2024 Investment Crowdfunding: Trends, Stats, and Platform Rankings

2024 Annual Investment Crowdfunding Summary

The year 2024 marked another significant milestone for regulated investment crowdfunding, highlighting both challenges and opportunities in Regulation Crowdfunding (Reg CF) and Regulation A+ (Reg A+). From total capital raised to platform rankings and emerging trends, this summary breaks down the key insights shaping the online private markets.

Regulation Crowdfunding (Reg CF)

In 2024, companies utilizing Reg CF raised a total of $343.6 million, representing an 18% decrease compared to the $423 million raised in 2023. Despite the decline, Reg CF demonstrated resilience in increasingly competitive capital markets. Here’s the breakdown of the capital raised and investment trends:

• Equity-based offerings saw $303.4 million (88%) of investment volume, while Debt-based offerings saw $40.2 million (12%) of investment volume.
• New Offerings: 1,403 new offerings launched, slightly down from 1,448 in 2023.
• Top Performers: Five offerings closed at $4.8–$5.0 million, the maximum allowed under Reg CF within a 12-month period. These included notable companies such as TradeAlgo, Simplify Genomics, ACME AtronOmatic, TriAgenics, and LiquidPiston. 92 raises that closed in 2024 raised over $1 million — 7% of all closed Reg CF rounds.
• Platform Rankings: The top three funding platforms—Wefunder ($99 million), StartEngine ($86 million), and DealMaker ($49 million)—accounted for 67% of total Reg CF investment capital. Republic secured fourth place with $15.6 million raised.
• Investment Size: The average check size was $1,500 — a 26% increase compared to 2024’s check size of $1,190 per investment.
• Funding Round Size: the median raise in 2024 raised $60,000, while the average campaign raised $257,000.
• Valuations: the median valuation was $15.0 million, with an average valuation of $36.5 million.

Regulation A+ (Reg A+)

Companies raising capital under Reg A+ brought in a total of $244 million in 2024, reflecting a 7.5% increase from $227 million in 2023. While Reg A+ platforms remain fewer in number compared to Reg CF, the market continues to see concentration among top performers:

• DealMaker Securities ($123 million) led with 51% of all Reg A+ dollars raised, followed by Dalmore Group ($47.6 million, 20%) and StartEngine ($32.2 million, 13%).
• Market Share: The top three platforms collectively accounted for nearly 84% of all Reg A+ investments in 2024.
• New vs. Closed Offerings: Only 34 new Reg A+ raises launched in 2024, but 61 offerings closed during the year.
• Top Performers: The five largest Reg A+ raises closed between $20 million and $75 million, with EnergyX hitting the maximum allowed ($75 million) under Reg A+ over a 12-month period. 20 raises that closed in 2024 raised over $1 million.
• Investment Size: The average check size was $2,300.
• Funding Round Size: the median raise in 2024 raised $1.7 million, while the average campaign raised $6.5 million.
• Valuations: the median offering valuation was $90 million, with an average valuation of $345 million.

Table of Contents:

Click to jump to each section in this 2024 annual report

1. The State of Private Market Investing – Reg CF and Reg A+ 2024 annual summary, comparison with VC, and success vs. failure rates
2. The Top Investment Platforms of 2024 – top investment platforms by capital raised and new deals
3. Valuations and Investor Trends – deal valuations and average investor check sizes
4. Women and Minority Founder Stats – new deals and capital going to women and minority founders

The State of Private Market Investing

Public Markets Show Strong Growth

In 2024, public markets experienced strong gains, with the S&P 500 climbing more than 23% and the tech-heavy NASDAQ Composite surging over 29% during the year. While the exit and IPO market has not yet returned to its 2021 peak, robust earnings growth and strategic cost-cutting drove impressive returns for public market investors.

Private Markets Pull Back Amid High Interest Rates

In contrast, private markets continued their pullback from 2021 highs, partly influenced by a strong public market environment and higher interest rates. Venture Capital (VC) deal activity in 2024 was on pace to reach $175 billion, roughly 50% of the 2021 peak in VC deal value.

Source: https://nvca.org/wp-content/uploads/2024/10/Q3-2024-PitchBook-NVCA-Venture-Monitor.pdf

Investment Crowdfunding: 2018–2024 Trends

When examining Reg CF and Reg A+ investment volume from 2018 through 2024, a similar pattern emerges:

• Both markets saw significant growth leading up to 2021, followed by declines in subsequent years.
• Reg CF proved more resilient, with 2024 investment levels at 69% of their 2021 peak, compared to VC deal activity at 50% of its peak.
• Reg A+ mirrored VC trends more closely, ending 2024 at 46% of its 2021 peak.

Quarterly Investment Trends (2023–2024)

Breaking down investment crowdfunding by quarter provides a more nuanced view of the private fundraising landscape. While total investment volume in 2024 was 18% lower than in 2023, the quarterly investment volumes remained comparable to those seen between Q3 2022 and Q1 2023.

Interestingly, while investor demand declined year-over-year, the number of new equity crowdfunding offerings tells a different story. In December 2024, the number of active equity crowdfunding raises reached an all-time high of 569, surpassing the previous record of 561 in March 2022:

Source: https://kingscrowd.com/markets/

Success Rates: A Mixed Bag

Analyzing success rates for companies hitting their minimum funding goals reveals mixed trends:

• 2022 marked a high point, with 80% of issuers successfully reaching their minimum funding targets.
• In 2024, success rates declined slightly, with 69% of Reg CF issuers meeting their minimum goals.

This data suggests that while the market remains a viable way to raise capital, achieving funding success has become slightly more challenging, reflecting broader economic conditions and evolving investor behavior.

The Top Investment Platforms of 2024

2024 also saw a flurry of activity in terms of the funding portals and broker dealers that facilitate these online offerings.

Several notable changes shaped the investment crowdfunding landscape in 2024:

• Raise Green acquired by Honeycomb Credit: This acquisition further consolidated the industry and solidified Honeycomb Credit as the leading platform for small businesses and debt or revenue share offerings.
• Silicon Prairie Capital Partners transitions to a broker-dealer model: The platform completed its migration of all funding portal business into its broker-dealer arm, reflecting a broader trend of preferring broker-dealer structures for Reg CF offerings.
• Platform closures: Several funding platforms shut down or exited the market, including Mainvest, once a prominent platform for Main Street businesses like breweries and restaurants.

Top Platforms by Capital Raised in 2024

Similar to past years, 2024 saw a significant concentration of capital raised on just a few leading platforms:

The top three platforms—Wefunder ($99.4 million), StartEngine ($85.6 million), and DealMaker Securities ($48.9 million)—accounted for nearly 67% of all Reg CF capital raised.

Full list of the top 10 funding platforms by capital raised under Reg CF in 2024:

1. Wefunder: $99.4 million
2. StartEngine: $85.6 million
3. DealMaker Securities: $48.9 million
4. Republic: $15.6 million
5. Honeycomb Credit: $9.8 million
6. Netcapital: $9.5 million
7. Issuance Express: $8.6 million
8. Dalmore Group: $6.6 million
9. Angel Funding: $5.0 million
10. SMBX: $4.9 million

Top Reg A Platforms of 2024

While there are fewer platforms for Reg A+, the market remains highly concentrated among the top players. These platforms enable issuers to raise up to $75 million annually, requiring higher disclosures and financial standards.

Reg A+ funding platforms by capital raised in 2024:

• DealMaker Securities: $123.20 million
• Dalmore Group: $47.60 million
• StartEngine: $32.20 million
• Rialto Markets: $20.01 million
• Equifund: $15.10 million
• Digital Offering: $4.97 million
• Republic: $0.44 million
• Texture Capital: $0.36 million
• Silicon Prairie Online: $0.07 million
• Self Managed: $0.06 million
• Entoro Securities: $0.04 million

Top Platforms by Combined Investment Volume (Reg CF + Reg A+)

When combining Reg CF and Reg A+ investment volumes, DealMaker Securities emerged as the clear leader in 2024, with a commanding total of $172.1 million raised.

Top 5 Platforms by Overall Investment Volume in 2024:

1. DealMaker Securities: $172.1 million
2. StartEngine: $117.8 million
3. Wefunder: $99.4 million
4. Dalmore Group: $54.2 million
5. Equifund: $25.2 million

Most Active Platforms by New Offerings

In terms of deal activity, Wefunder, Honeycomb Credit, and StartEngine were the most active platforms in 2024, each launching over 200 new investment deals. All other platforms fell below 100 new offerings for the year.

Valuations and Investor Trends

While public markets corrected in 2022, they embarked on a two-year run of 20%+ annual returns through 2024. In contrast, private markets have experienced a more nuanced story.

VC Valuations: Stabilizing After Declines

Median venture capital (VC) valuations fell significantly from 2021 to 2023 across nearly all stages of funding, from Seed through Series D+. However, 2024 saw signs of stabilization. According to the Q3-2024 PitchBook Venture Monitor, the median VC valuation for Seed deals stood at $13.0 million.

Source: Pitchbook NVCA Venture Monitor, Q3-2024

How Have Equity Crowdfunding Valuations Compared?

Unlike the broader VC market, average valuations in equity crowdfunding (ECF) have continued to rise steadily in recent years. This divergence raises the question: Are equity crowdfunding deals overvalued in 2024?

Source: https://kingscrowd.com/markets/

Are Equity Crowdfunding Deals Overvalued?

While the average valuations for ECF deals have climbed, this does not mean all deals are overvalued—though some certainly are. Valuations in equity crowdfunding remain more of an art than a science, often varying significantly by industry. For example, our 2023–2024 revenue multiples by industry chart illustrates the wide range of valuations seen across sectors.

One key factor influencing valuations is the 2021 increase of the Reg CF maximum raise limit, from $1.07 million to $5 million per 12 months. This policy change has had several important effects:

• Attracting more mature issuers: The higher cap made Reg CF a viable option for more established companies, including those that previously dismissed equity crowdfunding as impractical.
• Meeting the needs of high-growth startups: For capital-intensive businesses, $1 million often falls short of achieving meaningful milestones. The $5 million limit has allowed equity crowdfunding to serve as a complementary or alternative funding source for startups beyond the Seed stage.

Average Investor Check Size

Investor check sizes in crowdfunding vary widely across platforms, reflecting the diversity of investors and the types of deals offered.

• The average check size in 2024 was $1,500 for Reg CF, and $2,300 for Reg A+.
• Platforms with fewer investments tended to see larger average check sizes. For example:
  • Silicon Prairie: $14,800 across 14 deals
  • Dalmore Group: $9,000 across 11 deals
  • Climatize: $6,800 across 9 deals

On the other hand, platforms with greater deal volume (over 70 investments) typically had average check sizes in the range of $1,000 to $2,000. This data highlights the broad spectrum of investor participation across the crowdfunding landscape, from smaller retail investors to higher-dollar contributors.

Check sizes have also increased by 26% since 2023 ($1,190 average) — showing that while there may be fewer investors in the markets in 2024, they tend to be writing larger checks on average.

Funding Going to Women and Minority Founders

One of the key promises of investment crowdfunding is its potential to democratize access to capital — both for investors and entrepreneurs. In 2024, this promise continued to materialize, with notable trends for women and minority founders.

Women-Founded Companies

• 34% of all new companies launching Reg CF raises in 2024 had at least one woman founder, marking a new annual high.
• However, teams with women founders raised 26% of total Reg CF capital—a notable gap compared to their representation.
• In comparison, traditional venture capital allocated just 1.9% of total VC capital to women-only teams and 20.8% to mixed-gender teams in 2024.

Minority-Founded Companies

• Similarly, 34% of new Reg CF deals in 2024 featured at least one minority founder.
• Companies with minority founders raised 27% of all Reg CF capital, underscoring the growing role of crowdfunding in supporting underrepresented entrepreneurs.

2024 Regulated Investment Crowdfunding Summary

As we close out 2024, it’s clear that investment crowdfunding continues to evolve and mature as a critical component of the overall private capital markets. Despite challenges like platform consolidation and fluctuating investment volumes, the resilience and innovation within the industry are undeniable. With the rise of broker-dealers, advancements in secondary markets, and increasing opportunities for non-traditional and underrepresented founders, 2025 holds exciting potential for growth and impact. At Kingscrowd, we remain committed to building the tools and services that democratize access to capital and empower both investors and entrepreneurs to thrive in this dynamic ecosystem.

Interested in our funding and raise data?

If you’re interested in our funding data for over 9,400 private companies, including deal terms, financials, SEC filings, funding history, and more, contact us: [email protected].

Prior Years’ Annual Reports:

• 2023 Investment Crowdfunding annual report
• 2022 Investment Crowdfunding annual report
• 2021 Investment Crowdfunding annual report
• 2018-2020 Investment Crowdfunding Market Intelligence report

Weekly and monthly funding reports are also available here.

Looking to get more data-driven insights and weekly deep-dive industry charts? Sign up for our free newsletter here:

Appendix: Funding Data Summaries for 2024

Total Reg CF capital raised by platform in 2024: