Coverage and limits

What we cover

• US startups whose latest Form D or Form D/A was filed on or after January 1, 2023: 17,392 companies. Each page has the company's complete Form D history. Investment funds, real estate offerings, public companies, foreign companies and mergers are left out; our startup funding data explains which filings count.
• New filings appear the same evening the SEC accepts them, or the next morning.
• The executive officers, directors and promoters each filing names, and the public companies where they file Forms 3, 4 and 5.
• Research on every startup: its website, LinkedIn page, industry and a one-line description, and the LinkedIn pages of its people, where we can confirm them. We are working through all startups since 2023, newest first; 4,716 are done so far. A company that files a new Form D gets a fuller page, usually the same evening.

Websites and LinkedIn pages we can't confirm

Many companies on Form D are new or little known. Some have no website yet, some have no LinkedIn page, and some of their people have none either.

We publish a website or a LinkedIn page only when we can confirm that it belongs to the company or the person, for example when the company's own website links to it, or when the people on the Form D name the company as their employer. When a page looks right but we can't confirm it, we leave it off rather than send you to the wrong company or person.

Of the 4,716 companies we have researched, we confirmed a website for 86% and a LinkedIn page for 76%. We confirmed a LinkedIn profile for 52% of their people.

So a missing website or LinkedIn page does not mean the company has none, only that we could not confirm one. If you know the right page, use Suggest an edit on the company's page and we will check it.

What can be missing

• Rounds raised without a Form D. Some companies rely on other exemptions, file late or never file.
• Investor names, valuations and round names. Form D does not report them. When a company or its investors announce a round, a researched page shows it separately, with a link to the announcement.
• Parts of a round sold outside the United States.
• Everyone else at the company. A filing names its officers and directors, not its staff or its investors.
• Links between the same person's pages. Two filings with the same name join one page only when a source ties them. Until one does, the same person can have two pages.

What can differ from the news

An announced round and a Form D measure different things. The announcement is a headline number. The filing reports what was sold in one offering as of its date, and can include converted notes or other non-cash payment. We show both, separately.

How current it is

Filing figures change only when the company amends its Form D; the page updates the same evening or the next morning. A researched page reflects its sources on the day we checked them, and a company's website can change after that. To report something out of date, see Corrections.