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February 2026: Crowdfunding Activity Cools as Investor Participation Declines
Reg CF campaigns raised $21.95M in February across just over 10,000 investors, down from January and the prior year—while large Regulation A offerings kept overall crowdfunding capital above $67M.
Sam Fiske
March 16, 2026 • Estimated Reading Time: 6 minutes
February’s crowdfunding data shows a more selective market for startup fundraising.
Regulation Crowdfunding campaigns collectively raised $21.95 million from 10,215 investors, marking a 9.5% drop from January and a sharper decline from February 2025. Investor participation fell even faster, suggesting retail enthusiasm cooled after the strong finish to 2025.
Despite the slowdown, capital continued to concentrate around top platforms and standout campaigns. Wefunder, DealMaker, and StartEngine accounted for the majority of Reg CF funding, while several campaigns — including Pirouette Pharma and Green Coffee Company — still attracted meaningful investor demand.
Beyond Reg CF, the broader crowdfunding ecosystem remained active. Regulation A offerings generated roughly $45.78 million during the month, pushing total tracked investment crowdfunding capital above $67 million.
For founders planning a raise, February’s data highlights an important shift: while capital is still flowing, investors appear to be concentrating around stronger deals and larger offerings, making campaign preparation, traction signals, and marketing execution more important than ever.
FOUNDER REPORT (FEB-MAR 2026)
Founders raised $24.9M via Reg CF and $51.6M via Reg A+ over the last 30 days—signaling a strong private-markets moment heading into spring. On the Reg CF side, Wefunder ($6.90M) and DealMaker ($6.39M) led the pack, with StartEngine ($3.00M) close behind—while Healthcare & Pharma ($5.09M) and Real Estate ($3.05M) were two of the biggest capital magnets (real estate also posted the highest average checks). See the full platform + sector breakdown →
LEARN ABOUT THE REALITIES OF THE REG A MARKET
Webinar: The Reg A Marketing Reality in 2026
Thinking about a Regulation A raise this year? The environment has changed. Marketing costs are higher, investor expectations are different, and regulators are watching how offerings are promoted more closely than ever.
Join Kingscrowd CEO Chris Lustrino, Potomac Growth CEO Eitan Charnoff, The Crowd founder Sarah Hardwick, CrowdCheck’s Jamie Ostrow, and Pacaso’s Tom Mulholland this Thursday, March 19 at 12pm ET for a candid discussion on what founders should actually expect when raising capital online today — from marketing strategy and CAC to compliance pitfalls and campaign timelines.
REG CF ISSUERS: DON’T FORGET YOUR FORM C-AR FILING
If your company has raised capital under Regulation Crowdfunding, you may be required to file an Annual Report (Form C-AR) with the SEC each year.
Missing or late filings can create compliance issues that may complicate future fundraising, platform approvals, or investor diligence.
raisepapers provides flat-fee services to help Reg CF issuers prepare and file their required Form C-AR reports with the SEC.
✔ Flat-fee filing support
✔ Experienced crowdfunding compliance team
✔ Designed specifically for Reg CF issuers
UPCOMING EVENTS
 | Investment Crowdfunding Week (April 13–15) is a free, three-day virtual event built for founders in the trenches of raising — covering campaign strategy, diversifying your capital stack, compliance, exchange listings, and what it actually takes to close a round. Watch 20 vetted companies pitch live, learn from the people who've done it, and walk away with tactics you can use before your raise closes. |
FROM THE INSIDE STARTUP INVESTING PODCAST
Thinking about launching a Reg CF or Reg A+ raise in 2026? This episode is basically a fundraising marketing checklist: traffic targets, conversion rate benchmarks, channel strategy, creative testing, webinars/events, and why “doing more” is usually the answer. Jason Fishman (Digital Niche Agency) shares what top issuers do differently before and during launch.
EDUCATION
Reg A Ads on TV/Radio? The SEC Just Clarified the Rules
One of Regulation A’s biggest advantages is marketing flexibility—but the SEC staff just tightened the practical reality for TV, radio, and audio/visual ads depending on where you are in the offering timeline. CrowdCheck breaks down the SEC’s new guidance (C&DI 182.28, added Feb 17, 2026) and how ad rules shift across three windows: pre–Form 1-A, post-filing/pre-qualification, and post-qualification.
The headline: after qualification, TV and radio ads are generally out, because post-qualification written offers must be “accompanied with or preceded by” the most recent offering circular—something broadcast can’t reliably deliver. Online audio/visual ads may still work if the viewer can access the offering circular in the same flow (e.g., a clickable link).
