What We Cover

Covering the market, not the pitch

A single offering tells you very little. The same offering priced against fifty others tells you a great deal.

01 / TERMS

What is being asked

Valuations, caps, discounts, instruments, and minimums across live raises. Terms drift over time and across sectors, and that drift is the most useful thing in this market.

02 / FLOW

Where capital is going

Which sectors and stages are attracting money this month, which are struggling to close, and how quickly raises are filling. Demand tells you about pricing.

03 / PLATFORMS

Who is carrying what

How registered funding portals differ in the deals they list, the diligence they perform, the fees they charge, and what happens to your money if a raise does not close.

What each issue contains

How we choose what to write about

  1. Start from filings. Form C, offering circulars, and platform disclosures — never a sponsored placement or an inbound pitch.
  2. Compare. A term only means something relative to what else is being offered at the same stage in the same month.
  3. Check the arithmetic. Headline valuation, instrument, and cap together determine effective price. They frequently disagree with the marketing.
  4. Publish with the risks intact, and with every commercial relationship disclosed.

What we will not do

No ratings, no rankings, no “deal of the week”, and no affiliate links to offerings. We take no commission on any raise, which is the only way coverage of this market can be worth reading.

We do not host or sell securities and we are not a funding portal. Live offerings are listed on registered portals and filed with the SEC on EDGAR — that is where to find them.

Nothing here is a recommendation to invest in any offering. These securities are highly speculative and illiquid, most early-stage companies fail, and most such investments return nothing. Understanding a market is not a reason to put money into it. See our disclaimer.