn |
| Technology1038 software and internet investors | 280 | $4.05bn | $1.4M | MatX Inc. $528M |
| Financial services296 financial services investors | 35 | $3.54bn | $8M | New York Life Insurance & Annuity Corp $3.03bn |
| Healthcare425 healthcare and life sciences investors | 122 | $1.4bn | $1.4M | Immunic, Inc. $200M |
| Real estate39 real estate investors | 161 | $854M | $2.5M | NLC Health Investors DST $145M |
| Energy204 energy and utilities investors | 28 | $178M | $555K | Roaring Fork Midstream II, LP $65.8M |
| Business services77 business and professional services investors | 21 | $174M | $1.6M | Alacriti Payments Inc. $50M |
| Consumer58 food and beverage investors | 28 | $109M | $750K | Range NYC LLC $45M |
| Industrials122 industrials and manufacturing investors | 28 | $95.1M | $1.3M | Monarch Quantum, Inc. $52.6M |
By round size
Amount sold at the time of filing.
| Size band | Rounds | Total sold | Median round |
|---|---|---|---|
| Under $1M | 414 | $131M | $245K |
| $1M to $5M | 271 | $671M | $2.3M |
| $5M to $20M | 155 | $1.6bn | $9.5M |
| $20M to $50M | 65 | $1.92bn | $27.5M |
| $50M to $100M | 16 | $1.03bn | $63.2M |
| $100M and over | 22 | $9.43bn | $179M |
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 | 109 | $197M | $250K |
| Up to $1M | 50 | $129M | $588K |
| $1M to $5M | 21 | $60.6M | $1.8M |
| $5M to $25M | 6 | $105M | $9.2M |
| $25M to $100M | 2 | $57.6M | $28.8M |
| Over $100M | 3 | $3.05bn | $15M |
| Declined to disclose | 741 | $11.01bn | $1.6M |
| Not applicable | 11 | $184M | $3.3M |
By company age
Years since incorporation, as filed.
| Age | Rounds | Total sold | Median round |
|---|---|---|---|
| Under 2 years | 384 | $1.94bn | $933K |
| 2 to 5 years | 277 | $6.38bn | $1.7M |
| Over 5 years | 282 | $6.46bn | $1.7M |
By instrument
SAFE and convertible are read from the filer's own description of the security.
| Instrument | Rounds | Total sold | Median round |
|---|---|---|---|
| Equity | 693 | $10.14bn | $2M |
| Other | 27 | $3.48bn | $2.1M |
| Debt | 44 | $653M | $1.4M |
| SAFE | 89 | $274M | $340K |
| Convertible | 55 | $213M | $587K |
| Options or warrants | 35 | $25M | $300K |
By state
The issuer's principal place of business. Top 15.
| State | Rounds | Total sold | Median round |
|---|---|---|---|
| NY | 74 | $6.11bn | $4M |
| CA | 120 | $2.28bn | $4.3M |
| CO | 39 | $813M | $1.7M |
| MA | 46 | $673M | $2.6M |
| TX | 90 | $619M | $948K |
| Outside US | 70 | $592M | $607K |
| DE | 41 | $588M | $516K |
| CT | 12 | $369M | $550K |
| WA | 27 | $291M | $1M |
| FL | 58 | $290M | $1.1M |
| KS | 6 | $263M | $3.6M |
| LA | 5 | $173M | $488K |
| NE | 2 | $151M | $75.5M |
| NH | 5 | $151M | $1.1M |
| NJ | 20 | $136M | $1.6M |
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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.
3,642 original Form D notices were filed in March 2026; 943 are operating-company rounds with money sold. Source: SEC EDGAR, Form D filings for March 2026. Built 2026-10-11 from the SEC quarterly Form D data set, with the same filters as the reports built from EDGAR each month.