startersss
Funding · Methodology

How we build the funding data

Everything on these pages comes from one public source: the SEC's quarterly Form D structured data. This page documents exactly what we keep, what we drop, and what the numbers do and don't mean — so you can check our work or reproduce it.

What Form D is

When a US company raises private capital under Regulation D, it must file a Form D notice with the SEC. That makes Form D the most complete public record of US private fundraising — but it is a notice filing, not an audited disclosure. Issuers self-report the numbers.

Two consequences worth understanding before you cite anything here. First, the amount is cumulative: TOTALAMOUNTSOLD restates the running total for that offering each time it is amended, so it is not a "round" in the sense a journalist means. We call each entry an offering for exactly this reason. Second, a company can file several — Databricks appears 9 times. Company pages show every filing rather than collapsing them into an invented total.

Form D also arrives late and imperfectly: filings are due 15 days after the first sale, amendments can land years later, and some raises never file at all. Treat this as a strong lower bound on US private funding, not a census.

The filter chain

Starting from every Form D offering in 2021Q3, 2021Q4, 2022Q1, 2022Q2, 2022Q3, 2022Q4, 2023Q1, 2023Q2, 2023Q3, 2023Q4, 2024Q1, 2024Q2, 2024Q3, 2024Q4, 2025Q1, 2025Q2, 2025Q3, 2025Q4, 2026Q1, 2026Q2:

290,468
Offerings filed
Every Form D row across the quarters we ingest.
200,830
Distinct offerings
Amendments collapsed into the offering they amend, so a restated total is never counted twice.
88,165
Not a pooled fund
Venture funds, SPVs and other pooled vehicles removed — they are investors raising, not companies raising.
36,676
Operating industries
Kept: technology, biotech, healthcare, energy, industrial, consumer, agriculture, business services. Dropped: real estate, banking, insurance, investing, and the unlabelled "Other" bucket.
34,468
US issuers
An explicit list of the 50 states, DC and the territories — a two-letter code alone is not a US test, since foreign codes are two letters too.
27,405
Corporations
Entity type must be Corporation, which removes most remaining fund and holding structures.
3,559
Sold $20M or more
Our publication threshold. Smaller offerings are in the source data but not on this site.
3,200
Not a public company
We check every remaining issuer against the SEC's own submissions API and drop any that has a ticker, trades on an exchange, or files 10-K/10-Q reports. That removed 359 offerings.
3,196
Published
4 further offerings were removed by hand — funds incorporated as operating companies, and mature private-equity portfolio companies. Each exclusion is recorded with a reason.

That leaves 3,196 offerings from 2,445 companies, totalling $300.4B.

Fields we deliberately don't use

Revenue. Form D has a revenue-range field, but roughly three quarters of filers select "Decline to Disclose". We show it only on the minority of company pages where a real range was given, and never aggregate it.

Named individuals. Filings list executives and directors, often with an address. We don't publish any of it. The pages here describe companies and amounts, not people.

Company websites

Form D contains no website field, so links are resolved automatically — matched against datasets we already maintain, guessed from the company name, or identified by a language model — and then verified by fetching the page and confirming it actually belongs to that company. Anything that fails verification gets no link: 1640 companies here have no website shown for that reason.

This process is not perfect. If a link is wrong, tell us and we'll fix it.

Which companies get a page

Not every offering earns its own URL. A company gets a page only if we can add something beyond a name and a number — a verified website, a pitch deck already in our library, or more than one filing on record. Everything else appears as a row on its quarter and industry pages. That's 965 company pages out of 2,445 companies.

Reproduce it

The source is the SEC's Form D data sets — free, quarterly, no key required. Data here was last rebuilt on Aug 8, 2026 and refreshes each quarter as the SEC publishes.

Figures are free to reuse with attribution:

Source: startersss, US startup funding from SEC Form D filings — startersss.com/funding