KINGSCROWD MARKET INTELLIGENCE

The more a company raised, the harder it was to raise even more next time

Reg CF and Reg A+ follow-on raises, grouped by the amount raised in the previous raise; 1,180 follow-on raises.

NEXT-ROUND AMOUNT
Only 17% of companies that previously raised $5M or more raised a larger amount in their follow-on raise.
The more a company raised, the harder it was to raise even more next timeMedian follow-on amount as a multiple of the previous amount, by previous raise size.
Source: Kingscrowd data, raises closed by Aug. 12, 2026.
Method: Bar length = median follow-on-to-previous amount ratio; hover details include the simple share that raised more.
Source data (6 rows)