Why the Middle of a Crowdfunding Raise Now Matters Most

CHART OF THE WEEK

For years, founders were told the most important part of an equity crowdfunding raise was either the first 14 days or the final push. But new Kingscrowd data suggests the story has changed. Looking at Reg CF and Reg A+ equity deals that closed between January 2025 and May 2026, the middle of the raise now appears to bring in the largest share of investments for many campaigns. Investors are becoming more patient, more research-driven, and more responsive to sustained updates, milestones, and visible momentum throughout the campaign.

UPCOMING EVENTS

If you're in the Atlanta area, join us on Wednesday, June 10th (5–7:30 PM ET) at Industrious for an evening of live startup pitches, investor Q&A, and networking. Hear directly from founders actively raising via Reg CF, including Totem, Doroni Aerospace, Liquid Piston and Attorney Shield. Kingscrowd CEO Chris Lustrino will host and provide market context. Whether you're writing your first check or your hundredth, this is a great opportunity to meet the companies behind the deals.

Spots are limited — grab your ticket below.

KINGSCROWD PODCAST

10 Years of Reg CF, Reg Crypto & the Future of Retail Investing

What does the next decade of startup investing look like? This week on the Kingscrowd Podcast, Brian Belley and Scott Kitun unpack the proposed CLARITY Act, the emergence of “Reg Crypto,” and why tokenized investing could reshape private markets. Plus: the 10-year anniversary of Reg CF and the viral campaign attempting to crowdfund Spirit Airlines.

Listen in your browser

PITCH REVIEW 💸

By Teddy Lyons \ Deal Report

Brief: Totem is a consumer hardware company building offline wearable location technology for crowded or low-connectivity environments. Its flagship Totem Compass uses satellite signals and a proprietary mesh network to point users toward bonded friends or family members without relying on cell service, WiFi, or constant phone use. Initially targeting festivals and live events, Totem is expanding into family, resort, theme park, camping, and outdoor use cases where phones can fail or feel distracting.

Teddy’s Quick Take: 

I have been to a few music festivals over the years, and I continually run into the same problem: finding my friends in the crowd. I can call them, but I can never hear them over the music. Texting never works either. What does “meet me at the left side of the stage, halfway back” really mean when you are standing in a sea of thousands of people?

This is where Totem comes in. Totem makes a simple wearable compass that helps you find your friends and family in low signal environments like music festivals, amusement parks, and off the grid locations. The device uses GNSS for location and Totem’s proprietary Unity Mesh Network, a patent pending offline peer to peer system. It delivers real time directional updates straight to the compass with no cell service, WiFi, or Bluetooth required for core functions. Accuracy is 5x-10x better than a phone in these chaotic settings.

Totem began shipping in October 2024 and has already shown meaningful early traction, having shipped more than 50,000 units to customers in more than 75 countries. Totem also reports more than $3.5 million in revenue during its first two years, 600,000 or more followers, 700 million organic views, and 450 million people reached with no paid advertising.

What makes Totem stand out is how they got here. Over 90% of sales have come from pure organic traffic. In two years they have racked up more than 700 million views and 10 million shares across platforms with zero paid advertising. That level of genuine virality is rare in consumer hardware. Totem is already profitable on a monthly basis and is expanding beyond festivals into families, theme parks, and eventually data and analytics for venues.

The bigger question is whether Totem can expand beyond its initial music festival wedge. The company is already pointing toward broader consumer use cases, especially families at theme parks, resorts, zoos, campgrounds, and other high traffic destinations. If Totem can become a trusted offline coordination tool for parents and children, its market could be much larger than the festival audience alone.

STAFF PICKS 🌶️

Immersed

By Léa Bouhelier-Gautreau

Software, hardware, and AI: Immersed isn't stopping anywhere to put desk work into another dimension. Soon, "can you see my screen?" will take on a whole new meaning.

AutoCamp

By Teddy Lyons

AutoCamp redefines glamping as upscale, hassle-free nature escapes with modern Airstream suites and cabins. The company has recorded $150M in lifetime revenue, 9 locations nationwide, 700+ rooms, over 1M guests served, and booking access to Hilton's 190M+ members.

Oxeia Biopharma

By Léa Bouhelier-Gautreau

Oxeia Biopharma is building treatments designed to help the brain recover, not just cope, after concussions. The future of brain recovery might be less “just take some PTO” and more actual science.

That's a wrap on this week's issue!

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