Georgia Leads Median Equity Crowdfunding Raises in 2025; California Tops Deal Volume
A new analysis of 2025 Reg CF equity crowdfunding reveals Georgia had the highest median raise at $748,653, while California led in deal count with 148 closed campaigns. The report highlights state-by-state differences in median amounts raised, with several non-traditional states outperforming established startup hubs. Six states saw no Reg CF equity deals close in 2025.