Startup funding report: December 2025
In December 2025, 1,341 US companies filed a new Form D with the SEC, reporting $20.4B raised (+15% in companies vs November 2025). The median round was $1.7M, 44% of rounds were under $1M, and 72% of the companies were founded in the last five years. Real estate led by number of rounds (390). California led the states with 193.
Companies that raised
1,341
+15% vs Nov
Reported raised
$20.4B
+87% vs Nov
Median round
$1.7M
$1.5M in Nov
1,163
Nov1,341
DecShow as table
| Month | Companies |
|---|---|
| Nov | 1,163 |
| Dec | 1,341 |
Under $250K283 (25%)
$250K–$1M217 (19%)
$1M–$5M294 (26%)
$5M–$20M220 (19%)
$20M–$100M107 (9%)
$100M+27 (2%)
Show as table
| Amount raised | Rounds |
|---|---|
| Under $250K | 283 (25%) |
| $250K–$1M | 217 (19%) |
| $1M–$5M | 294 (26%) |
| $5M–$20M | 220 (19%) |
| $20M–$100M | 107 (9%) |
| $100M+ | 27 (2%) |
Real estate390 · $1.5B
Other294 · $1.7B
Technology286 · $11.1B
Health care135 · $1.6B
Financial services97 · $1.3B
Energy58 · $1.8B
Manufacturing27 · $125M
Business services26 · $290M
Retail and restaurants19 · $60.3M
Agriculture6 · $13.2M
Show as table
| Sector | Rounds · raised |
|---|---|
| Real estate | 390 · $1.5B |
| Other | 294 · $1.7B |
| Technology | 286 · $11.1B |
| Health care | 135 · $1.6B |
| Financial services | 97 · $1.3B |
| Energy | 58 · $1.8B |
| Manufacturing | 27 · $125M |
| Business services | 26 · $290M |
| Retail and restaurants | 19 · $60.3M |
| Agriculture | 6 · $13.2M |
| Travel and leisure | 3 · $836M |
California193 · $9.1B
New York129 · $2.9B
Texas111 · $1.1B
Florida99 · $615M
Georgia50 · $641M
Illinois50 · $164M
Colorado45 · $369M
Delaware38 · $471M
Massachusetts38 · $638M
Washington35 · $235M
Show as table
| State | Rounds · raised |
|---|---|
| California | 193 · $9.1B |
| New York | 129 · $2.9B |
| Texas | 111 · $1.1B |
| Florida | 99 · $615M |
| Georgia | 50 · $641M |
| Illinois | 50 · $164M |
| Colorado | 45 · $369M |
| Delaware | 38 · $471M |
| Massachusetts | 38 · $638M |
| Washington | 35 · $235M |
The 20 largest rounds
| Company | Industry | Raised | Security | Filed |
|---|---|---|---|---|
| Databricks, Inc.San Francisco, CA | Other Technology | $4.1Bof $5B | Equity | Dec 31 |
| Synopsys Inc.Sunnyvale, CA | Other Technology | $2B | Equity | Dec 8 |
| Republic Airways Holdings Inc.Carmel, IN | Airlines and Airports | $830M | Equity | Dec 10 |
| Kalshi Inc.New York, NY | Other Technology | $821Mof $1000M | Equity | Dec 4 |
| Ripple Labs Inc.San Francisco, CA | Other Technology | $500M | Equity | Dec 23 |
| Fervo Energy CoHouston, TX | Other Energy | $452Mof $462M | Equity | Dec 10 |
| Lovable Labs IncDover, DE · Founded 2023 | Other Technology | $425Mof $426M | Equity, Options or warrants | Dec 22 |
| National Fuel Gas Co.Williamsville, NY | Oil and Gas | $350M | Equity | Dec 23 |
| Ramp Business CorpNew York, NY | Other Technology | $312M | Equity | Dec 29 |
| Radiant Industries, IncEl Segundo, CA | Other Energy | $269Mof $350M | Equity | Dec 30 |
| Skims Body, Inc.Los Angeles, CA | Other | $262M | Equity | Dec 19 |
| Gray Media, Inc.Atlanta, GA | Telecommunications | $250M | Debt | Dec 16 |
| Bending Spoons S.p.A.Milan, Italy | Other Technology | $243Mopen-ended | Equity | Dec 4 |
| Fortrex Sanitation Holdings, LLCDunwoody, GA · Founded 2025 | Business Services | $237M | Equity | Dec 22 |
| Odyssey Therapeutics, Inc.Boston, MA · Founded 2021 | Biotechnology | $214M | Equity, Options or warrants | Dec 4 |
| HIG Holdings, LLCFort Worth, TX | Insurance | $198M | Equity, Other | Dec 29 |
| Curative Inc.Austin, TX · Founded 2020 | Health Insurance | $153Mof $200M | Equity | Dec 4 |
| fal - Features & Labels, Inc.San Francisco, CA · Founded 2020 | Other Technology | $140M | Equity | Dec 10 |
| Rio2 LtdVancouver, British Columbia, Canada | Other | $137M | Equity | Dec 31 |
| Hadrian Automation, Inc.Torrance, CA | Other | $131Mof $151M | Equity | Dec 31 |
No companies match these filters.