Texas Crowdfunding Offerings (Reg CF) per Quarter

## What this measures

How many companies with their principal office in Texas launched a Regulation Crowdfunding offering in the quarter: original Form C filings, by the issuer's state on the filing.

## Why it matters

It shows how much of the country's crowdfunding activity comes from Texas, and whether startups and small businesses there are turning to the crowd more or less than elsewhere.

## How to read it

Higher means more Texas companies are raising from the crowd. Compare it with the U.S. total (crowdfunding.us.offerings.quarterly) to see the state's share.

## What it does not say

It measures offerings launched and money sought, not money raised: Form C has no structured field for the amount finally sold, and many offerings close below their maximum or fail to reach their target. The SEC raised the Regulation Crowdfunding limit from $1.07 million to $5 million a year from 15 March 2021, so maximum amounts before and after that date are not like for like. Values are as filed and unaudited; the SEC says it cannot guarantee the accuracy of the data sets. Form C carries no industry code, so there is no industry split.

## How it's built

Palanor counts original Form C offering statements (form type "C") by the date they were filed. Amendments (C/A), progress updates (C-U), annual reports (C-AR), terminations (C-TR) and withdrawals are not counted, so each offering counts once, in the quarter it was launched. Dollar amounts are the target and maximum the issuer states on that first filing; a later amendment that raises the maximum does not change them. Quarters start in 2016 Q3, the first full quarter after Regulation Crowdfunding opened on 16 May 2016. A quarter appears once the SEC has posted its file. The state is the issuer's principal office on the first filing (TX). Only states whose median quarter has at least 15 offerings get a series.

## Source

U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Crowdfunding Offerings Data Sets (sec.gov/data-research/sec-markets-data/crowdfunding-offerings-data-sets): quarterly files extracted from every Form C filed on EDGAR, as filed. Palanor loads each quarter's file when the SEC posts it, a few days after the quarter ends. Public domain: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (SEC website dissemination policy, sec.gov/about/privacy-information).