November 2025 raised nearly $30M in Reg CF & Reg A+ combined

CHART OF THE WEEK

After two strong months, November 2025 saw a step back in total dollars raised—but not in participation. Regulation Crowdfunding (Reg CF) campaigns brought in $21.3M from roughly 11,600 investors, while Reg A+ added $8.4M, bringing the combined total to just under $30M. The dip from October’s $34M reflects smaller average checks—down to about $1,800 per investor—as investors approach year-end with caution.

Still, platforms like DealMaker ($6.3M), StartEngine ($5.3M), and Wefunder ($4.5M) kept activity robust, while Honeycomb crossed $1M yet again. Top campaigns included MightyFly ($2.76M), TerraCycle ($2.15M), and EnergyX ($2.1M), alongside oversubscribed smaller raises like Viit Health, Reem’s California, and Tanzie’s Cafe. Even with fewer blockbusters, November confirmed one key trend: crowdfunding capital is flowing steadily, even as investors grow more selective.

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UPCOMING EVENTS THIS WEEK

Demo Day Q4 2025 — Featuring Special Guest Judge David Willbrand
Kingscrowd’s final Demo Day of the year is happening Wednesday, December 10th at 1pm ET. Join us live as founders pitch their startups in rapid-fire format—with expert commentary and Q&A from Pacaso Chief Legal Officer and venture veteran David Willbrand. Don’t miss your chance to discover new deals, hear sharp analysis, and vote for the Best Pitch of Q4.

🗓️ Wednesday, Dec 10th, 1pm ET → Register now 👇

KINGSCROWD PODCAST

INVEST Act: What Could Change for Retail & Founders

By Sam Fiske / Watch | Apple | Spotify

INVEST Act: What Could Change for Retail & Founders — Brian, Scott, and Teddy break down the House’s capital-formation package (Reg CF’s lower financial threshold to $250K, an exam path to accredited status with inflation indexing, and VC fund expansions), then preview Kingscrowd’s Q4 Demo Day (Dec 10, 1pm ET) and review TMA Precision Health. RSVP inside.

PITCH REVIEW 💸

By Teddy Lyons \ Deal Report

Brief: Clue Genetics is a biotech company that explores fungi as a source of novel, valuable natural compounds, using chemical and genomic analyses to discover bioactive molecules with diverse applications. Its proprietary library of over 50,000 fungal strains—3,000 of which are DNA-fingerprinted—forms the core of its discovery platform.

Teddy’s Quick Take: Mushrooms are one of my least favorite foods. Slimy. Tasteless. Hard pass.

That being said, I am extremely bullish on the medicinal potential of mushrooms. If you follow our top deals, you’ll remember we invested in AJNA BioSciences last year. That company already has a mushroom-derived drug in Phase I clinical trials.

Mushrooms and other types of fungi are basically nature's untapped medicine chest. They can potentially be used to create novel antibiotics, anticancer agents, and sustainable biomaterials, among many other things. However, only about 150,000 fungal species have been formally described out of an estimated 3-4 million total, and less than 1% of their biosynthetic gene clusters have been functionally characterized.

Clue Genetics owns one of the largest proprietary fungal strain collections, far exceeding public repositories in scale and focus on rare taxa, with over 50,000 living isolates sourced from diverse ecosystems across six continents and more than 3,000 DNA-fingerprinted for precise identification. This library serves as a biodiversity vault, accelerating discovery by providing viable, culturable strains for high-throughput screening.

The moat here is real and very hard to replicate. You can't just sequence the DNA and synthesize the compounds. Most of these molecules only show up when the original living fungus is cultured under the right conditions. Early high-throughput screening of the library has already turned up hundreds of promising hits, putting Clue Genetics years ahead of anyone trying to catch up.

With this raise, they're advancing two lead programs pulled straight from the collection: a novel antifungal targeting Candida auris (an emerging, often drug-resistant pathogen that's becoming a nightmare in hospitals), and a biological crop treatment product
The use cases are practically endless. Human therapeutics, animal health, agriculture, biomaterials. The IP moat around that living library is enormous.

Definitely one worth checking out.

STAFF PICKS 🌶️

TerraCycle

By Teddy Lyons

TerraCycle turns non-recyclable waste streams into raw materials and reusable products. With $43 million in 2024 revenue and two straight years of profitability, it has kept more than eight billion items out of landfills.

Modern Mill

By Teddy Lyons

Using patented tech and upcycled rice hulls, Modern Mill produces durable, stainable building materials that replace traditional wood. The company achieved $20 million+ revenue in 2024 and distributes products nationwide.

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