How much did US private companies raise in March 2025?
855 companies reported raises totalling $9.2bn on SEC Form D in March 2025. Technology was the largest sector at $3.6bn, and CA the largest state at $3bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Technology led with $3.6bn across 266 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Technology | 266 | $3.6bn | 40% |
| Health | 115 | $1.7bn | 19% |
| Other | 199 | $1.6bn | 17% |
| Real estate | 149 | $1.1bn | 12% |
| Finance | 45 | $524m | 6% |
| Consumer & industrial | 65 | $439m | 5% |
| Energy | 16 | $153m | 2% |
What were the largest raises?
The 25 largest filings of the month, with the issuer's own SEC record linked where the filing index is known.
| Company | Where | Industry | Date | Amount |
|---|---|---|---|---|
| Rarestep, Inc. | Birmingham, AL | Technology | 20 Mar 2025 | $454m |
| Econic Professionals US LLC | Los Angeles, CA | Other | 17 Mar 2025 | $218m |
| Econic Partners LLC | Los Angeles, CA | Other | 17 Mar 2025 | $218m |
| Franklin BSP Real Estate Debt, Inc. | New York, NY | Real estate | 25 Mar 2025 | $208m |
| Supabase, Inc. | Dover, DE | Technology | 14 Mar 2025 | $202m |
| Mercury Technologies, Inc. | San Francisco, CA | Technology | 21 Mar 2025 | $200m |
| Cognito Therapeutics Group, Inc. | Cambridge, MA | Health | 19 Mar 2025 | $196m |
| NEXTNAV INC. | Reston, VA | Technology | 27 Mar 2025 | $190m |
| Awardco, Inc. | Lindon, UT | Technology | 13 Mar 2025 | $165m |
| JLLX Diversified 9, DST | Chicago, IL | Real estate | 7 Mar 2025 | $157m |
| MaintainX Inc. | San Francisco, CA | Technology | 20 Mar 2025 | $150m |
| Braze, Inc. | New York, NY | Technology | 26 Mar 2025 | $139m |
| Different Technologies LLC | Kansa City, MO | Finance | 3 Mar 2025 | $134m |
| HWOOD GROUP, LLC | West Hollywood, CA | Consumer & industrial | 28 Mar 2025 | $124m |
| SIERRA INTERNATIONAL NETWORK INC | Irvine, CA | Technology | 17 Mar 2025 | $120m |
| Supira Medical, Inc. | Campbell, CA | Health | 25 Mar 2025 | $120m |
| SetPoint Medical Corp | Valencia, CA | Health | 27 Mar 2025 | $115m |
| BLACK AGENDA NOW | Las Vegas, NV | Technology | 31 Mar 2025 | $110m |
| BRICKYARD HOLDING INC | Corona, CA | Technology | 20 Mar 2025 | $110m |
| One Amazon USA Inc. | Miami, FL | Other | 11 Mar 2025 | $105m |
| Science Corp | Alameda, CA | Technology | 28 Mar 2025 | $104m |
| NEURONA THERAPEUTICS, INC | South San Francisco, CA | Health | 28 Mar 2025 | $102m |
| Aadi Bioscience, Inc. | Morristown, NJ | Health | 4 Mar 2025 | $100m |
| Biolinq Inc | San Diego, CA | Health | 7 Mar 2025 | $90m |
| Atsena Therapeutics, Inc. | Durham, NC | Health | 27 Mar 2025 | $90m |
Which states raised the most?
CA led with $3bn across 149 raises.
| State | Raises | Total |
|---|---|---|
| CA | 149 | $3bn |
| NY | 88 | $980m |
| FL | 54 | $572m |
| AL | 7 | $478m |
| MA | 39 | $441m |
| TX | 73 | $406m |
| VA | 15 | $339m |
| IL | 18 | $311m |
| DE | 19 | $263m |
| NJ | 19 | $213m |
| WA | 26 | $188m |
| MO | 8 | $184m |
| UT | 12 | $178m |
| CO | 26 | $176m |
| NV | 8 | $162m |
| NC | 17 | $149m |
| PA | 30 | $139m |
| GA | 13 | $137m |
| MN | 13 | $103m |
| RI | 1 | $83.2m |
| CT | 10 | $66.8m |
| MD | 15 | $63.3m |
| OH | 24 | $62.3m |
| TN | 16 | $53.3m |
| KY | 6 | $53m |