Economic Intelligence Brief No. 2

Funding America's Industrial Base

Crowdfunding capital flowing to U.S. manufacturing, energy, and clean tech.

$540M — to U.S. industrial-base issuers

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.

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%).

Frequently asked questions

How much Reg CF capital has gone to America's industrial base?

$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.

Are industrial-base raises different from the broader market?

Yes. They run a median $107K per deal versus $66K market-wide (1.6x larger) and succeed at 75.9% vs 68.5%.

Audience

Policy · economic development · manufacturing

About this brief

Published by CCLEAR.ai. Anchored to public SEC EDGAR filings and hand-verified against a locked data snapshot. CCLEAR is a data publisher, not an investment adviser; figures describe market activity, not investment outcomes or advice.

Funding America's Industrial Base · CCLEAR Research Library · License the data · Commission research

More briefs in the CCLEAR Research Library

• Democratized Capital — Women & Minority Founders in Reg CF — How crowdfunding distributes capital to women- and minority-led companies.
• The Main Street Barometer — Retail investor sentiment and participation, tracked over a decade.
• A Market Comes of Age — A decade of valuation and capital-structure trends.
• What's Your Company Worth? — Valuation benchmarks by company age and revenue stage.
• Innovation Geography — How startup capital is decentralizing across the country.
• Built to Last — Survival rates of crowdfunded companies vs. national baselines.
• The $42.5 Billion Engine — The economic output generated by Reg CF companies.
• The First Two Weeks — How a campaign's first 14 days predict its final raise.
• The CrowdFinance Index — A daily, rules-based index of the crowdfunding market.
• The Crowdfunding Genome — America's top-30 startup-crowdfunding ecosystems, ranked.
• After the Raise — What happens to companies after they crowdfund.
• The Language of the Raise — NLP on 6,800 pitches — the words that move money.
• What Capital Costs — The cost and structure of crowdfunding capital by instrument.
• Regulation Crowdfunding by Congressional District: A Report Card — A rolling, district-by-district scorecard of Reg CF activity across all 435 U.S. House districts.
• Marked Up — How valuations grow when companies crowdfund again, and the paper markup that creates.
• The Exit File: Sales, Mergers & Public Listings of U.S. Regulation Crowdfunding Companies — Crowdfunded companies are exiting — $6.1B in sales, mergers and public listings in just fourteen months.
• The Intersection Penalty — Why Two Founder-Identity Advantages in Reg CF Do Not Combine — Two founder-identity advantages that are each real on their own do not add up.