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Follow-On Round Performance in Regulation Crowdfunding

A data-driven analysis of companies that have raised multiple Reg CF rounds to explore whether companies tend to raise more or less in follow-on funding rounds.


By Teddy Lyons | Read

Today’s Chart of the Week delves into the data surrounding follow-on Reg CF raises (i.e. companies who have completed multiple Reg CF funding rounds), highlighting trends and insights from the past few years. Since January 2021, we’ve tracked 352 follow-on raises, revealing that 72% of these rounds raised less capital than their previous funding rounds. Let’s explore data and potential underlying factors that may have influenced these outcomes.

  • Since January 2021, there have been 352 follow-on Reg CF raises.

  • Of those raises, 253 of them raised less than the prior round (72%). 99 of those raises raised more than the prior round (28%).

  • The median follow-on round raised 49% of the prior round – meaning that half of all follow-on issuers only raised half of their prior Reg CF funding round amount.

  • This indicates that companies that have previously raised a Reg CF round have trouble raising similar amounts in follow-on raises.

  • This could be due to a variety of factors, including higher or un-adjusted valuations, failure to achieve milestones, and decreased financial performance. This could also be due to shifts in the macroeconomic and fundraising environments, indicating the period from 2020-2021 may have been easier for raising capital compared to 2023-2024.

  • However, the average follow-on round raised 150% of the prior round. This suggests a skew in the data where most issuers tended to raise less (median), but for those who did raise more, they raised considerably more.

  • Notably, 45 raises were over 200% higher than the prior round. This indicates that while the vast majority of companies raise less in subsequent rounds, it is certainly possible for companies to launch and execute a successful follow-on campaign.

To learn more, including charts on the overall breakdown of Follow-On Reg CF funding rounds, click HERE.

Tailored, Effective Support Throughout the Crowdfunding Journey

Atlas Rd is a leader in equity crowdfunding, having successfully raised over $150 million for companies. Specializing in guiding founders and executives, they manage the entire capital raise process for Reg A+, Reg CF, and Reg D. Their comprehensive services include fundraising strategy, campaign marketing, legal and regulatory support, and investor relations. Founded in 2022 by Kevin Morris, Atlas Rd brings nearly a decade of capital-raising experience, having worked with notable companies like Miso Robotics and Graze. Their expertise ensures that each client receives tailored, effective support throughout their crowdfunding journey.


By Olivia Strobl \ Deal Report

Brief: Get on Board is tackling IT recruitment in the US and Latin America through its AI-driven platform to humanize the hiring process. The company's interface simplifies the recruitment process by allowing companies to post jobs, manage applications, and interact with candidates all in one place. Get on Board emphasizes quality and fairness in its operations; every job posting is moderated for quality, professionals can access self-improvement resources, and recruiters are equipped to make informed decisions.

Key People: Get on Board is led by a diverse and experienced founding team, including CEO Sergio Nouvel, CTO Jorge Rodriguez, and COO Agustina Colunga Richmond. Nouvel, with 17 years of relevant UX experience, brings a wealth of knowledge and expertise in the tech and digital product design sectors. As the CTO part-time, Jorge Rodriguez has 15.5 years of experience in full-stack development and management. Agustina Colunga Richmond, the COO and a first-time founder, brings over eight years of UX and marketing experience to the team.


Here's what we like: Get On Board's impressive metrics—40,000 jobs posted, 2 million applications sent, and a community of over 900,000 registered professionals—speak volumes about its potential for growth and market penetration. The company’s participation in the 500 Global accelerator program, coupled with backing from venture capital investors such as Fen Ventures, 500 Startups, and AVP Ventures, underscores the confidence these entities have in its future success.

Get on Board's operational metrics reveal a promising trajectory. The platform has already generated over $1 million in annual revenue, a testament to its market fit. Get on Board's prestigious client list, which includes Uber, Accenture, Walmart, BNP Paribas, NotCo, Platzi, Banco Santander, and Havas Media, validates the platform's effectiveness and appeal to major industry players. While the company is currently pre-profit, its high-margin potential in software services suggests a clear path to profitability as it scales.

Despite a slight revenue decline, the company's valuation of $6 million offers a very attractive entry point for investors in this round, given the traction and revenue multiple.

Here's what we don't: Get on Board operates in the highly competitive field of online recruitment, facing direct competition from established giants such as LinkedIn, Indeed, AngelList, and ZipRecruiter. And the global recruiting software market is small. At just $2.8 billion, there is limited room to grow. The market size alone may limit Get On Board's ability to achieve a 10x return for investors.

Additionally, operating as a two-sided marketplace, Get on Board must effectively balance job seekers' and employers' needs and growth. Achieving and maintaining this balance is challenging and requires continuous investment in platform development, user experience, and customer support.

Would you invest in Get On Board?

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By Sam Fiske \ Listen

In this episode of Inside Startup Investing, host Chris Lustrino engages with Conor Cullinane, the Founder and CEO of Pirouette Medical. Conor shares his unique journey from aerospace engineering to launching a medical device startup aimed at changing how medications like epinephrine and naloxone are administered. The discussion goes into the human-centered design philosophy behind Pirouette Medical's innovative, disc-shaped auto-injector, designed for simplicity and ease of use, reflecting Conor's personal experiences and professional expertise in biomedical engineering.


Trashy is revolutionizing the snack industry with its upcycled chips, transforming food waste into delicious, eco-friendly snacks. Since its 2020 launch, Trashy has generated over $2 million in revenue, sold 600,000+ bags, and rescued 200,000+ lbs of food waste. Their chips are available in 600+ retail stores and have garnered numerous accolades, including offers from "Shark Tank" investors and a NEXTY award.

  • Valuation Cap: $7.5 million

  • Minimum Investment: $100

Sensate is transforming stress management with its patented, research-backed device using infrasonic resonance for rapid stress relief. Since its launch in late 2019, Sensate has achieved over $15 million in revenue across 50+ countries. Their device offers an accessible alternative to traditional stress reduction methods by providing immediate, measurable relief in just 10 minutes.

  • Pre-Money Valuation: $18 million

  • Minimum Investment: $100

SarcoMatrix is pioneering the field of synthetic biology by developing advanced extracellular matrix technologies to revolutionize regenerative medicine. Their proprietary platform aims to address the limitations of current tissue engineering approaches by providing biocompatible and highly customizable matrices. This innovation has the potential to significantly improve outcomes in wound healing, organ regeneration, and other medical applications.

  • Pre-Money Valuation: $14.25 million

  • Minimum Investment: $500