{ "count": 17, "data": [ { "slug": "democratized-capital", "number": 1, "title": "Democratized Capital — Women & Minority Founders in Reg CF", "one_liner": "How crowdfunding distributes capital to women- and minority-led companies.", "summary": "When the crowd decides, capital reaches founders that traditional venture capital overlooks. This brief measures the share of U.S. Regulation Crowdfunding capital going to women- and minority-led companies, and how it has grown.", "audience": "Foundations · DEI & inclusive-growth research", "headline_stat": { "value": "$1.01B", "label": "to women- and minority-led companies" }, "key_findings": [ "$1.01B has gone to women- and minority-led companies — 37% of all Reg CF capital.", "Women-led: 20.5% ($561M). Minority-led: 21.7% ($595M). 2,747 funded issuers.", "Their combined share rose from ~24% (2016) to 38.6% (2025).", "Women/minority-led campaigns succeed at 72.9% vs 68.5% market-wide.", "For contrast, all-women teams receive about 2% of traditional venture capital." ], "faq": [ { "question": "What share of Reg CF capital goes to women- and minority-led companies?", "answer": "37% — about $1.01B across 2,747 funded issuers. Women-led companies account for 20.5% ($561M) and minority-led for 21.7% ($595M)." }, { "question": "How does this compare to traditional venture capital?", "answer": "All-women teams receive about 2% of traditional venture capital. In Reg CF, women- and minority-led campaigns also succeed at a higher rate (72.9% vs 68.5% market-wide)." }, { "question": "Is the share rising?", "answer": "Yes. The combined share has grown from roughly 24% in 2016 to 38.6% in 2025." } ], "date_label": null, "url": "https://cclear.ai/library/democratized-capital", "pdf_url": "/__l5e/assets-v1/0955518f-91a5-4c3b-988e-a78e2e8d03de/Brief1_Democratized_Capital.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "industrial-base", "number": 2, "title": "Funding America's Industrial Base", "one_liner": "Crowdfunding capital flowing to U.S. manufacturing, energy, and clean tech.", "summary": "Everyday investors are quietly funding America's industrial base — manufacturing, energy, clean tech, agriculture, space, and maritime companies — and that share is rising as the broader market cools.", "audience": "Policy · economic development · manufacturing", "headline_stat": { "value": "$540M", "label": "to U.S. industrial-base issuers" }, "key_findings": [ "$540M raised — 19.7% of all Reg CF, climbing to 27.8% in 2025.", "799 issuers, 362,709 investors, across 48 states.", "Industrial-base raises run a median $107K/deal vs $66K market-wide (1.6x).", "75.9% success vs 68.5% market-wide.", "Composition led by Energy (26%), Agriculture/Food (23%), Clean Tech (20%)." ], "faq": [ { "question": "How much Reg CF capital has gone to America's industrial base?", "answer": "$540M (19.7% of all Reg CF), climbing to 27.8% of capital in 2025. The cohort spans 799 issuers and 362,709 investors across 48 states." }, { "question": "Are industrial-base raises different from the broader market?", "answer": "Yes. They run a median $107K per deal versus $66K market-wide (1.6x larger) and succeed at 75.9% vs 68.5%." } ], "date_label": null, "url": "https://cclear.ai/library/industrial-base", "pdf_url": "/__l5e/assets-v1/ed939562-271c-4fab-9fcf-b97db94a9c53/Brief2_Industrial_Base.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "main-street-barometer", "number": 3, "title": "The Main Street Barometer", "one_liner": "Retail investor sentiment and participation, tracked over a decade.", "summary": "2.32 million everyday Americans have invested in startups through crowdfunding. This brief reads their sentiment over time and finds fewer, more committed investors.", "audience": "Markets · Federal Reserve · investor behavior", "headline_stat": { "value": "2.32M", "label": "investor commitments since 2016" }, "key_findings": [ "2.32M investor commitments, $2.91B, across 7,455 funded offerings (6,063 companies).", "Commitments peaked in 2021, then fell about 60%.", "The average check climbed from $946 (2021) to $1,534 (2025), and more than tripled from its 2019 low of $496.", "Capital stayed resilient ($539M in 2021 to $387M in 2025) even as participation thinned." ], "faq": [ { "question": "How many Americans have invested in startups through Reg CF?", "answer": "2.32 million investor commitments totaling $2.91B across 7,455 funded offerings from 6,063 companies." }, { "question": "Did the retail investor base shrink after 2021?", "answer": "Commitments fell about 60% from the 2021 peak, but the average check climbed from $946 to $1,534 — more than tripling from its 2019 low of $496 — keeping capital resilient ($539M in 2021 to $387M in 2025)." } ], "date_label": "Data as of July 9, 2026", "url": "https://cclear.ai/library/main-street-barometer", "pdf_url": "/__l5e/assets-v1/d900f8f0-272e-49f0-adf3-609a5f0822d5/Brief3_Main_Street_Barometer.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "market-comes-of-age", "number": 4, "title": "A Market Comes of Age", "one_liner": "A decade of valuation and capital-structure trends.", "summary": "Crowdfunding valuations tripled in a decade — but the real driver was market maturation, not hype.", "audience": "Markets & private-capital research", "headline_stat": { "value": "3.6x", "label": "median valuation cap, 2016 → 2025" }, "key_findings": [ "Median valuation cap tripled: $5.0M (2016) → $18.0M (2025), 3.6x.", "Equity rose to 68% of capital (from 45%); convertibles fell 20%→6%, revenue-share 19%→3%.", "The rise is mix-shift — older, revenue-generating issuers entering — not just higher asks.", "Median raise stayed lean (~$156K in 2025)." ], "faq": [ { "question": "Did crowdfunding valuations really triple?", "answer": "Yes. Median valuation caps rose from $5.0M in 2016 to $18.0M in 2025 — a 3.6x increase driven by mix-shift toward older, revenue-generating issuers rather than pure inflation." }, { "question": "How has the capital structure changed?", "answer": "Equity rose to 68% of capital from 45%, while convertibles fell from 20% to 6% and revenue-share from 19% to 3%." } ], "date_label": null, "url": "https://cclear.ai/library/market-comes-of-age", "pdf_url": "/__l5e/assets-v1/b3a46aa2-1784-494c-abda-fb207992ea2a/Brief4_Market_Comes_of_Age.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "company-valuation-benchmarks", "number": 5, "title": "What's Your Company Worth?", "one_liner": "Valuation benchmarks by company age and revenue stage.", "summary": "What is a private company actually worth at a crowdfunding raise? This brief benchmarks valuations by the two levers that matter most — age and revenue.", "audience": "Issuers · advisors · valuation research", "headline_stat": { "value": "$10.0M", "label": "overall median valuation cap" }, "key_findings": [ "Overall median valuation cap: $10.0M.", "Startup (<3 yrs) $8.1M vs established (≥3 yrs) $15.0M — about 1.85x.", "Crossing into revenue adds ~30% ($9.0M pre → $11.7M post).", "Based on 5,422 funded equity offerings with a disclosed cap." ], "faq": [ { "question": "What is the typical Reg CF valuation cap?", "answer": "The overall median is $10.0M, based on 5,422 funded equity offerings with a disclosed cap." }, { "question": "How much does age and revenue matter?", "answer": "Established companies (≥3 years) command $15.0M vs $8.1M for startups (<3 years) — about 1.85x. Crossing into revenue adds roughly 30% ($9.0M pre to $11.7M post)." } ], "date_label": null, "url": "https://cclear.ai/library/company-valuation-benchmarks", "pdf_url": "/__l5e/assets-v1/8dd4eb8f-447d-4079-a757-9597f69f181c/Brief5_Whats_Your_Company_Worth.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "innovation-geography", "number": 6, "title": "Innovation Geography", "one_liner": "How startup capital is decentralizing across the country.", "summary": "In crowdfunding, startup capital has already left the coasts. This brief maps where Reg CF capital actually flows.", "audience": "EIG · Brookings · Federal Reserve · regional economies", "headline_stat": { "value": "64%", "label": "of funded capital outside CA/NY/MA" }, "key_findings": [ "64% of funded capital now goes outside CA/NY/MA — up from 47% in 2016.", "Top-five-state share fell from 74% to 52%; California alone fell 44% → 26%.", "$2.74B across 52 states/territories; roughly $8 per resident nationally.", "Per-capita over-indexers: Wyoming, Nevada, Utah, Colorado, Washington." ], "faq": [ { "question": "Where does Reg CF capital actually flow?", "answer": "64% now goes outside California, New York, and Massachusetts — up from 47% in 2016. The top-five-state share has fallen from 74% to 52%." }, { "question": "Which states over-index per capita?", "answer": "Wyoming, Nevada, Utah, Colorado, and Washington lead on per-capita Reg CF capital." } ], "date_label": null, "url": "https://cclear.ai/library/innovation-geography", "pdf_url": "/__l5e/assets-v1/b3821eb0-3c47-459c-8692-29e347499d5f/Brief6_Innovation_Geography.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "issuer-longevity", "number": 7, "title": "Built to Last", "one_liner": "Survival rates of crowdfunded companies vs. national baselines.", "summary": "Are crowdfunded startups lottery tickets? The data says they survive at rates that beat Main Street.", "audience": "Kauffman · SBA · entrepreneurship research", "headline_stat": { "value": "79%", "label": "of funded issuers still operating" }, "key_findings": [ "79% of funded issuers are still operating.", "The 2016 cohort is 71% alive at 10 years — roughly double the ~34% BLS baseline.", "The 2021 cohort is 73% alive at 5 years (vs ~50% nationally); 21% have closed.", "5,869 funded issuers analyzed. (Association, not causation — selection effects apply.)" ], "faq": [ { "question": "Do crowdfunded companies actually survive?", "answer": "Yes — 79% of funded issuers are still operating. The 2016 cohort is 71% alive at 10 years (roughly double the ~34% BLS baseline); the 2021 cohort is 73% alive at 5 years vs ~50% nationally." }, { "question": "Does this prove crowdfunding causes longevity?", "answer": "No. These are association statistics with selection effects — funded issuers are pre-screened. The brief states this caveat explicitly." } ], "date_label": null, "url": "https://cclear.ai/library/issuer-longevity", "pdf_url": "/__l5e/assets-v1/f817fcaf-17b8-496b-b080-936914ef2703/Brief7_Built_to_Last.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "economic-stimulus", "number": 8, "title": "The $42.5 Billion Engine", "one_liner": "The economic output generated by Reg CF companies.", "summary": "Crowdfunding capital is the ignition; the engine it starts is real. This brief estimates the economic activity (revenue minus net income) generated by the Reg CF cohort.", "audience": "Policy · economic development · SBA", "headline_stat": { "value": "$42.5B", "label": "cumulative economic stimulus, 2016–2025" }, "key_findings": [ "$42.5B cumulative economic stimulus, 2016–2025.", "6,072 funded companies contributing; all 50 states.", "Annual output grew from $251M (2016) to $9.3B (2025) — about 37x.", "Honest caveat: cohort output, not solely attributable to crowdfunding capital." ], "faq": [ { "question": "How much economic activity has Reg CF generated?", "answer": "$42.5B cumulative output (revenue minus net income) from 6,072 funded companies across all 50 states, 2016–2025." }, { "question": "Is all of this attributable to crowdfunding?", "answer": "No. This is cohort output. The brief states this caveat directly — crowdfunding capital is one input among many." } ], "date_label": null, "url": "https://cclear.ai/library/economic-stimulus", "pdf_url": "/__l5e/assets-v1/44184738-4e80-462f-af4b-7e822a829ffd/Brief8_Economic_Stimulus.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "velocity-predictor", "number": 9, "title": "The First Two Weeks", "one_liner": "How a campaign's first 14 days predict its final raise.", "summary": "A company's early funding velocity predicts how its whole raise ends — validated out-of-sample across thousands of campaigns.", "audience": "Quant · venture · data science", "headline_stat": { "value": "0.88–0.92", "label": "out-of-sample AUC, 2022–2025" }, "key_findings": [ "Fastest-quartile campaigns finish strong 96% of the time vs ~12% for the slowest.", "Out-of-sample AUC of 0.88–0.92 across 2022–2025.", "Built on 6,328 offerings since 2021, segmented for equity and debt.", "Predicts the raise, not investment return." ], "faq": [ { "question": "How well do the first 14 days predict the final raise?", "answer": "Out-of-sample AUC of 0.88–0.92 across 2022–2025. Fastest-quartile campaigns finish strong 96% of the time vs ~12% for the slowest." }, { "question": "Does this predict investment returns?", "answer": "No. The model predicts the raise outcome, not investment return." } ], "date_label": null, "url": "https://cclear.ai/library/velocity-predictor", "pdf_url": "/__l5e/assets-v1/4de2942f-d165-45ab-a05f-bd56923a911b/Brief9_First_Two_Weeks.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "crowdfinance-index", "number": 10, "title": "The CrowdFinance Index", "one_liner": "A daily, rules-based index of the crowdfunding market.", "summary": "Equities have the S&P 500; Regulation Crowdfunding now has a benchmark too — the CCA Crowdfinance Indices, tracking capital, participation, and breadth daily.", "audience": "Media · markets · benchmarking", "headline_stat": { "value": "417.9", "label": "Capital index peak, Nov 2021 (2020 = 100)" }, "key_findings": [ "Three indicators no other source measures together: Capital, Participation, Breadth (2020 = 100).", "The Capital index surged ~4x to a Nov-2021 peak (417.9), then cooled to ~162.", "A composite plus seven sector indices.", "Built on ~$2.9B across 8,264 companies." ], "faq": [ { "question": "What are the CCA Crowdfinance Indices?", "answer": "A daily, rules-based benchmark of the Regulation Crowdfunding market, tracking Capital, Participation, and Breadth (2020 = 100), plus a composite and seven sector indices." }, { "question": "How has the Capital index moved?", "answer": "It surged roughly 4x to a November 2021 peak of 417.9, then cooled to about 162." } ], "date_label": null, "url": "https://cclear.ai/library/crowdfinance-index", "pdf_url": "/__l5e/assets-v1/56a28117-34f5-43b7-b02f-b1830885ef26/Brief10_Crowdfinance_Indices.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "crowdfunding-genome", "number": 11, "title": "The Crowdfunding Genome", "one_liner": "America's top-30 startup-crowdfunding ecosystems, ranked.", "summary": "Which U.S. metros are the strongest crowdfunding ecosystems? This brief ranks the top 30 across five factors of startup health.", "audience": "EIG · Brookings · economic development", "headline_stat": { "value": "Top 30", "label": "U.S. crowdfunding ecosystems ranked" }, "key_findings": [ "Top five: Los Angeles, San Francisco, New York, San Diego, Austin.", "Scored 1–10 on Momentum, Capital, Expertise, Network, and Scale.", "No single city wins every factor — strengths are specialized.", "The 30 ecosystems span 20 states plus DC and hold 73% of funded activity." ], "faq": [ { "question": "Which U.S. metros lead in crowdfunding?", "answer": "The top five are Los Angeles, San Francisco, New York, San Diego, and Austin. The 30 ranked ecosystems span 20 states plus DC and hold 73% of funded activity." }, { "question": "How is each ecosystem scored?", "answer": "On five factors — Momentum, Capital, Expertise, Network, and Scale — each on a 1–10 scale." } ], "date_label": null, "url": "https://cclear.ai/library/crowdfunding-genome", "pdf_url": "/__l5e/assets-v1/07f00200-b3c5-4e22-bca6-5eca85355a96/Brief11_Crowdfunding_Genome.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "after-the-raise", "number": 12, "title": "After the Raise", "one_liner": "What happens to companies after they crowdfund.", "summary": "Reg CF shows who got funded; it rarely shows what happened next. Using post-funding annual reports, this brief follows issuers forward — and confronts the reporting gap honestly.", "audience": "Kauffman · SBA · academics · outcomes research", "headline_stat": { "value": "1.8x", "label": "aggregate revenue growth among reporting issuers" }, "key_findings": [ "Only about 50% of issuers with a reporting obligation ever file an annual report; 62% of filers file once, then go quiet.", "For those that report: aggregate revenue grew $2.6B → $4.5B (1.8x), median +37%.", "The reporting cohort employs 28,000+ people (net +2,914 jobs), though the median company stays lean.", "21% are out of business; ~15% formally terminated reporting. (Reporters skew to survivors — selection bias stated.)" ], "faq": [ { "question": "What happens to companies after they crowdfund?", "answer": "Among issuers that file required post-funding reports: aggregate revenue grew from $2.6B to $4.5B (1.8x), the median company grew revenue 37%, and the cohort employs 28,000+ people." }, { "question": "How big is the post-funding reporting gap?", "answer": "Only about 50% of issuers with a reporting obligation ever file an annual report, and 62% of filers file once, then go quiet. The brief states the resulting selection bias explicitly." } ], "date_label": null, "url": "https://cclear.ai/library/after-the-raise", "pdf_url": "/__l5e/assets-v1/81e889ea-7bf2-4132-bd89-198aa2d042ab/Brief12_After_the_Raise.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "language-of-the-raise", "number": 13, "title": "The Language of the Raise", "one_liner": "NLP on 6,800 pitches — the words that move money.", "summary": "We ran natural-language analysis on 6,800 funded pitches. The words that separate a big raise from a small one aren't the ones you'd guess.", "audience": "Quant · data buyers · NLP", "headline_stat": { "value": "24x", "label": "raise gap between top and bottom quartile pitches" }, "key_findings": [ "A 24x gap separates top-quartile from bottom-quartile raises.", "Big-raise vocabulary is substance, not hype: FDA, pipeline, recurring revenue, clean energy, real assets.", "Sentiment, pitch length, and \"traction\" buzzwords show no raise advantage.", "Technology framing rose from 59% of pitches (2016) to 99% (2025)." ], "faq": [ { "question": "Which pitch words actually correlate with bigger raises?", "answer": "Substance terms: FDA, pipeline, recurring revenue, clean energy, real assets. Sentiment, pitch length, and \"traction\" buzzwords show no raise advantage." }, { "question": "How big is the gap between top and bottom pitches?", "answer": "A 24x raise gap separates top-quartile from bottom-quartile funded pitches." } ], "date_label": null, "url": "https://cclear.ai/library/language-of-the-raise", "pdf_url": "/__l5e/assets-v1/d1a2967c-5a35-43dd-977f-f565a7fe31f1/Brief13_Language_of_the_Raise.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "what-capital-costs", "number": 14, "title": "What Capital Costs", "one_liner": "The cost and structure of crowdfunding capital by instrument.", "summary": "Reg CF isn't one instrument — it's a financing menu, and each option carries a different price. This brief measures the cost of capital across all five.", "audience": "Mercatus · Heritage · capital-markets research", "headline_stat": { "value": "11.5%", "label": "median crowdfunded debt interest, 2024" }, "key_findings": [ "Five instruments: equity, SAFE, convertible, debt, revenue share.", "The median interest on crowdfunded debt doubled, 5.5% (2016) → 11.5% (2024) — tracking the Fed.", "Debt's share of funded deals nearly tripled, 7.6% → 21.3%.", "Revenue-share deals repay ~1.5x principal; SAFEs/convertibles carry a ~20% discount." ], "faq": [ { "question": "What does crowdfunded capital cost?", "answer": "By instrument: crowdfunded debt's median interest doubled from 5.5% (2016) to 11.5% (2024), tracking the Fed. Revenue-share deals repay ~1.5x principal; SAFEs and convertibles carry a ~20% discount." }, { "question": "Is the financing mix changing?", "answer": "Yes. Debt's share of funded deals nearly tripled, from 7.6% to 21.3%." } ], "date_label": null, "url": "https://cclear.ai/library/what-capital-costs", "pdf_url": "/__l5e/assets-v1/bf6f8420-54f4-4b65-8446-ab7af7f62e01/Brief14_What_Capital_Costs.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "congressional-district", "number": 15, "title": "Regulation Crowdfunding by Congressional District: A Report Card", "one_liner": "A rolling, district-by-district scorecard of Reg CF activity across all 435 U.S. House districts.", "summary": "Federal policy on Regulation Crowdfunding is made in Congress — but the picture at the district level is where the debate actually lives. This report card scores every U.S. House district on Reg CF activity: capital raised, issuers funded, investors participating, and per-capita reach. Unlike the other briefs in this library, it is a live piece — refreshed on a rolling basis as new SEC EDGAR filings post — so members, staff, and constituents can see how the exemption is working at home right now.", "audience": "Congress · federal policy · constituent research", "headline_stat": { "value": "435", "label": "U.S. Congressional districts scored" }, "key_findings": [ "All 435 U.S. House districts scored, with the District of Columbia and U.S. territories reported alongside.", "Each district graded on four dimensions: capital raised, issuers funded, investor commitments, and per-capita capital.", "Rankings and letter grades refresh on a monthly cadence as new Form C and Form C-U filings post to SEC EDGAR.", "Issuer addresses are geocoded and mapped to current 119th Congress district boundaries.", "Built on the same CCLEAR record that anchors the other 16 briefs — every figure ties back to SEC EDGAR." ], "faq": [ { "question": "Why look at Reg CF by Congressional district?", "answer": "Federal policy on Regulation Crowdfunding is set in Congress. District-level data lets members and their staff see exactly how the exemption is working for their constituents — capital raised, issuers funded, and investors participating in their own district." }, { "question": "How often is the report card updated?", "answer": "On a rolling basis. District totals refresh as new Form C and Form C-U filings post to SEC EDGAR, and the report card reflects the most recent monthly snapshot rather than a fixed annual edition." }, { "question": "How are issuers assigned to a district?", "answer": "Issuer principal office addresses are geocoded and mapped to current 119th Congress district boundaries." } ], "date_label": "Updated July 2026", "url": "https://cclear.ai/library/congressional-district", "pdf_url": "/RegCF_Congressional_District_ReportCard.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "marked-up", "number": 16, "title": "Marked Up", "one_liner": "How valuations grow when companies crowdfund again, and the paper markup that creates.", "summary": "713 companies have gone back to the crowd for at least two priced rounds. This brief follows each company's valuation across its own sequential raises and measures the unrealized paper markup sitting with early investors. Descriptive market pricing, not realized returns.", "audience": "Institutional data buyers · academics · markets media", "headline_stat": { "value": "$1.67B", "label": "unrealized paper markup" }, "key_findings": [ "79% of repeat raisers returned at a higher valuation cap; 12% flat, 9% down.", "Median first-to-latest multiple of 1.54x; the top decile exceeds 5.9x. Median valuation CAGR: 26%.", "Median first cap of $10.0M grew to a median latest cap of $19.8M, with a median 15 months between priced rounds.", "$0.97B invested in repeat raisers' earlier rounds marks to $2.64B at latest-round prices: $1.67B of unrealized paper markup (outlier-capped; $2.14B without).", "Paper, not proceeds: primary-round prices, no dilution adjustment, illiquid, survivorship bias stated." ], "faq": [ { "question": "What does this brief measure?", "answer": "It follows 713 companies that have raised at least two priced Reg CF rounds and tracks how each company's valuation cap changed across its own sequential raises. It then marks the earlier-round dollars to the latest-round price to size the unrealized paper markup." }, { "question": "How large is the paper markup?", "answer": "$0.97B invested in repeat raisers' earlier rounds marks to $2.64B at latest-round prices — $1.67B of unrealized paper markup on an outlier-capped basis ($2.14B without capping)." }, { "question": "Is this a return figure?", "answer": "No. These are primary-round valuation caps, not exits or secondary prices. Numbers are unrealized, undiluted, and reflect surviving repeat raisers only." } ], "date_label": "2026 Edition · Live data · Data as of July 10, 2026", "url": "https://cclear.ai/library/marked-up", "pdf_url": "/Brief16_Marked_Up.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" }, { "slug": "the-exit-file", "number": 17, "title": "The Exit File: Sales, Mergers & Public Listings of U.S. Regulation Crowdfunding Companies", "one_liner": "Crowdfunded companies are exiting — $6.1B in sales, mergers and public listings in just fourteen months.", "summary": "Ten years in, Regulation Crowdfunding has crossed from promising to producing institutional-scale exits. Between May 2025 and June 2026, crowdfunding-born companies generated roughly $6.1 billion in verified liquidity-event value: a $177 million cash acquisition by NYSE-listed Zimmer Biomet (up to $747 million with milestone payments), a $1.6 billion NYSE listing, a $3.5 billion SPAC combination approved by shareholders, and two Nasdaq direct listings. This brief verifies the exit record against SEC filings, tracks outcomes honestly — including wind-downs and post-IPO losses — and shows why every commercial database is either blind to this market or mislabeling it.", "audience": "Investors & Data Buyers", "headline_stat": { "value": "$6.1B", "label": "verified Reg CF liquidity-event value, May 2025–June 2026" }, "key_findings": [ "Seven of the ten most significant verified Reg CF exits closed between May 2025 and June 2026 — the 2016–2019 vintages are just entering the 7–10 year window where venture outcomes concentrate.", "Monogram Technologies, seeded by retail crowdfunding investors in 2019, was acquired by Zimmer Biomet for $4.04 per share in cash plus contingent value rights of up to $12.37 per share — approximately $177 million upfront and up to $747 million in total consideration.", "BOXABL's shareholder-approved SPAC merger at a $3.5 billion deemed valuation converts more than 50,000 crowdfunding investors into Nasdaq shareholders — the largest crowd-to-public conversion on record, which Crunchbase labels simply \"Acquired.\"", "Crowd-to-public is the signature Reg CF exit path: Angel Studios (NYSE at $1.6B), Aptera and Turn Therapeutics (Nasdaq direct listings), and others converted tens of thousands of retail shareholders into public-market investors.", "The record is reported honestly: roughly 2% of funded Reg CF companies have reached a liquidity event to date, and failures such as NowRx's wind-down are tracked at equal resolution — because base rates are the product." ], "faq": [ { "question": "How much Reg CF exit value closed in the last fourteen months?", "answer": "Roughly $6.1 billion in verified liquidity-event value between May 2025 and June 2026, spanning a NYSE-listed acquirer's cash-plus-CVR takeover, a $1.6B NYSE listing, a $3.5B SPAC combination approved by shareholders, and two Nasdaq direct listings." }, { "question": "What share of funded Reg CF companies have reached a liquidity event?", "answer": "Roughly 2% to date. The Exit File tracks both exits and failures — including wind-downs like NowRx — at equal resolution, because base rates are the product." }, { "question": "Why don't commercial databases show this?", "answer": "Every commercial database is either blind to the Reg CF market or mislabeling it. BOXABL's $3.5B SPAC combination, for example, is filed on Crunchbase simply as \"Acquired.\" The Exit File verifies each event directly against SEC filings." } ], "date_label": "Data as of July 10, 2026", "url": "https://cclear.ai/library/the-exit-file", "pdf_url": "/Brief17_The_Exit_File.pdf", "source": "SEC EDGAR (Forms C, C-U, C-AR), hand-verified by CCLEAR", "license": "https://cclear.ai/terms" } ] }