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SEC Fundraising Activity ( Dec 1 – 31, 2025 )

StartupsCrowdfundedIPOsVenture Funds
223 65 57 23

Startup Funding

December 2025 Startup Fundraising Activity: SEC Filings Review

A record-breaking month for private equity offerings:
In December 2025, 223 startups reported new fundraising rounds via SEC filings, reflecting robust investor appetite across a diverse set of verticals. The most active sectors included technology, biotechnology, energy, health care, financial services, and real estate. Notably, the technology vertical continues to dominate, with over 80 companies raising capital, followed by strong showings in biotech/pharma and energy.

Key Industry Trends

  • Technology: AI, fintech, enterprise SaaS, and climate tech remain hot, with several nine-figure rounds.
  • Biotech & Pharma: Drug discovery, therapeutics, and health diagnostics attracted significant capital.
  • Energy: Clean energy and advanced materials startups are seeing increased investor interest.
  • Financial Services & Real Estate: Fintech platforms and innovative REITs are raising large rounds, signaling sector transformation.

Standout Companies & Innovations

Mega-Rounds & Market Movers

  • Kalshi Inc. raised nearly $1 billion, making it the largest round of the month. As a pioneer in event-based financial markets, Kalshi’s scale signals growing mainstream acceptance of prediction markets and alternative asset classes.
  • Acacia Property Corp 2025 secured $700M, highlighting the continued strength of real estate investment trusts (REITs) and innovative property finance models.
  • Fervo Energy Co ($462M) and Radiant Industries, Inc ($350M) are leading the charge in next-generation energy, with Fervo focusing on geothermal and Radiant on portable nuclear microreactors—both critical for decarbonization.

Technology & AI

  • Ramp Business Corp ($312M) continues to disrupt corporate spend management with AI-powered financial automation.
  • Lovable Labs Inc ($426M) and fal - Features & Labels, Inc. ($140M) are pushing boundaries in AI infrastructure and developer tools, enabling faster, safer deployment of machine learning models.
  • OkamiAI, Inc. ($131M) is advancing generative AI for enterprise applications, a space seeing explosive growth.

Health & Biotech

Climate & Advanced Materials

  • LuxWall, Inc. ($111M) and Cambium Biomaterials, Inc. ($101M) are developing energy-efficient building materials and sustainable biomaterials, essential for climate resilience.
  • Nanoramic, Inc. ($70M) is advancing battery technology for electric vehicles and grid storage.

Financial Services & Fintech

Manufacturing & Construction

Noteworthy Early-Stage Activity

Investor Sentiment

Investor participation remains high, with several rounds attracting 50+ investors—notably PDS Parent, Inc. (92 investors), GT Metabolic Solutions Inc (201 investors), and Aminex Therapeutics, Inc. (162 investors), indicating strong syndication and broad support for breakthrough innovation.

In summary:
December 2025 saw a surge in startup fundraising, with record-setting rounds in technology, energy, and health care. The diversity of sectors and scale of investment reflect a vibrant ecosystem focused on solving critical challenges—from climate change and healthcare to financial inclusion and digital transformation. As we enter 2026, these companies are well-positioned to drive the next wave of innovation and impact.

For more details on individual companies, visit Firmographics.org.

Top Companies

Acacia Property Corp 2025, San Mateo, CA
Acacia Capital is a real estate investment firm specializing in multifamily apartment properties and residential land investments.
Offering Amount: $700M, Sold: $324.93M, Investors: 50

Fervo Energy Co, Houston, TX
Fervo Energy delivers 24/7 carbon-free energy through the development of next-generation geothermal projects.
Offering Amount: $462M, Sold: $452M, Investors: 39

Lovable Labs Inc, Dover, DE
Lovable is a for-profit company that builds software products using a chat interface.
Offering Amount: $425.62M, Sold: $425.01M, Investors: 34

Radiant Industries, Inc, El Segundo, CA
Radiant Industries, Inc. is pioneering the development of portable nuclear power solutions through its innovative Kaleidos microreactor.
Offering Amount: $350M, Sold: $268.81M, Investors: 40

Ramp Business Corp, New York, NY
Ramp Business Corporation is a leading provider of spend management solutions, offering a platform that combines corporate cards, travel, expenses, and accounts payable to automate finance operations.
Offering Amount: $311.76M, Sold: $311.72M, Investors: 73

Crowdfunding Offerings

Crowdfunding Activity: December 2025

This December, 65 companies filed crowdfunding offerings with the SEC, reflecting a vibrant and diverse entrepreneurial landscape. The filings span a wide range of business verticals, including energy, medical technology, artificial intelligence, consumer goods, food and beverage, real estate, and entertainment. Notably, several companies are leveraging advanced technology and innovative business models to address pressing societal and industry challenges.

Key Trends and Standout Innovators

Health & Medical Technology:
The healthcare sector continues to be a hotbed for innovation. Companies like Watershed Medical Inc., Koios Medical, Inc., Carnyx Therapeutics, Ltd, Eliaz Therapeutics Inc., rHEALTH Inc., and Bionectech, Inc are pushing the boundaries of medical diagnostics, therapeutics, and digital health. Their offerings highlight the ongoing demand for solutions that improve patient outcomes, streamline diagnostics, and address chronic conditions.

Artificial Intelligence & Automation:
AI-driven startups are well-represented, with Curiouser.AI Inc and Bunch AI Agents, Inc. focusing on next-generation automation and intelligent systems. These companies are developing platforms that could redefine productivity and decision-making across industries.

Sustainable Energy & Recycling:
The transition to a greener economy is evident with companies like Enterprise Energy LLC and Ace Green Recycling, Inc.. Their efforts in renewable energy and sustainable recycling are crucial for addressing climate change and resource scarcity.

Consumer & Lifestyle Innovation:
From Solgaard Design Inc. in sustainable travel gear to Ava's Pet Palace in healthy pet treats, consumer-focused startups are responding to evolving lifestyle trends. Tomorrows Laundry, Co. is another example, modernizing everyday services with tech-enabled convenience.

Food & Beverage:
The food and beverage sector remains robust, with unique offerings from Freeland Spirits LLC, Felene Inc, Tequila Cabal, Inc., and Saucy African Foods LLC. These companies are blending tradition with innovation to capture new market segments.

Real Estate & Fintech:
REtokens USA Inc. and Groma Nav Reit, Inc. are notable for their efforts to democratize real estate investment through technology, making property ownership and investment more accessible.

Companies to Watch

As always, the diversity and ingenuity of this month’s filings underscore the dynamic nature of the crowdfunding ecosystem. We’ll continue to monitor these companies as they progress, highlighting those that make significant strides in innovation and impact.

For more details on each company, visit Firmographics.org.

Top Companies

Enterprise Energy LLC, Minneapolis, MN
Enterprise Energy LLC is a nationwide developer specializing in community solar power plants, also known as shared solar.
Offering Amount: $400,000

Adaptive Infrastructure, Inc., Germantown, MD
Adaptive Infrastructure specializes in delivering innovative and future-ready infrastructure solutions for the electric distribution grid.
Offering Amount: $250,000

Italian Soiree Nation LLC, Rockville Centre, NY
N/A aims to democratize access to Thoroughbred racing by offering fractional ownership in the 3-year-old filly Italian Soiree.
Offering Amount: $163,900

Testasy, Inc., Boston, MA
illumicell AI is a technology company pioneering a new era of personalized health diagnostics by using advanced imaging and artificial intelligence to analyze semen samples.
Offering Amount: $100,000

Watershed Medical Inc., Bellevue, WA
Watershed Medical appears to be a healthcare-related organization, potentially focused on managing or mitigating medical side effects as indicated by the phrase "Punishing side effects" and "3-5 doctor visits per year.
Offering Amount: $100,000

IPOs

December 2025 IPO Activity Overview

December 2025 saw robust IPO activity, with 57 companies filing to go public in the U.S. and international markets. This month’s filings reflect a diverse mix of industry verticals, with a notable concentration in special purpose acquisition companies (SPACs), technology (especially AI and digital assets), biotechnology, and industrial innovation. Below, we highlight key trends and notable companies from this month’s IPO pipeline.

Key Industry Verticals

Notable Companies & Innovation Highlights

AI & Advanced Technology

  • QumulusAI, Inc. is pursuing a direct listing on Nasdaq, offering AI-powered solutions with a unique shareholder structure and no new capital raised.
  • SharonAI Holdings, Inc. is making a significant public market debut post-business combination, with a large offering and plans to list on Nasdaq.
  • Fusemachines Inc. is leveraging AI for enterprise automation and is offering both primary and secondary shares.

Digital Asset Exposure

Biotech & Healthcare

  • Invea Therapeutics, Inc stands out for its AI-driven drug discovery platform targeting immune-mediated inflammatory diseases, with two promising candidates in the pipeline.
  • Starton Holdings, Inc. is developing innovative drug delivery systems for cancer and other diseases, leveraging regulatory pathways for faster market entry.

Industrial & Energy

  • BW Industrial Holdings Inc. is expanding its reach in advanced manufacturing, energy storage, and semiconductor fabrication, aiming for both domestic and international growth.
  • Hennessy Capital Investment Corp. VIII is focused on industrial innovation and energy transition, reflecting the ongoing shift toward sustainable infrastructure.

Other Highlights

  • Controlled Companies: Several IPOs feature dual-class share structures, such as MiniMed Group, Inc. and EquipmentShare.com Inc, allowing founders and major shareholders to retain voting control.
  • Global Reach: Filings include companies from Singapore, Cayman Islands, and Japan, indicating continued international interest in U.S. capital markets.
  • Small-Cap & Micro-Cap Entrants: Companies like Boumarang Inc. and Mira Qon Corp are pursuing self-underwritten offerings, aiming to establish public markets for early-stage ventures.

Summary

December 2025’s IPO filings reflect a dynamic and innovative market, with strong representation from SPACs, digital assets, AI, biotech, and industrial sectors. The month’s standout companies are pushing boundaries in AI, blockchain, and healthcare, while SPACs continue to provide flexible capital for future business combinations. As these companies move toward public listings, investors will have access to a broad array of emerging technologies and growth opportunities.

For more details on each company, visit Firmographics.org.

Top IPOs

Groundfloor Loans 3 LLC, Atlanta, GA
Groundfloor Loans 3 LLC is a Delaware limited liability company focused on originating, investing in, and managing diversified portfolios of secured commercial real estate loans.
Offering: Tier 2 Offering, Securities Offered 75000000, Offering Amount 75000000.00

Volta Streaming Inc., Manhasset, NY
Volta Streaming Inc. is an energy fintech company specializing in providing capital to renewable energy startups and utilities.
Offering: Tier 2 Offering, Securities Offered 11479592, Offering Amount 229591.84

BW Industrial Holdings Inc., Houston, TX
BW Industrial Holdings Inc. is a U.S.-based engineering, procurement, and construction (EPC) company providing design, construction, and integration services for critical process systems across multiple industrial sectors.
Offering: BW Holdings, a U.S.-based EPC company headquartered in Houston, Texas, is conducting an offering of its common stock. The company serves multiple industrial sectors including automotive parts manufacturing, energy storage, renewable energy, electronics, advanced manufacturing, and semiconductor fabrication. BW Holdings recently completed a share exchange to become the parent company of Bestwater, a Texas corporation, and subsequently executed a 1-for-2 forward stock split. The company aims to leverage its expertise in international business practices and U.S. regulatory requirements to expand its client base domestically and internationally, including public sector projects.

Little West Holdings Inc., Los Angeles, CA
Little West Holdings Inc. is a holding company focused on producing premium, low-sugar cold-pressed juices made from farm-sourced ingredients.
Offering: Little West Holdings Inc. is conducting a firm commitment initial public offering (IPO) of 3,750,000 shares of its common stock with a par value of $0.001 per share. The estimated initial public offering price is expected to range between $4.00 and $6.00 per share. The exact price will be determined at pricing, factoring in historical performance, market conditions, and business assessment. The company plans to list its shares on the Nasdaq Capital Market under the symbol "LILW", and the offering is contingent on this approval. Following this Offering, Veg House Holdings Inc. will remain the majority stockholder with significant voting control. This IPO involves a 20-for-1 forward stock split adjustment on shares. The offering is highly speculative and involves substantial risk.

QumulusAI, Inc., Marietta, GA
QumulusAI, Inc. is a cloud infrastructure company specializing in rapid deployment of GPU-powered solutions focused on artificial intelligence applications.
Offering: This prospectus relates to the registration of the resale of up to all of the company’s currently issued and outstanding common stock by existing shareholders in connection with the company's direct listing on the Nasdaq Global Market. The offering is a direct listing rather than a traditional initial public offering, meaning no new shares are being issued by the company and no underwriters are involved. Shareholders including directors, officers, and large shareholders will have restricted sales on some shares for six months post-listing, while other shareholders may freely resell their shares once the registration is effective. The price will be determined through Nasdaq’s direct listing price discovery process and the company will not receive any proceeds from the resale of shares. The shares have been previously issued privately at prices ranging from $1.00 to $3.60 but these prices may not reflect the market price at listing. The company intends to list on Nasdaq under the ticker "QMLS" and there is no public market before the listing.

Venture Funds

Lightspeed Opportunity Fund III, L.P., Menlo Park, CA
Lightspeed Opportunity Fund III, L.P. is a Menlo Park-based private venture capital fund managed by Lightspeed Venture Partners.
Sold: $3.28B, Investors: 191

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: $1.74B, Investors: 204

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: $1.19B, Investors: 207

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: $977.69M, Investors: 207

Lightspeed Co-Investment Fund I, L.P., Menlo Park, CA
Sold: $601.27M, Investors: 65