{
  "_": "FORMATION SERIES — US companies raising disclosed private capital, by quarter, from SEC Form D.",
  "_notFormation": "⛔ This is a FUNDRAISING record, not a formation record. A company appears the quarter it RAISES, which may be years after founding, and a bootstrapped company never appears at all. Never label it \"companies founded\".",
  "_exclusions": "Pooled Investment Funds, Investing and REITS are FUNDS, not operating companies. On 2026Q1 they were 10,135 of 15,735 filings — counting raw Form D as \"startups\" overstates the population roughly 3x.",
  "_tech": "TECH = Computers + Other Technology + Telecommunications, Form D's own taxonomy.",
  "source": "https://www.sec.gov/data-research/sec-markets-data/form-d-data-sets",
  "generatedAt": "2026-09-04T22:47:34.606Z",
  "quarters": [
    {
      "q": "2014q1",
      "total": 11259,
      "tech": 1117,
      "operating": 2522,
      "fund": 6713,
      "other": 2024
    },
    {
      "q": "2014q2",
      "total": 8971,
      "tech": 1246,
      "operating": 2746,
      "fund": 4227,
      "other": 1998
    },
    {
      "q": "2014q3",
      "total": 8680,
      "tech": 1270,
      "operating": 2713,
      "fund": 3941,
      "other": 2026
    },
    {
      "q": "2014q4",
      "total": 9074,
      "tech": 1232,
      "operating": 2631,
      "fund": 4310,
      "other": 2133
    },
    {
      "q": "2015q1",
      "total": 11436,
      "tech": 1151,
      "operating": 2507,
      "fund": 6712,
      "other": 2217
    },
    {
      "q": "2015q2",
      "total": 9371,
      "tech": 1340,
      "operating": 2710,
      "fund": 4516,
      "other": 2145
    },
    {
      "q": "2015q3",
      "total": 9036,
      "tech": 1276,
      "operating": 2692,
      "fund": 4342,
      "other": 2002
    },
    {
      "q": "2015q4",
      "total": 9123,
      "tech": 1249,
      "operating": 2580,
      "fund": 4332,
      "other": 2211
    },
    {
      "q": "2016q1",
      "total": 11764,
      "tech": 1243,
      "operating": 2564,
      "fund": 6993,
      "other": 2207
    },
    {
      "q": "2016q2",
      "total": 9625,
      "tech": 1274,
      "operating": 2643,
      "fund": 4791,
      "other": 2191
    },
    {
      "q": "2016q3",
      "total": 9084,
      "tech": 1198,
      "operating": 2515,
      "fund": 4431,
      "other": 2138
    },
    {
      "q": "2016q4",
      "total": 9313,
      "tech": 1187,
      "operating": 2487,
      "fund": 4560,
      "other": 2266
    },
    {
      "q": "2017q1",
      "total": 12065,
      "tech": 1187,
      "operating": 2504,
      "fund": 7218,
      "other": 2343
    },
    {
      "q": "2017q2",
      "total": 10269,
      "tech": 1184,
      "operating": 2533,
      "fund": 5336,
      "other": 2400
    },
    {
      "q": "2017q3",
      "total": 9667,
      "tech": 1191,
      "operating": 2463,
      "fund": 4801,
      "other": 2403
    },
    {
      "q": "2017q4",
      "total": 9940,
      "tech": 1225,
      "operating": 2517,
      "fund": 4942,
      "other": 2481
    },
    {
      "q": "2018q1",
      "total": 12542,
      "tech": 1296,
      "operating": 2639,
      "fund": 7395,
      "other": 2508
    },
    {
      "q": "2018q2",
      "total": 10928,
      "tech": 1335,
      "operating": 2698,
      "fund": 5842,
      "other": 2388
    },
    {
      "q": "2018q3",
      "total": 10446,
      "tech": 1277,
      "operating": 2600,
      "fund": 5252,
      "other": 2594
    },
    {
      "q": "2018q4",
      "total": 10769,
      "tech": 1243,
      "operating": 2496,
      "fund": 5656,
      "other": 2617
    },
    {
      "q": "2019q1",
      "total": 12242,
      "tech": 1162,
      "operating": 2453,
      "fund": 7200,
      "other": 2589
    },
    {
      "q": "2019q2",
      "total": 11679,
      "tech": 1290,
      "operating": 2624,
      "fund": 6403,
      "other": 2652
    },
    {
      "q": "2019q3",
      "total": 10906,
      "tech": 1202,
      "operating": 2503,
      "fund": 5652,
      "other": 2751
    },
    {
      "q": "2019q4",
      "total": 10977,
      "tech": 1135,
      "operating": 2409,
      "fund": 5795,
      "other": 2773
    },
    {
      "q": "2020q1",
      "total": 12703,
      "tech": 1084,
      "operating": 2202,
      "fund": 7764,
      "other": 2737
    },
    {
      "q": "2020q2",
      "total": 10202,
      "tech": 1063,
      "operating": 2115,
      "fund": 6012,
      "other": 2075
    },
    {
      "q": "2020q3",
      "total": 10856,
      "tech": 1099,
      "operating": 2231,
      "fund": 6228,
      "other": 2397
    },
    {
      "q": "2020q4",
      "total": 12328,
      "tech": 1191,
      "operating": 2438,
      "fund": 7023,
      "other": 2867
    },
    {
      "q": "2021q1",
      "total": 14880,
      "tech": 1266,
      "operating": 2661,
      "fund": 9244,
      "other": 2975
    },
    {
      "q": "2021q2",
      "total": 15115,
      "tech": 1469,
      "operating": 2689,
      "fund": 9210,
      "other": 3216
    },
    {
      "q": "2021q3",
      "total": 14843,
      "tech": 1479,
      "operating": 2728,
      "fund": 9000,
      "other": 3115
    },
    {
      "q": "2021q4",
      "total": 16583,
      "tech": 1432,
      "operating": 2680,
      "fund": 10219,
      "other": 3684
    },
    {
      "q": "2022q1",
      "total": 18558,
      "tech": 1422,
      "operating": 2639,
      "fund": 12171,
      "other": 3748
    },
    {
      "q": "2022q2",
      "total": 16124,
      "tech": 1284,
      "operating": 2400,
      "fund": 10170,
      "other": 3554
    },
    {
      "q": "2022q3",
      "total": 14187,
      "tech": 1244,
      "operating": 2385,
      "fund": 8553,
      "other": 3249
    },
    {
      "q": "2022q4",
      "total": 13571,
      "tech": 1180,
      "operating": 2304,
      "fund": 8103,
      "other": 3164
    },
    {
      "q": "2023q1",
      "total": 14227,
      "tech": 1109,
      "operating": 2240,
      "fund": 9062,
      "other": 2925
    },
    {
      "q": "2023q2",
      "total": 13783,
      "tech": 1159,
      "operating": 2300,
      "fund": 8544,
      "other": 2939
    },
    {
      "q": "2023q3",
      "total": 12678,
      "tech": 1044,
      "operating": 2130,
      "fund": 7759,
      "other": 2789
    },
    {
      "q": "2023q4",
      "total": 12281,
      "tech": 1065,
      "operating": 2160,
      "fund": 7433,
      "other": 2688
    },
    {
      "q": "2024q1",
      "total": 14208,
      "tech": 1057,
      "operating": 2100,
      "fund": 9253,
      "other": 2855
    },
    {
      "q": "2024q2",
      "total": 13699,
      "tech": 1040,
      "operating": 2135,
      "fund": 8480,
      "other": 3084
    },
    {
      "q": "2024q3",
      "total": 13222,
      "tech": 1003,
      "operating": 2083,
      "fund": 8199,
      "other": 2940
    },
    {
      "q": "2024q4",
      "total": 13611,
      "tech": 990,
      "operating": 2036,
      "fund": 8694,
      "other": 2881
    },
    {
      "q": "2025q1",
      "total": 14757,
      "tech": 1054,
      "operating": 2061,
      "fund": 9898,
      "other": 2798
    },
    {
      "q": "2025q2",
      "total": 13146,
      "tech": 1007,
      "operating": 1953,
      "fund": 8533,
      "other": 2660
    },
    {
      "q": "2025q3",
      "total": 13979,
      "tech": 1106,
      "operating": 2132,
      "fund": 8766,
      "other": 3081
    },
    {
      "q": "2025q4",
      "total": 14637,
      "tech": 1019,
      "operating": 2051,
      "fund": 9457,
      "other": 3129
    },
    {
      "q": "2026q1",
      "total": 15734,
      "tech": 992,
      "operating": 1932,
      "fund": 10848,
      "other": 2954
    },
    {
      "q": "2026q2",
      "total": 16640,
      "tech": 1147,
      "operating": 2335,
      "fund": 11273,
      "other": 3032
    }
  ]
}