Startup funding report: November 2025
In November 2025, 1,163 US companies filed a new Form D with the SEC, reporting $10.9B raised. The median round was $1.5M, 43% of rounds were under $1M, and 74% of the companies were founded in the last five years. Real estate led by number of rounds (310). California led the states with 175.
Companies that raised
1,163
New Form D offerings
Reported raised
$10.9B
Sum of amounts sold
Median round
$1.5M
Among rounds with sales
Under $250K240 (25%)
$250K–$1M172 (18%)
$1M–$5M267 (28%)
$5M–$20M170 (18%)
$20M–$100M91 (10%)
$100M+17 (2%)
Show as table
| Amount raised | Rounds |
|---|---|
| Under $250K | 240 (25%) |
| $250K–$1M | 172 (18%) |
| $1M–$5M | 267 (28%) |
| $5M–$20M | 170 (18%) |
| $20M–$100M | 91 (10%) |
| $100M+ | 17 (2%) |
Real estate310 · $1.5B
Other278 · $1.5B
Technology260 · $3.4B
Health care121 · $2.4B
Financial services86 · $1.1B
Energy27 · $285M
Retail and restaurants26 · $565M
Agriculture21 · $46M
Business services20 · $73.2M
Manufacturing9 · $32.7M
Show as table
| Sector | Rounds · raised |
|---|---|
| Real estate | 310 · $1.5B |
| Other | 278 · $1.5B |
| Technology | 260 · $3.4B |
| Health care | 121 · $2.4B |
| Financial services | 86 · $1.1B |
| Energy | 27 · $285M |
| Retail and restaurants | 26 · $565M |
| Agriculture | 21 · $46M |
| Business services | 20 · $73.2M |
| Manufacturing | 9 · $32.7M |
| Travel and leisure | 5 · $103M |
California175 · $3B
Texas126 · $1B
New York109 · $1.1B
Florida73 · $396M
Colorado57 · $227M
Delaware45 · $235M
Massachusetts40 · $852M
Arizona33 · $225M
Illinois31 · $61.5M
North Carolina30 · $138M
Show as table
| State | Rounds · raised |
|---|---|
| California | 175 · $3B |
| Texas | 126 · $1B |
| New York | 109 · $1.1B |
| Florida | 73 · $396M |
| Colorado | 57 · $227M |
| Delaware | 45 · $235M |
| Massachusetts | 40 · $852M |
| Arizona | 33 · $225M |
| Illinois | 31 · $61.5M |
| North Carolina | 30 · $138M |
The 20 largest rounds
| Company | Industry | Raised | Security | Filed |
|---|---|---|---|---|
| Par Health, Inc.St. Louis, MO · Founded 2025 | Pharmaceuticals | $763M | Equity | Nov 25 |
| Stoke Space Technologies, Inc.Kent, WA | Other Technology | $410M | Equity | Nov 6 |
| ZUP Holdings LPNew York, NY · Founded 2025 | Restaurants | $396Mopen-ended | Equity | Nov 24 |
| Castelion CorpTorrance, CA · Founded 2022 | Other Technology | $360M | Equity, Options or warrants | Nov 20 |
| Apptronik, IncAustin, TX | Other Technology | $331Mof $500M | Equity | Nov 5 |
| GRAIL, Inc.Menlo Park, CA | Biotechnology | $325M | Equity, Options or warrants | Nov 7 |
| Metropolitan Tower Life Insurance Co.Lincoln, NE | Insurance | $287Mopen-ended | Other | Nov 10 |
| Galecto, Inc.Boston, MA | Biotechnology | $285M | Equity | Nov 21 |
| DraftKings Inc.Boston, MA · Founded 2022 | Other Technology | $229M | Equity | Nov 5 |
| Enterprise Housing Partners 48 Limited PartnershipColumbia, MD · Founded 2025 | Other Real Estate | $226M | Equity | Nov 13 |
| Foundry-Logic, Inc.Washington, DC · Founded 2025 | Other Energy | $167Mof $200M | Equity | Nov 12 |
| KoBold Metals CoBerkeley, CA | Other | $163Mof $200M | Equity | Nov 14 |
| United Capital Financial Partners, LLCIrving, TX | Investing | $151M | Equity | Nov 21 |
| Legora, Inc.Dover, DE · Founded 2023 | Other Technology | $150M | Equity | Nov 13 |
| Pelage Pharmaceuticals, Inc.Los Angeles, CA | Pharmaceuticals | $120M | Equity | Nov 24 |
| Nomos AI, Inc.New York, NY · Founded 2022 | Other Technology | $103M | Equity | Nov 14 |
| Sidewalk Infrastructure Partners, LLCBrooklyn, NY | Other | $100Mopen-ended | Equity | Nov 3 |
| Celero Communications, Inc.Irvine, CA · Founded 2024 | Other Technology | $100M | Equity | Nov 18 |
| Navitas Semiconductor CorpTorrance, CA | Other Technology | $100M | Equity | Nov 21 |
| Federato Technologies, Inc.San Francisco, CA | Other | $100M | Equity | Nov 18 |
No companies match these filters.