The State of Regulation Crowdfunding
Form C filings from 302 issuers, May 1 to August 7, 2026. Who is raising, who is intermediating, and what it costs.
Regulation Crowdfunding lets anyone, accredited or not, invest in a private company. It has existed since 2016. In the fourteen weeks between May 1 and August 7 of this year, 302 companies used it, spread across 20 funding portals. The market is small enough to count by hand, and almost nobody does.
Two things stood out this quarter. Distribution is far more concentrated than the number of active portals suggests, and the price of intermediation varies by more than a factor of eight for what is, functionally, the same service.
Who is intermediating
Twenty funding portals took a deal live this quarter. Two of them took half the market.
| Portal | Issuers | Share | Issuer fee |
|---|---|---|---|
| 1Honeycomb Portal | 88 | 29.1% | 3.75% to 5.0% |
| 2Wefunder Portal | 67 | 22.2% | 6.0% to 6.9% |
| 3DealMaker Securities | 37 | 12.3% | 8.5% |
| 4StartEngine Primary | 23 | 7.6% | 7% to 13% |
| 5NetCapital Funding Portal | 15 | 5.0% | up to 4.9% |
| 6OpenDeal Portal (Republic) | 13 | 4.3% | greater of 4% or $15k |
| 7PicMii Crowdfunding | 12 | 4.0% | 4.9% |
| 8Climatize Earth Securities | 8 | 2.6% | 5.0% |
| 9Andes Capital Group | 4 | 1.3% | 3.0% |
| 10Vicinity | 3 | 1.0% | 6.0% |
| 11Invown Funding Portal | 3 | 1.0% | 1.5% |
| 12Fundify Portal | 3 | 1.0% | 8.5%, 4% above $350k |
| 13Dalmore Group | 2 | 0.7% | varies by filing |
| 14Silicon Prairie Capital Partners | 2 | 0.7% | varies by filing |
Counts are Form C filings where the named intermediary appears, May 1 to August 7, 2026. Portals with one filing are omitted from the table but included in totals.
What it costs to raise
Every portal performs the same regulated function: verify the issuer, host the offering, hold investor funds with a qualified third party, and file with the SEC. Here is what they charge for it, quoted from the filings themselves.
The spread
The cheapest intermediary in the market charges 1.5% of the raise. The most expensive charges up to 13%, before setup fees and monthly minimums. On a $500,000 raise that is a difference of roughly $57,500 kept by the company instead of the platform, for a service that is legally identical in both cases.
Who is raising
Where they are
What they sell
34% of offerings this quarter were debt, not equity. The median issuer had three employees and $332,235 in revenue.
How this was built
Form C filings from 302 issuers, May 1 to August 7, 2026 (Form C, Form C/A and Form C-U), were pulled from EDGAR and parsed into a single table: issuer, intermediary, target and maximum raise, deadline, security type, prior-year revenue, headcount and the stated intermediary compensation.
Fee figures are quoted from the compensation disclosure in each filing and condensed for readability. Where a portal's fee varies across its own filings, the range is shown. Form C-U is only filed by issuers who reach their target, so its absence near a deadline is a signal, not proof, that a raise did not close.
This report is published free by e4e, which is building a mobile-first way to invest in these companies. e4e is not a registered funding portal or broker-dealer. Nothing here is investment advice or an offer to sell securities.
Get the next report
We publish quarterly. One email when the next one is up.