Weekly recap

Biggest private raises: Week 52, 2025 (Dec 22–28)

173 companies reported $2.77B in new private raises on Form D in Week 52, 2025 (Dec 22–28). The biggest was Ripple Labs Inc., $500M in the Tech League from California. Lovable Labs Inc ($425M) and National Fuel Gas Co ($350M) rounded out the top three. The Tech League led all leagues with $1.02B across 28 raises. New York topped the state standings with $887M. That is up 20% versus the week before ($2.30B). 113 of the 173 were first-time Form D filers, led by National Fuel Gas Co ($350M). In the Fund League, 127 funds reported $2.79B.

Top 25

#	Company	League	State	Raised	Raising	Filed
1	Ripple Labs Inc.	Tech	CA	$500M	$500M	Dec 23
2	Lovable Labs Inc	Tech	DE	$425M	$426M	Dec 22
3	National Fuel Gas Co rookie	Energy	NY	$350M	$350M	Dec 23
4	National Fuel Gas Co rookie	Energy	NY	$350M	$350M	Dec 23
5	Fortrex Sanitation Holdings, LLC rookie	Main Street	GA	$237M	$237M	Dec 22
6	PNC LIHTC Fund 97, LLC rookie	Real Estate	OR	$102M	$102M	Dec 23
7	AuricGate Global Inc. rookie	Finance	NY	$100M	indefinite	Dec 23
8	Northpointe Bancshares Inc	Finance	MD	$70M	$70M	Dec 23
9	Aeovian Pharmaceuticals, Inc.	Bio & Health	CA	$55M	$55M	Dec 22
10	Breakaway Group, Inc.	Open	OH	$38.3M	$38.3M	Dec 22
11	Mediar Therapeutics, Inc.	Bio & Health	MA	$37.8M	$75.7M	Dec 23
12	Kashable Holdings Inc.	Finance	NY	$34.8M	$34.8M	Dec 22
13	Myrtelle Inc.	Bio & Health	NY	$30.5M	$55.2M	Dec 23
14	Alta Resource Technologies, Inc.	Tech	CO	$28.4M	$30.4M	Dec 23
15	Addition Therapeutics, Inc. rookie	Bio & Health	CA	$28M	$28M	Dec 22
16	NM Developer Holdings LLC rookie	Real Estate	OH	$24.5M	$40M	Dec 23
17	Blue Spark Energy Systems Inc. rookie	Energy	Intl	$20.2M	$20.2M	Dec 23
18	Baynes Louisiana Partners, LP rookie	Energy	TX	$20M	$25M	Dec 22
19	HealthBridge Financial, Inc.	Bio & Health	MI	$20M	$20M	Dec 22
20	Linq App Inc	Tech	AL	$17.2M	$18M	Dec 23
21	OP Burlington Drive Investor, LLC rookie	Real Estate	CO	$14M	$14M	Dec 23
22	Creative Planning Employee Investment, LLC	Finance	KS	$11.6M	$11.6M	Dec 23
23	EAG Holdings LP	Open	NY	$10.5M	$10.9M	Dec 22
24	Nature's Toolbox, Inc.	Bio & Health	NM	$10M	$15M	Dec 23
25	Lemon Perfect Co	Open	GA	$9.8M	$15M	Dec 22

By league

League	Raised	Raises
Tech	$1.02B	28
Energy	$747M	8
Main Street	$243M	9
Finance	$238M	14
Real Estate	$221M	59
Bio & Health	$201M	19
Open	$100M	36

By state

State	Raised	Raises
New York	$887M	16
California	$613M	19
Delaware	$426M	3
Georgia	$258M	11
Oregon	$104M	4
Maryland	$80.3M	6
Ohio	$76.2M	4
Colorado	$64.1M	8
Texas	$51.7M	15
Massachusetts	$49.3M	5
Florida	$28.3M	10
International	$26M	12
Michigan	$20M	1
Alabama	$17.2M	1
Kansas	$11.6M	1

Rookies

First Form D ever filed.

#	Company	League	State	Raised	Raising	Filed
1	National Fuel Gas Co rookie	Energy	NY	$350M	$350M	Dec 23
2	National Fuel Gas Co rookie	Energy	NY	$350M	$350M	Dec 23
3	Fortrex Sanitation Holdings, LLC rookie	Main Street	GA	$237M	$237M	Dec 22
4	PNC LIHTC Fund 97, LLC rookie	Real Estate	OR	$102M	$102M	Dec 23
5	AuricGate Global Inc. rookie	Finance	NY	$100M	indefinite	Dec 23
6	Addition Therapeutics, Inc. rookie	Bio & Health	CA	$28M	$28M	Dec 22
7	NM Developer Holdings LLC rookie	Real Estate	OH	$24.5M	$40M	Dec 23
8	Blue Spark Energy Systems Inc. rookie	Energy	Intl	$20.2M	$20.2M	Dec 23
9	Baynes Louisiana Partners, LP rookie	Energy	TX	$20M	$25M	Dec 22
10	OP Burlington Drive Investor, LLC rookie	Real Estate	CO	$14M	$14M	Dec 23

Fund League

$2.79B across 127 funds.

#	Company	State	Raised	Raising	Filed
1	MSOF Beacon Partners, L.P. rookie	NY	$467M	indefinite	Dec 22
2	Elementum Opportunities Fund Ltd. - Class 6 Sub-Fund - Series 2026 rookie	Intl	$400M	indefinite	Dec 22
3	Vintage Flagship Offshore 2025 LP rookie	NY	$300M	indefinite	Dec 23
4	Canyon Lending Fund II Onshore Rated Feeder Fund (U), L.P. rookie	TX	$250M	indefinite	Dec 22
5	Elementum Opportunities Fund Ltd. - Class 3 Sub-Fund - Series 2026 rookie	Intl	$200M	indefinite	Dec 22
6	Crown CG Private Equity Fund 2024, L.P. rookie	Intl	$182M	indefinite	Dec 23
7	Cinnaire Fund for Housing Limited Partnership 44 rookie	MI	$90.1M	$185M	Dec 23
8	Axiom Equity 2 LP rookie	Intl	$82.8M	indefinite	Dec 23
9	Partners Capital Raven Secondaries Fund I, L.P. rookie	MA	$82.8M	indefinite	Dec 23
10	KH2 LightShield Venture Fund, L.P. rookie	Intl	$78.9M	indefinite	Dec 23

All 173 raises this week

#	Company	League	State	Raised	Raising	Filed
26	MIMG CCLVIII Abilene 3 Master, LLC rookie	Real Estate	CO	$9.5M	$22.6M	Dec 22
27	Canopy Grove Investments LLC rookie	Real Estate	FL	$9.3M	$9.3M	Dec 23
28	G2 Capital Priority Yield Fund LLC rookie	Real Estate	OH	$8.7M	$30M	Dec 22
29	uLink Labs, Inc.	Bio & Health	CA	$8.6M	$17.6M	Dec 23
30	Plant People, PBC rookie	Open	TX	$7.9M	$7.9M	Dec 23
31	Square Robot, Inc.	Tech	MA	$7.5M	$15M	Dec 23
32	Monument Software, Inc.	Tech	TX	$7.2M	$8M	Dec 22
33	130 Graham Funding L.P. rookie	Real Estate	NY	$7M	$7M	Dec 23
34	Hafele Lonestar Trio Senior Living Fund, LLC rookie	Finance	KY	$6.7M	$6.7M	Dec 23
35	Lonestar Data Holdings, Inc.	Open	FL	$6.6M	$6.8M	Dec 22
36	MIMG CCLVI Harmony Lake, LLC rookie	Real Estate	CO	$6.6M	$14.6M	Dec 22
37	Frontlands, Inc. rookie	Finance	TX	$5.9M	$7.4M	Dec 22
38	DTR Hospitality, LLC rookie	Real Estate	GA	$5.8M	$5.8M	Dec 22
39	F5 Towering Minerals, L.P. rookie	Energy	TX	$5.2M	$30M	Dec 23
40	Fuse 18 LLC rookie	Open	FL	$5M	indefinite	Dec 22
41	Rh Fund 35 LLC rookie	Real Estate	NV	$4.9M	$4.9M	Dec 22
42	My One Medical Source Inc. rookie	Tech	OH	$4.6M	$5.8M	Dec 23
43	Digital Health Strategies, Inc.	Tech	DC	$4.5M	$5.6M	Dec 23
44	Rise Opportunities 14 LLC rookie	Real Estate	MN	$4.5M	indefinite	Dec 23
45	Tenon Software, Inc.	Open	IN	$4M	$4M	Dec 23
46	Sift Biosciences, Inc. rookie	Bio & Health	CA	$3.8M	$3.8M	Dec 22
47	OCIP Interconnect 6, LLC rookie	Open	GA	$3.6M	$5M	Dec 23
48	Oscar AI, Inc. rookie	Tech	MD	$3.1M	$3.1M	Dec 23
49	VCI Data Center, a Series of Denver Ventures LLC rookie	Finance	CO	$3M	indefinite	Dec 23
50	Landmark Westminster Portfolio, LLC rookie	Real Estate	MD	$3M	$3M	Dec 22
51	Safire Technology Group, Inc.	Tech	VA	$2.7M	$20M	Dec 22
52	OPX2025 Kraken, a Series of Opulentia Ventures X LLC rookie	Finance	VA	$2.6M	$2.6M	Dec 22
53	Willows Ennis 84 LLC rookie	Real Estate	TX	$2.6M	$3M	Dec 23
54	211 W. 28th Street Investors, LLC rookie	Real Estate	MD	$2.6M	$2.6M	Dec 22
55	QuantumSafe Data Systems Inc.	Tech	MA	$2.6M	$12.6M	Dec 23
56	South Pacific Metals Corp.	Open	Intl	$2.5M	$8.1M	Dec 22
57	Lingrove Inc.	Tech	CA	$2.5M	$4M	Dec 23
58	Confianza, Inc.	Finance	FL	$2.5M	$2.5M	Dec 22
59	MB Partner Holdings LLC rookie	Bio & Health	FL	$2.4M	$4.5M	Dec 23
60	ZICO Rising, Inc.	Open	CA	$2.3M	$7M	Dec 22
61	Aethlon Medical Inc	Bio & Health	CA	$2.2M	$2.2M	Dec 23
62	Bim Bam Boo Inc. rookie	Main Street	MN	$2M	$2.5M	Dec 23
63	Badwater Alchemy Technologies, Inc.	Tech	WA	$2M	$3M	Dec 22
64	Imaginary Hazard Studios Inc. rookie	Tech	NY	$2M	$3M	Dec 22
65	Matcha Holdings, Inc. rookie	Tech	CA	$2M	$4M	Dec 23
66	Modern Prairie Inc. rookie	Main Street	CA	$2M	$2M	Dec 23
67	Atlas Financial Services, Inc.	Tech	CA	$1.9M	$1.9M	Dec 23
68	OP Burlington Drive, LLC rookie	Real Estate	CO	$1.9M	$1.9M	Dec 23
69	ACP Tequesta LLC rookie	Real Estate	CA	$1.6M	$3.7M	Dec 23
70	8456 Orange Ave Property Owner, LLC rookie	Real Estate	FL	$1.6M	$1.6M	Dec 23
71	Layton Grandview II, LLC	Real Estate	OR	$1.6M	$2M	Dec 23
72	1st American Nuclear Co.	Energy	WA	$1.4M	$1.4M	Dec 22
73	Xlue Inc. rookie	Bio & Health	PA	$1.3M	$5M	Dec 22
74	Cross Domain Systems, Inc. rookie	Tech	MA	$1.2M	$5.3M	Dec 23
75	Ferretly International, Inc.	Tech	MD	$1.1M	$1.5M	Dec 23
76	PointOne Family Office, LLC rookie	Open	CA	$1M	$1M	Dec 22
77	Cedar Circle Holding LLC rookie	Real Estate	TX	$990K	$1.6M	Dec 22
78	Modelwise Technologies Inc.	Tech	CA	$975K	$1M	Dec 22
79	StrateSea Technology, Inc. rookie	Open	OR	$951K	indefinite	Dec 23
80	Bubble Bud Inc. rookie	Open	Intl	$772K	$772K	Dec 23
81	Magic Potion Games Inc.	Tech	DE	$675K	$1M	Dec 22
82	120 Front Associates LLC rookie	Real Estate	ME	$649K	$700K	Dec 22
83	Claude Preval LLC	Open	NY	$600K	$600K	Dec 22
84	Help Wanted Production LLC rookie	Open	CA	$600K	indefinite	Dec 22
85	Lafayette Standard Co rookie	Main Street	NC	$600K	$1.2M	Dec 22
86	zipzon, Inc. rookie	Tech	CO	$600K	$4M	Dec 22
87	Blue Co Warehousing Inc	Real Estate	NC	$575K	$2M	Dec 22
88	1PRCT Labs Inc. rookie	Open	TX	$565K	$1.6M	Dec 22
89	ESC3, LLC rookie	Main Street	NY	$558K	$875K	Dec 22
90	Alaska Energy Metals Corp	Open	Intl	$502K	$502K	Dec 22
91	Joyland Brewing Holdings, Inc rookie	Open	FL	$500K	$2M	Dec 22
92	Toms River Self Storage Partners, LLC	Real Estate	AZ	$500K	$2.5M	Dec 22
93	En Verite, a series of Jason's Syndicate, LLC rookie	Open	UT	$492K	$492K	Dec 23
94	Lot 10 East Broadway Blvd, LLC rookie	Real Estate	NC	$488K	$488K	Dec 22
95	Landmark Too Westminster Portfolio, LLC rookie	Real Estate	MD	$461K	$461K	Dec 22
96	Athena Gold Corp	Energy	Intl	$459K	$644K	Dec 23
97	MRT Beach 6960 LLC rookie	Real Estate	TX	$445K	$19.5M	Dec 23
98	Bubble Bud Inc. rookie	Open	Intl	$425K	$1.5M	Dec 23
99	Mpc Hi 2028 Lihtc Icf, LLC rookie	Real Estate	GA	$400K	indefinite	Dec 23
100	Edison Motors Ltd.	Main Street	Intl	$378K	indefinite	Dec 22
101	870 S Jefferson Avenue, LLC rookie	Real Estate	NC	$375K	$375K	Dec 22
102	Doctours, a series of Jason's Syndicate, LLC rookie	Open	UT	$353K	$353K	Dec 22
103	Atym, Inc.	Tech	CA	$350K	$2.5M	Dec 22
104	BM Fitness Group, Inc.	Open	TX	$350K	$4M	Dec 23
105	Bubble Bud Inc. rookie	Open	Intl	$315K	$4M	Dec 23
106	Gaingels Clara 2025 LLC rookie	Open	VT	$268K	$268K	Dec 22
107	Mpc Ks 2025 Lihtc Icf, LLC rookie	Real Estate	GA	$265K	indefinite	Dec 23
108	Mpc Ks 2026 Lihtc Icf, LLC rookie	Real Estate	GA	$265K	indefinite	Dec 23
109	Mpc Ks 2027 Lihtc Icf, LLC rookie	Real Estate	GA	$265K	indefinite	Dec 23
110	Mpc Ks 2028 Lihtc Icf, LLC rookie	Real Estate	GA	$265K	indefinite	Dec 23
111	Blue Chip Capital Group Inc.	Finance	NY	$255K	indefinite	Dec 22
112	Blue Chip Capital Group Inc.	Finance	NY	$250K	indefinite	Dec 22
113	Power & Chandler Self Storage Partners, LLC	Real Estate	AZ	$250K	$6M	Dec 22
114	Murrells Inlet ASC, LLC rookie	Bio & Health	SC	$246K	$610K	Dec 22
115	Storybook-4, a series of Jason's Syndicate, LLC rookie	Open	UT	$215K	$215K	Dec 23
116	Chief Rebel Inc rookie	Open	TX	$200K	indefinite	Dec 22
117	Gaingels Jooba LLC rookie	Open	VT	$185K	$185K	Dec 23
118	Orestone Mining Corp.	Open	Intl	$180K	$540K	Dec 22
119	Silver Bay Seafoods-Southeast, LLC	Open	AK	$176K	$176K	Dec 22
120	Lost Woods LLC rookie	Open	MN	$175K	$175K	Dec 23
121	Brand Harbor Inc. rookie	Tech	FL	$165K	$165K	Dec 22
122	OrthoPreserve, Inc.	Bio & Health	VA	$157K	$2M	Dec 23
123	Cyana Therapeutics, LLC rookie	Bio & Health	FL	$151K	indefinite	Dec 22
124	LASTpatient Inc. rookie	Bio & Health	AZ	$150K	$700K	Dec 22
125	Partners 8 Inc. rookie	Open	Intl	$150K	$150K	Dec 23
126	bQuest, Inc. /CO/	Open	CO	$150K	$150K	Dec 23
127	3D-22 LLC rookie	Open	MN	$148K	$10M	Dec 22
128	Blue Chip Capital Group Inc.	Finance	NY	$135K	indefinite	Dec 22
129	Monarch MSS SC 2028 LIHTC ICF, LLC rookie	Real Estate	GA	$130K	indefinite	Dec 23
130	Monarch MSS SC 2029 LIHTC ICF, LLC rookie	Real Estate	GA	$130K	indefinite	Dec 23
131	Gaingels Subject LLC rookie	Open	VT	$128K	$128K	Dec 22
132	Armando REIT, LLC rookie	Real Estate	TX	$125K	$125K	Dec 23
133	Bell Value-Add Fund VIII Avalon Park Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
134	Bell Value-Add Fund VIII Gateway Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
135	Bell Value-Add Fund VIII Miramar Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
136	Bell Value-Add Fund VIII Murrieta Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
137	Bell Value-Add Fund VIII Parker Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
138	Bell Value-Add Fund VIII Parker North Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
139	Bell Value-Add Fund VIII Shrewsbury Holdings, LLC rookie	Real Estate	NC	$125K	$125K	Dec 22
140	GS GO II REIT CoInv, LLC rookie	Real Estate	SC	$125K	$125K	Dec 23
141	Gs Go II Reit-b, LLC rookie	Real Estate	SC	$125K	$125K	Dec 23
142	Platt Canyon Partners LLC rookie	Real Estate	NY	$125K	indefinite	Dec 22
143	Strategic Storage Trust X	Real Estate	CA	$125K	$125K	Dec 23
144	Exeter 25 Keystone, LLC rookie	Real Estate	PA	$122K	$125K	Dec 23
145	Exeter 2500 N Plaza, LLC rookie	Real Estate	PA	$122K	$125K	Dec 23
146	Exeter 42500 Winchester, LLC rookie	Real Estate	PA	$122K	$125K	Dec 23
147	Exeter 6227 Cajon, LLC rookie	Real Estate	PA	$122K	$125K	Dec 23
148	Fairfield VAMF IV REIT IV LLC rookie	Real Estate	CA	$122K	$125K	Dec 22
149	Focus SH II R Carillon LLC rookie	Real Estate	IL	$122K	$125K	Dec 23
150	Focus SH II R Long Island LLC rookie	Real Estate	IL	$122K	$125K	Dec 23
151	Focus SH III R LLC rookie	Real Estate	IL	$122K	$125K	Dec 23
152	Iec VI Rt, LLC rookie	Real Estate	CA	$122K	$125K	Dec 22
153	Mrei VI REIT E, LP rookie	Real Estate	TX	$122K	$122K	Dec 22
154	NP Industrial VII REIT 2, LP rookie	Real Estate	MO	$122K	$122K	Dec 23
155	SHzoom Technologies, Inc. rookie	Tech	PA	$118K	$1.2M	Dec 23
156	PRO-LINE HEALTH PRODUCTS, Ltd LIABILITY Co rookie	Bio & Health	TX	$110K	$200K	Dec 22
157	Enveric Biosciences, Inc.	Bio & Health	MA	$107K	$107K	Dec 23
158	Stock Gobal LTD rookie	Finance	WY	$100K	indefinite	Dec 23
159	Unplugs Hearing, Inc.	Tech	NY	$100K	$1M	Dec 23
160	Surgery Center of Mt. Scott, LLC	Bio & Health	OR	$92K	$92K	Dec 23
161	Blue Chip Capital Group Inc.	Finance	NY	$77K	indefinite	Dec 23
162	AristaVue Inc. rookie	Tech	MN	$75K	$750K	Dec 22
163	Line Seven Apartments, LLC rookie	Real Estate	IA	$75K	$5M	Dec 22
164	Gaingels Personal AI LLC rookie	Open	VT	$74K	$74K	Dec 22
165	Mfrevf V - Watertown, LLC rookie	Real Estate	IL	$61K	$61K	Dec 23
166	Web3 Enabler, Inc.	Main Street	FL	$50K	$500K	Dec 22
167	Green Matters Technologies Inc.	Main Street	Intl	$40K	$40K	Dec 23
168	Pimee Energy Inc.	Energy	Intl	$35K	$35K	Dec 22
169	Gaingels Anzu LLC rookie	Open	VT	$31K	$36K	Dec 23
170	Clustertund 1 - Wilmington, LLC rookie	Main Street	NC	$25K	indefinite	Dec 23
171	Latrice, Inc. rookie	Tech	DE	$25K	$300K	Dec 22
172	Prosper With Posture, LLC rookie	Bio & Health	TX	$25K	$200K	Dec 22
173	Humera, Inc.	Tech	IN	$5K	$5K	Dec 22