Investment Crowdfunding Finishes Strong with Tax Season Push

2025 proved once again that April is a reliably strong month for Regulation Crowdfunding (Reg CF). Driven in part by the looming, April 30th SEC reporting deadline, investment crowdfunding platforms raised significant capital, demonstrating sustained investor engagement and renewed strength for the second month in a row. This month’s report explores which platforms led the charge, which campaigns stood out, and which ones fell short.

Platform Performance and Not Funded Campaigns

It’s no surprise that another strong month of investing was led by the usual top performers. Wefunder topped all platforms by a substantial margin, pulling in nearly $17 million across roughly 11,000 investors, reinforcing its position as the industry’s dominant player. StartEngine followed, securing approximately $9.2 million, with DealMaker Securities maintaining strong institutional appeal with close to $4.64 million. Republic and Netcapital rounded out the top five.Despite overall success, some platforms experienced notable setbacks with campaigns failing to secure funding. Across the industry, an astounding 251 rounds successfully closed in April, reflecting a close rate of approximately 63% for the month, nearly reaching the 69% success rate for all of 2024. Meanwhile, 43 rounds ended with a “Not Funded” status (meaning they failed to reach their minimum goal), a larger than normal amount, representing roughly 7% of all active campaigns. Wefunder, despite leading in total dollars raised, also had the most failed campaigns—19 in total—while Netcapital recorded 12 and StartEngine had 9. One case that stands out is Cocovibe on StartEngine, which filed a Form C-U reporting $0 raised—even though it had previously reported more than $337K in investments, well above its minimum funding goal. The reasons for this reversal, as well as many others, remain unclear.

Though the volume of failed rounds is far from negligible, they offer a valuable reminder: investor attention is finite, and campaigns that fail to differentiate themselves are at growing risk of falling short. Funds from these unsuccessful campaigns are returned to investors, freeing up capital that could be quickly redirected into more compelling opportunities, creating a secondary wave of funding momentum for standout campaigns.

Round Highlights and Standout Campaigns

Arrived on Wefunder attracted substantial attention, raising over $2.52 million in its first month, highlighting strong early momentum and investor conviction. While in a close second, Plunge on Wefunder raised over $2.25 million, hitting an impressive 182% of its targeted raise, showcasing exceptional investor enthusiasm and market confidence. Notably, this raise followed a Testing The Waters campaign, illustrating how a successful transition from gauging interest to committed investment can generate strong results.

Several other campaigns stood out in April. Eagle Energy Metals Corp. on Equifund led all campaigns in total capital closed, exceeding the Reg CF investment cap of $5 million by an additional $230K, unfortunately left on the table due to regulatory limits. Followed closely was Mivium, another Equifund success with over $5.05 million. While it’s not typically one of the top platforms month over month, Equifund’s ability to close two of the largest rounds in April speaks to its unique appeal. Avadain on Netcapital achieved substantial investor support, raising approximately $4.1 million.

Additionally, a handful of smaller campaigns delivered outstanding performance when measuring the percentage of total raise achieved. Once again, Plunge led the pack at 182%, but others such as Teal (104.8%), Jurny (102.4%), and Pie Assets (100%) also reached or exceeded their maximum funding targets in April. These rounds illustrate that while large sums often dominate headlines, smaller campaigns can still build enough traction to meet or exceed their funding goals—a signal that offerings with targeted appeal can resonate when supported by effective timing.

Looking Ahead

Investor enthusiasm remains strong for campaigns with clear value propositions, especially within clean energy, technology, and consumer products sectors. However, successful crowdfunding increasingly hinges on investor selectivity and campaign viability.

As platforms navigate the second quarter, ongoing success will depend on managing campaign expectations and investor relations effectively. Q2 kicked off with a bang, but historical data shows that May often brings a sharp drop-off in funding activity. This ‘industry reset’ can significantly impact momentum and set the tone for the remainder of the quarter. Meanwhile, broader macroeconomic headwinds—including an unsteady economy and rising tariff concerns—could throw parts of the crowdfunding market into turmoil.

That said, history has repeatedly shown that periods of economic instability often present outsized opportunities for early-stage investors. As noted in an April 2025 article by Business Insider, CIV cofounder Abhijoy Mitra emphasized that economic volatility can be fertile ground for launching transformative companies, citing examples like Microsoft and Airbnb. Similarly, a 2024 Forbes article described the current climate as a “silent venture capital and startup recession,” underscoring that those startups that adapt and focus on sustainable growth are well-positioned to thrive.

Kingscrowd will be watching closely to see whether May continues the momentum or resets the rhythm of the market—as it often does. Either way, we’ll be here to track the trends and report back with what matters most for investors, founders, and platforms alike.