Private Venture Money Raised in North Dakota, Trailing Four Quarters (SEC Form D)

## What this measures

The money U.S. private operating companies based in North Dakota report raising in Rule 506 equity offerings over the four quarters to the date shown, from their Form D notices, in millions of U.S. dollars.

## Why it matters

A state-by-state map of where startups raise money, smoothed over a year so single large rounds do not dominate a quarter.

## How it is made

Every company that sells securities under Rule 506 files Form D with the SEC; Palanor loads every notice in the SEC's quarterly data sets. Each filing reports the total sold so far, so the money a filing adds is its total minus the previous filing's. Venture-like offerings are equity sold under Rule 506 by a U.S. private operating company, with funds, deal vehicles, banks, real estate, oil and gas and existing SEC reporting companies left out, and every filing that adds $1 billion or more checked by hand (src/lib/form-d/venture.ts). The state is the company's principal place of business on the filing; this is the same rule as capital.form_d.venture_amount_sold.<state>, summed over four quarters.

## How to read it

The series starts in Q4 2010 at $5.2 million. The latest reading, for Q3 2026, is $150.3 million. The high is $212.3 million (Q4 2024) and the low $1.9 million (Q4 2017). Not adjusted for inflation.

## What it does not say

Form D is a notice of an exemption, not an announced funding round; late and missing filings, and companies that raise without Rule 506, are not counted. Many companies are incorporated in Delaware but are placed here by their principal place of business.

## Source

Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain).