Money Sought in U.S. Crowdfunding Offerings (Maximum) per Quarter

## What this measures

The sum, across every Form C offering launched in the quarter, of the maximum amount the issuer said it would accept (the target when no maximum is given), in millions of U.S. dollars.

## Why it matters

It sizes the demand for crowd capital: how much money small companies are asking the public for. Moves in the total separate a change in the number of raises from a change in their size.

## How to read it

Higher means companies are asking for more in total. Divide by the offering count, or read the median (crowdfunding.us.median_max.quarterly), to see the size of a typical raise.

## 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 quarterly value is the sum of maximum offering amounts in millions of dollars.

## 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).