About half of all Reg CF campaigns raise roughly $115,000. That number barely covers a month of burn for most startups. Meanwhile, the top 10% of issuers pull in the vast majority of investment dollars. The difference between those two outcomes usually becomes visible within the first 10 days of going live.

Getting visitors to an offering page is one problem. Getting them to invest is a different problem entirely. Most crowdfunding campaigns solve the first and stall on the second. The math is unforgiving. Reg CF campaigns averaged a $1,716 check size in 2025. Median investors per raise: 91. A $5 million goal requires roughly 3,000 investments, which means driving 50,000 to 100,000 qualified visitors through a multi-stage funnel where each step loses most of the audience. Only 1

Investment crowdfunding crossed $924 million in 2025, its best year on record. But the real story isn't the total raised. It's who raised it, and what that means for founders planning campaigns this year. Fewer Campaigns, More Capital Reg CF offerings dropped 29% in 2025, from 1,408 to 1,006. Yet the total raised climbed 11% to $378 million. The math points to consolidation: experienced founders with established audiences are capturing a larger share of investor dollars while