Who Just RaisedMonthly report · from SEC Form D filings
The state of private funding: November 2025
New raises
726
−0% vs Nov 24
Capital reported
$8.67B
−11% vs Nov 24
Median raise
$1.5M
$2M a year earlier
Month by month
Last 24 months · select a bar for that month
By sector
| Sector | Raises | Raised | vs year earlier |
|---|---|---|---|
| Technology | 252 | $3.32B | +31% |
| Health Care | 122 | $2.38B | +115% |
| Other | 181 | $1.06B | −65% |
| Consumer | 23 | $573M | +860% |
| Financial Services | 43 | $544M | −66% |
| Energy | 20 | $310M | +42% |
| Mining & Metals | 38 | $223M | +385% |
| Travel | 5 | $103M | +5260% |
Busiest states
| State | Raises | Raised |
|---|---|---|
| California | 119 | $2.81B |
| New York | 67 | $1.06B |
| Texas | 58 | $640M |
| Florida | 42 | $144M |
| Massachusetts | 33 | $805M |
| Delaware | 31 | $210M |
| Colorado | 26 | $170M |
| Illinois | 23 | $39.9M |
The 10 largest raises
November 2025
| Company | Where | Sector | Raised |
|---|---|---|---|
| Par Health, Inc. | St. Louis, MO | Health Care | $763M |
| Stoke Space Technologies, Inc. | Kent, WA | Technology | $410M |
| ZUP Holdings LP | New York, NY | Consumer | $396M |
| Castelion Corp | Torrance, CA | Technology | $360M |
| Apptronik, Inc | Austin, TX | Technology | $331M |
| GRAIL, Inc. | Menlo Park, CA | Health Care | $325M |
| Galecto, Inc. | Boston, MA | Health Care | $285M |
| DraftKings Inc. | Boston, MA | Technology | $229M |
| Foundry-Logic, Inc. | Washington, DC | Energy | $167M |
| KoBold Metals Co | Berkeley, CA | Mining & Metals | $163M |
New Form D notices from operating companies (investment funds and vehicles excluded), as reported to the SEC; raises over $10B are left out of totals. ← October 2025 · December 2025 →