SEC Reports Home

SEC Fundraising Activity ( Sep 1 – 30, 2025 )

StartupsCrowdfundedIPOsVenture Funds
210 75 62 15

Startup Funding

Startup Fundraising Activity – September 2025

September 2025 saw a robust private equity market for startups, with 210 companies raising capital through SEC filings. The most active industry verticals were biotechnology, health care, technology (including AI and cloud), real estate, and energy. Notably, the month featured several mega-rounds and a diverse array of companies tackling critical challenges in health, sustainability, and digital transformation.

Key Trends and Standout Companies

Noteworthy Innovators

  • Wonder Group, Inc.: With a $1.66B raise, Wonder is redefining the restaurant and food delivery experience, leveraging technology to streamline operations and enhance customer engagement at scale.

  • Ambience Healthcare, Inc.: Their $190M round underscores the growing importance of AI in healthcare, particularly in automating clinical workflows and improving patient outcomes.

  • Antares Nuclear, Inc.: At the forefront of clean energy, Antares is developing advanced nuclear solutions that could play a pivotal role in the global energy transition.

  • Empire Village at Carver Mountain, LLC: With 582 investors, this residential real estate project demonstrates the power of syndication and community-driven investment in property development.

  • Luminary Cloud, Inc.: Their $188M round highlights the demand for high-performance cloud platforms, especially for engineering and simulation workloads.

  • Kriya Therapeutics, Inc. and Treeline Biosciences, Inc.: Both are pushing the envelope in gene therapy and targeted cancer treatments, areas with profound potential for societal impact.

The Big Picture

September’s activity reflects a healthy appetite for risk and innovation, with investors backing bold bets in biotech, AI, energy, and consumer services. The diversity of sectors and the scale of some of these rounds suggest that private markets remain a critical engine for funding transformative ideas and technologies.

Stay tuned for next month’s analysis as we continue to track the pulse of startup fundraising and highlight the companies shaping the future.

Top Companies

Wonder Group, Inc., New York, NY
Wonder is a food delivery service that offers lightning-fast delivery, takeout, and dine-in options from over 20 iconic restaurants.
Offering Amount: $1.66B, Sold: $1.14B, Investors: 36

Kriya Therapeutics, Inc., Palo Alto, CA
Kriya Therapeutics, Inc. is a biotechnology company that specializes in developing innovative gene therapies for various diseases.
Offering Amount: $320.82M, Sold: $320.82M, Investors: 10

Treeline Biosciences, Inc., Watertown, MA
Treeline Biosciences, Inc. is dedicated to drug discovery and development, particularly in the fields of cancer and other serious diseases.
Offering Amount: $250M, Sold: $200.1M, Investors: 22

FreshRealm, Inc., San Clemente, CA
FreshRealm is revolutionizing the food system by making fresh food at scale possible.
Offering Amount: $205.1M, Sold: $200M, Investors: 1

Ambience Healthcare, Inc., San Francisco, CA
Ambience Healthcare is dedicated to reducing clinician burnout and improving system efficiency through its innovative ambient AI scribe technology.
Offering Amount: $190M, Sold: $140M, Investors: 16

Crowdfunding Offerings

Crowdfunding Activity: September 2025

This September, 75 companies filed crowdfunding offerings with the SEC, reflecting the continued vibrancy and diversity of the U.S. startup ecosystem. The filings span a wide range of business verticals, including clean energy, biotechnology, food and beverage, digital platforms, entertainment, and consumer products. Notably, several companies are tackling pressing global challenges or introducing innovative technologies that stand out in this month’s cohort.

Key Trends and Sectors

  • Clean Energy & Sustainability: Multiple companies are focused on renewable energy, carbon capture, and sustainable finance.
  • Biotechnology & Healthcare: Startups in pharma, biopharma, and medtech continue to seek funding for breakthrough therapies and devices.
  • Consumer & Food/Beverage: From craft distilleries to innovative food brands and social tonics, consumer-facing companies remain active.
  • Digital Platforms & AI: Social media, digital marketplaces, and AI-driven solutions are well-represented.
  • Entertainment & Media: Film, gaming, and content creation ventures are leveraging crowdfunding to reach new audiences.

Standout Companies

  • Mission Energy Inc.
    With the largest offering this month, Mission Energy is emblematic of the growing investor interest in clean energy solutions. While details are limited, the company’s name and offering size suggest a focus on renewable or alternative energy—a sector critical to addressing climate change.

  • CapCO2 Solutions, Inc
    As the world races to decarbonize, CapCO2 Solutions is likely working on carbon capture or utilization technologies. Innovations in this space are essential for meeting global emissions targets and represent a high-impact investment opportunity.

  • Kermode Biotechnologies Inc.
    Biotech remains a hotbed of innovation, and Kermode’s presence in the crowdfunding space signals ongoing demand for novel therapies or diagnostics. Companies like this are at the forefront of improving health outcomes.

  • Sharebot, Inc
    The name suggests a platform or tool for sharing resources or information, possibly leveraging AI or blockchain. Digital platforms that foster collaboration or democratize access to technology continue to attract investor interest.

  • Kin Social Tonics, Inc.
    Based in Brooklyn, Kin Social Tonics is part of the fast-growing non-alcoholic beverage movement, offering innovative alternatives for health-conscious consumers. Their unique positioning in the beverage market is both timely and culturally relevant.

  • UgenticAI, Inc.
    With a name that blends “urgent” and “AI,” this Maryland-based company likely focuses on artificial intelligence solutions for time-sensitive or mission-critical applications—a rapidly expanding field with broad implications.

  • Harmony Turbines Inc
    This Pennsylvania company’s focus on turbines hints at advancements in wind energy or distributed power generation, both crucial for a sustainable energy future.

  • AdvancingX, INC.
    The name suggests a company pushing the boundaries of technology or exploration, possibly in aerospace, robotics, or advanced manufacturing.

Other Noteworthy Filings

  • Spoutible Inc.: A digital platform, possibly in the social media or content sharing space, with a relatively high share price for a crowdfunding round.
  • Revero Inc: Based in San Francisco, likely working at the intersection of health and technology.
  • EmerRx Biopharma, LLC: Another biotech entrant, underscoring the sector’s continued reliance on alternative funding sources.

Conclusion

This month’s filings highlight the breadth of innovation being funded through crowdfunding, from climate tech and biotech to digital platforms and consumer brands. As always, the companies that stand out are those addressing urgent global challenges or introducing disruptive technologies. We’ll be watching these and others closely as they progress through their funding journeys.

Top Companies

Mission Energy Inc., Aldie, VA
Mission Energy Inc. helps businesses and nonprofits reduce their energy costs through solar, storage, and energy efficiency solutions.
Offering Amount: $531,225

NBS Fund 2 LLC, Frisco, TX
NBS Capital Group provides professional real estate investment solutions designed to make institutional-quality opportunities accessible to a wide range of investors.
Offering Amount: $250,000

Race Car Monks Movie, LLC, Jacksonville, FL
Lumen Entertainment evangelizes in an entertaining way. Founded in 2004 by Brian Shields, Lumen's mission is to enlighten and nourish with the gospel truth through the arts.
Offering Amount: $250,000

Sharebot, Inc, Albuquerque, NM
Sharebot, Inc. is a platform that connects robot owners with renters, enabling users to list or rent robotics equipment.
Offering Amount: $125,000

EVSC Brands Corp, Lexington, KY
Enhanced Vet Sciences Corp. (EVS) develops and sells clinically proven, 100% all-natural pet chews, pet toppers, pet food, and pet treats designed to support joint pain, mobility, and longevity in pets and equines.
Offering Amount: $120,000

IPOs

September 2025 IPO Activity Report

Overview

September 2025 was a robust month for IPO activity, with 62 companies filing to go public with the SEC. This month’s cohort reflects a diverse mix of industry verticals, from fintech and digital assets to healthcare, insurance, and a continued surge in special purpose acquisition companies (SPACs). The breadth of offerings highlights both the resilience of the IPO market and the ongoing appetite for innovation and growth capital.

Key Industry Verticals

Notable and Innovative Filings

1. Maplight Therapeutics, Inc.

  • Offering: $250.75 million
  • Highlight: A clinical-stage biotech company developing novel therapies for neuropsychiatric and neurological disorders. Their IPO is one of the largest this month, signaling strong investor interest in next-generation CNS therapeutics.

2. Ethos Technologies Inc.

  • Highlight: A technology-driven life insurance platform leveraging proprietary underwriting and digital distribution to democratize access to life insurance. Ethos is at the forefront of insurtech, using AI to streamline and expand coverage.

3. Neptune Insurance Holdings, Inc.

  • Highlight: Specializing in AI-powered flood insurance, Neptune is addressing a critical and growing risk area with advanced data science and technology, offering scalable solutions in a market with increasing climate-related challenges.

4. Bitwise Hyperliquid ETF & Grayscale Stellar Lumens Trust (XLM)

  • Highlight: These filings underscore the mainstreaming of digital assets, providing traditional investors with regulated, exchange-traded exposure to emerging cryptocurrencies and blockchain networks.

5. Exxel Pharma, Inc.

  • Highlight: Focused on novel therapeutics for neuronal hypersensitivity disorders, Exxel’s lead candidate targets chronic cough and other hypersensitivity conditions, representing a significant unmet medical need.

6. Guident Corp.

  • Highlight: An emerging growth company in Boca Raton, FL, Guident is developing advanced teleoperation and remote monitoring solutions for autonomous vehicles, a key enabler for the future of mobility.

7. Bain Capital GSS Investment Corp.

  • Offering: $400 million
  • Highlight: The largest SPAC filing this month, Bain Capital’s vehicle is poised to pursue significant business combinations, reflecting continued institutional confidence in the SPAC model.

Other Trends and Observations

  • SPACs Remain Prominent: With over a dozen SPACs and acquisition corps filing, the structure remains a favored route for both sponsors and investors seeking flexible access to public markets.
  • Digital Asset Products Proliferate: The number of crypto and blockchain-related ETFs and trusts continues to grow, indicating sustained demand for regulated digital asset exposure.
  • Healthcare Innovation: Biotech and health services companies are well-represented, with several targeting large, underserved markets.
  • Geographic Diversity: While the majority of filings are from U.S.-based companies, there is notable international representation, including firms from Canada, Singapore, the UK, Spain, and Japan.

Conclusion

September 2025’s IPO filings reflect a dynamic and innovative market, with strong representation from SPACs, digital assets, healthcare, and fintech. Notable companies are tackling major challenges—from climate risk and neurological disease to the democratization of insurance and the mainstreaming of digital assets. As these companies move toward public listings, they will be closely watched for their impact on both their respective industries and the broader capital markets.

For more details on any company, click their name to view their profile on Firmographics.org.

Top IPOs

Twin Hospitality Group Inc., Dallas, TX
Twin Hospitality Group Inc. is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones.
Offering: Tier 2 Offering, Securities Offered 1, Offering Amount 75000000.00

Indicia Corp, Ormond Beach, FL
Indicia Corp is an artificial intelligence education, information, and consulting company that assists business owners and entrepreneurs in enabling AI for their businesses.
Offering: Tier 2 Offering, Securities Offered 2000000, Offering Amount 1000000.00

FullPAC, Inc., Virginia Beach, VA
FullPAC, Inc., through its wholly owned subsidiary RoboCent, Inc., provides a technology platform that enables political campaigns and nonprofits to execute affordable and effective voter outreach.
Offering: Tier 2 Offering, Securities Offered 10000000, Offering Amount 0.00

GroEstate Inc., Sheridan, WY
GroEstate Inc. is an agriculture property and equipment focused company incorporated in Wyoming in 2025.
Offering: Tier 2 Offering, Securities Offered 7500000, Offering Amount 75000000.00

Central RORO, LLC, Phoenix, AZ
Central RORO, LLC is engaged in the hotel and immersive entertainment business, focusing on hotel development, construction, and operation.
Offering: Tier 2 Offering, Securities Offered 150000, Offering Amount 75000000.00

Venture Funds

Lightspeed Opportunity Fund III, L.P., Menlo Park, CA
Sold: $1.8B, Investors: 120

Lightspeed Venture Partners Select VI, L.P., Menlo Park, CA
Lightspeed Venture Partners Select VI, L.P. is a venture capital fund managed by Lightspeed Venture Partners, based in Menlo Park, California.
Sold: $1.42B, Investors: 161

Lightspeed Venture Partners XV-B (Ignite), L.P., Menlo Park, CA
Lightspeed Venture Partners XV-B (Ignite), L.P. is a prominent venture capital fund based in Menlo Park, California.
Sold: $998.88M, Investors: 168

Lightspeed Venture Partners XV-A (Inception), L.P., Menlo Park, CA
Lightspeed Venture Partners XV-A (Inception), L.P. is a venture capital fund based in Menlo Park, California.
Sold: $817.26M, Investors: 168

Global Health Security Fund, L.P., New York, NY
Sold: $272.59M, Investors: 8