Venture Capital

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PitchBook’s recently published Q3 2025 Analyst Note shows how the market has shifted since the 2021 IPO boom.  Through June 30, 2025, only 18 US companies completed IPOs, pacing the year for the lowest total in a decade.  Within that small group, 10 unicorns went public, including seven tech companies.  Median IPO valuations this year…

Funding for artificial intelligence (AI) companies totaled $47.3 billion globally in Q2 2025, the second-highest quarter on record and the third straight quarter above $40 billion according to CB Insights’ report The State of AI (Q2 2025).  Total first half 2025 funding outpaced 2024 funding, raising $116.1 billion versus 2024’s $104.7 billion.  Deal volume reached…

On July 22 and 23, 2025, the House Committee on Financial Services (the “Committee”) held a full committee markup during which it considered certain bills that, if passed, would improve investor access to the capital markets. These bills have been ordered to be reported to the House of Representatives (the “House”) for consideration. While there…

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report just recently.  The Office is required to deliver an annual report to Congress, to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate and the Committee on Financial Services of the U.S. House…

The Securities and Exchange Commission recently announced that its Small Business Capital Formation Advisory Committee will be meeting later this week on November 13th in an open meeting. The meeting includes a discussion of how venture capital fund managers are raising capital. The Committee will hear from an academic on venture capital fund manager use…

The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section 504 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (“EGRRCPA”).  The final rule allows the SEC to adjust…

Based on data in Carta’s recently published State of the Markets report, the venture markets have experienced a slight uptick in number of deals and in dollars raised quarter-over-quarter.  Companies on Carta’s platform completed 4% more deals and raised 12% more capital during the second quarter of 2024 compared to the first quarter.  During the…

Introduced under Title III of the JOBS Act, Regulation Crowdfunding (“Regulation CF”) was promulgated to allow startups and emerging companies to raise capital from a wider pool of investors through equity crowdfunding platforms.  Regulation Crowdfunding allows non-accredited investors to invest through these platforms.  Currently, a company may raise up to $5 million in a 12-month…

Not long ago, the SEC hosted the Annual Small Business Forum.  The Forum provides an opportunity to consider a broad array of issues affecting private companies as well as smaller public companies seeking to raise capital and allows the public an opportunity to comment and suggest policy recommendations.  In the last few years, the SEC…

On March 5, 2024, the House will consider capital formation related legislation, H.R. 2799.  This was originally introduced in April 2023 and reported out in July 2023.  It is comprised of 19 separate bills.  The House Financial Services Committee heard testimony on these bills in 2023, access my testimony on several of these bills.…