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Looking to find the next great startup investment? Startup investment platforms are making the investment process easier and more efficient. But as the number of platforms increases, sorting through each, and knowing which one is right for you may present a challenge. 

Are you an accredited investor? If you are not sure what that means then you likely fall into the non-accredited group where you are limited to Regulation Crowd Funding (RegCF) equity offerings. I break down who the top RegCF portals, regions, and funded companies from 2023 to see which are performing best, and review fees you would be faced with. 


  • Wefunder is the leading platform for volume of online investment offerings 
  • California had the most offerings
  • New York City was the most active city, but 3 of the top 4 were cities in California 
  • There is a cap of about $1M that founders can raise through Reg CF platforms so we don't rank on this anymore
  • Fraudulent activity identified on TruCrowd/Fundanna
RegCF 2023 Dashboard



top RegCF investing platforms 2023

Wefunder is the leader for 2023 followed by StartEngine. This is for the number of offerings that have filed with the SEC and not based on dollars raised. The SEC Data does not track amount raised and we have stopped updates on our technology to pull this data from the platforms for now. Our focus for now is on the volume of companies selling securities and how that breaks out. 

As of 2024 Wefunder states on their website they have helped raised $754M and StartEngine $1.2B as of June 2024. Compared to 10 years ago back when we collected data from the public listings and did not differentiate between accredited and non-accredited offerings Wefunder trailed AngelList in both offerings and dollars:


Capital Type

Simple Agreements for Equity is the preferred choice on equity funding platforms. I have not done the analysis on the higher level break down to tease apart the other category, but it's clear most use this form of asset structure to delay the valuation complexities. We wrote an article to help explain this structure and its benefits

Equity Crowdfunding Asset Types chart


When we started collecting the data we had a robust set of industry break outs. Today we are still sorting through which is the best source of industry definition for categorization. I am familiar with D&B classifications, but await feedback to see if it is helpful information to break out. 

Report from 2014:


Geographic Review

Top Cities and States for raising money through regulated equity crowdfunding. California had the most offerings followed by New York. New York City was the most active city, but 3 of the top 4 were cities in California.

Top Cities and States chart for Equity Crowdfunding

The platforms we work are primarily in the United States, but we are seeing a growing number of non US listings. We believe California leads due to its concentration of venture investors, startups, and online equity funding platforms being located there.



We review startup investment offerings of firms raising capital from non-accredited investors through Regulated Crowdfunding portals. This is often seed or early rounds of financing.  This data comes from a mix of the SEC and platform partners like WeFunder, StartEngine and others. We also conduct regular interviews with founders, platform operators and fund managers. This data takes some effort to clean so we value your feedback as we learn to make this economically viable. Check out the live dashboard in Beta to view more recent charts and reports. 


Moving Forward

Opportunities to invest in firms and funds online are abundant, and the number will increase as solutions continue to be developed to improve the investment process. We have compiled a list of research reports covering the industry that have helped us build our conclusions. I hope this was helpful for you review of this growing market. If you want to see more or have questions or feedback contact us, we want to hear from you.

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