2024 Investment Crowdfunding: Trends, Stats, and Platform Rankings

CHART OF THE WEEK 📈

By Brian Belley | Read

The year 2024 marked another significant milestone for regulated investment crowdfunding, highlighting both challenges and opportunities in Regulation Crowdfunding (Reg CF) and Regulation A+ (Reg A+).

From total capital raised to platform rankings and emerging trends, this summary breaks down the key insights shaping the online private markets.

Today’s newsletter will be dedicated to recapping all of the trends and insights from 2024.

Regulation Crowdfunding (Reg CF)

In 2024, companies utilizing Reg CF raised a total of $343.6 million, representing an 18% decrease compared to the $423 million raised in 2023. Despite the decline, Reg CF demonstrated resilience in increasingly competitive capital markets. Here’s the breakdown of the capital raised and investment trends:

• Equity-based offerings saw $303.4 million (88%) of investment volume, while Debt-based offerings saw $40.2 million (12%) of investment volume.

• New Offerings: 1,403 new offerings launched, slightly down from 1,448 in 2023.

• Top Performers: Five offerings closed at $4.8–$5.0 million, the maximum allowed under Reg CF within a 12-month period. These included notable companies such as TradeAlgo, Simplify Genomics, ACME AtronOmatic, TriAgenics, and LiquidPiston.

• Platform Rankings: The top three funding platforms—Wefunder ($99 million), StartEngine ($86 million), and DealMaker ($49 million)—accounted for 67% of total Reg CF investment capital. Republic secured fourth place with $15.6 million raised.

• Investment Size: The average investment size was $1,500 - a 21% increase from the 2023 average check size of $1,190.

• Funding Round Size: the median raise in 2024 raised $60,000, while the average campaign raised $257,000.

• Valuations: the median offering valuation was $15.0 million, with an average valuation of $36.5 million.

Regulation A+ (Reg A+)

Companies raising capital under Reg A+ brought in a total of $244 million in 2024, reflecting a 7.5% increase from $227 million in 2023. While Reg A+ platforms remain fewer in number compared to Reg CF, the market continues to see concentration among top performers:

• DealMaker ($123 million) led with 51% of all Reg A+ dollars raised, followed by Dalmore Group ($47.6 million, 20%) and StartEngine ($32.2 million, 13%).

• Market Share: The top three platforms collectively accounted for nearly 84% of all Reg A+ investments in 2024.

• New vs. Closed Offerings: Only 34 new Reg A+ raises launched in 2024, but 61 offerings closed during the year.

• Top Performers: The five largest Reg A+ raises closed between $20 million and $75 million, with EnergyX hitting the maximum allowed ($75 million) under Reg A+ over a 12-month period.

• Investment Size: The average check size was $2,300.

• Funding Round Size: the median raise in 2024 raised $1.7 million, while the average campaign raised $6.5 million.

• Valuations: the median offering valuation was $90 million, with an average valuation of $345 million.

As seen in the above chart, despite it’s lower annual limit, Reg CF has actually captured more investment volume than Reg A+ in the period of 2022 through 2024. The above data includes operating companies that raised capital under Reg A+, and does not include Reg A+ real estate or fractional offerings.

The Top Investment Platforms of 2024

Similar to past years, 2024 saw a significant concentration of capital raised on just a few leading platforms:

The top three platforms—Wefunder ($99.4 million), StartEngine ($85.6 million), and DealMaker Securities ($48.9 million)—accounted for nearly 67% of all Reg CF capital raised.

Top Reg A+ Platforms of 2024

While there are fewer platforms for Reg A+, the market remains highly concentrated among the top players. These platforms enable issuers to raise up to $75 million annually, requiring higher disclosures and financial standards.

Top Platforms by Combined Investment Volume (Reg CF + Reg A+)

When combining Reg CF and Reg A+ investment volumes, DealMaker Securities emerged as the clear leader in 2024, with a commanding total of $172.1 million raised.

Top 5 Platforms by Overall Investment Volume in 2024:

1. DealMaker Securities: $172.1 million

2. StartEngine: $117.8 million

3. Wefunder: $99.4 million

4. Dalmore Group: $54.2 million

5. Equifund: $25.2 million

Funding Going to Women and Minority Founders

One of the key promises of investment crowdfunding is its potential to democratize access to capital — both for investors and entrepreneurs. In 2024, this promise continued to materialize, with notable trends for women and minority founders.

Women-Founded Companies

• 34% of all new companies launching Reg CF raises in 2024 had at least one woman founder, marking a new annual high.

• However, teams with women founders raised 26% of total Reg CF capital—a notable gap compared to their representation.

• In comparison, traditional venture capital allocated just 1.9% of total VC capital to women-only teams and 20.8% to mixed-gender teams in 2024.

Minority-Founded Companies

• Similarly, 34% of new Reg CF deals in 2024 featured at least one minority founder.

• Companies with minority founders raised 27% of all Reg CF capital, underscoring the growing role of crowdfunding in supporting underrepresented entrepreneurs.

2024 Regulated Investment Crowdfunding Summary

As we close out 2024, it's clear that investment crowdfunding continues to evolve and mature as a critical component of the overall private capital markets. Despite challenges like platform consolidation and fluctuating investment volumes, the resilience and innovation within the industry are undeniable. With the rise of broker-dealers, advancements in secondary markets, and increasing opportunities for non-traditional and underrepresented founders, 2025 holds exciting potential for growth and impact. At Kingscrowd, we remain committed to building the tools and services that democratize access to capital and empower both investors and entrepreneurs to thrive in this dynamic ecosystem.

To read the complete 2024 investment crowdfunding annual report, including more charts such as valuation trends, average check sizes, and more, check it out at the link below.

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