News and Notes: 2020 Crowdfunding and Capital Formation Overview

Insightful information from The SEC’s Office of the Advocate for Small Business Capital Formation and the SEC Small Business Capital Formation Advisory Committee.

2020 Capital Formation

• 504 = $171mill raised (median raise $100k)

• 506(b) = $1.4T raised (median raise $1.8mill)

• 506(c) = $69bill raised (median raise $900k)

• Reg A = $1.3bill raised (median raise $2.1mill)

• Ref CF = $88mill raised (median raise $100k)

• Other Exempt Offerings = $1.2T raised

• IPOs = $60B raised (median raise $150mill)

• Other Registered Offerings = $1.5T raised (median raise $9mill)

Capital raise statistics and by State and exemption. https://www.sec.gov/spotlight/sbcfac/overview-2020-oasb-annual-report.pdf

SEC Office of the Advocate for Small Business Formation Annual Report: https://www.sec.gov/files/2020-oasb-annual-report.pdf

Press Release – Small Business Capital Formation Advisory Committee Jan. 29 Meeting to Focus on Smaller Public Company Markets: https://www.sec.gov/news/press-release/2021-14