Startup Financing Report Methodology:
The Startup Financing Report tabulates data based on all Form D filings filed with the Securities and Exchange Commission during the relevant periods. Because not all companies file Form Ds in connection with financings, the data do not capture all startup financing. In the case of amended filings, dollar amounts and number of investors recorded for a particular period represent increases over those reported in the filing being amended (which itself is often an amendment).
The Total Offering Amount is often listed as "indefinite." In such cases, the Total Amount Sold is reported in place of the Total Offering Amount.
The Operating Companies information excludes:
- filings with a “Total Offering Amount” or “Total Amount Sold” greater than $100 million, as such companies are likely not “startups” and the large dollar amounts skew the totals.
- companies in certain industries, such as Commercial Banking, Insurance, Investing, Investment Banking, Health Insurance, and REITS & Finance.
- companies organized more than five years prior to the filing date of the Form D on the ground that such companies generally would not be called “startups.”
- filings with numbers of investors more than ten standard deviations above the mean for the week. This is because companies occasionally erroneously report dollar amounts in the blank for number of investors, which greatly skews the investor totals.