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There is a number no Regulation Crowdfunding company has ever been allowed to beat.
Since March 15, 2021, federal law has capped a Reg CF offering at $5,000,000 in any twelve-month period. Before that date, the ceiling was $1,070,000. That single line in the securities code has done more to shape the leaderboard of online capital formation than any founder, platform, or marketing budget ever has.
So when you ask “who raised the most through Reg CF?” — the honest answer isn’t a name. It’s a wall.
And when we went looking for who’s pressed hardest against that wall over the past decade, we found something we didn’t expect: six of them have already been guests on this show. Four sit inside the all-time top ten.
First, a word about the data
Here’s a problem almost nobody in this industry talks about: the SEC never collected “amount raised” as a structured field for Reg CF.
Form C captures the target and the maximum an issuer seeks. But the amount actually closed? It lives in a free-text box on Form C-U — the progress update — where founders type sentences like “At the close of the offering, the issuer closed on $5,000,960.02.” There is no column. No database field. Nothing to query.
That’s why published Reg CF figures so often disagree with each other, sometimes by six figures for the same campaign. Most sources scrape platform pages, which frequently blend concurrent Reg D or Reg A dollars into a single headline number.
For this piece, we did it the hard way. We pulled all 41 quarters of the SEC’s Crowdfunding Offerings Data Sets — 2016 Q2 through 2026 Q2 — and parsed the progress-update text of 5,532 filings. Every figure below is what the issuer itself told the Securities and Exchange Commission, signed and filed. No estimates. No platform marketing numbers.
The wall, visualized
Look at the axis. Top to bottom, these twenty-three companies are separated by less than $9,000 — under two-tenths of one percent of the cap. Seven of them reported precisely $5,000,000.00. The gap between rank 2 and rank 20 is $2,001, less than the price of a used car.
Only one campaign in a decade has ever reported a figure above five million: Boxabl, at $5,000,960.02 — a $960 overage, filed as a correction to its original progress update. That is the entire margin of victory at the top of Reg CF history.
The Six: our alumni in the $5 Million Club
1. Boxabl — $5,000,960.02 (all-time #1)
Paolo Tiramani, founder and CEO, joined us on November 13, 2019 — more than two years before this record raise closed, when Boxabl was still preparing to debut at the Las Vegas builders show.
“The housing crisis has many causes. Significant issues are the high cost and low speed of current building methods.” — Paolo Tiramani
Foldable homes that ship next-day and assemble in hours. He described the thesis to our audience before the crowd made it the largest Reg CF campaign ever filed. Boxabl also appears at #32 on the all-time list with a separate $4,952,914 raise — one of only three companies to hit the ceiling twice.
4. ClearingBid — $5,000,000.00
Matt Venturi, founder and CEO, joined us on February 6, 2025. ClearingBid is building the plumbing to let retail investors buy into IPOs at the IPO price, through their own broker — the same access institutions have always enjoyed.
“What we’re really doing is allowing everybody to come in at that IPO price and be able to have their order seen and recognized.” — Matt Venturi
There’s a pleasing symmetry here: a company democratizing IPO access funded itself by democratizing its own cap table, drawing roughly 3,900 investors to a maxed-out raise.
5. Mivium — $5,000,000.00
Eric Tsai, CEO, joined us on November 14, 2024, mid-campaign. Mivium makes gallium nitride semiconductors — faster switching, less heat, and a manufacturing process that skips the toxic inputs silicon fabs depend on.
“Our process keeps our production output clean, and we don’t use toxic materials.” — Eric Tsai
His ambition: a “gallium valley” in Reno, Nevada. His raise closed at the ceiling five months after we aired.
8. RISE Robotics — $5,000,000.00
Hiten Sonpal, CEO, joined us on November 13, 2025. RISE Robotics builds Beltdraulics — a belt-driven electric replacement for hydraulics, modeled on how muscle fibers actually work, aimed at a $600 billion industry.
“Hydraulics required pumps, reservoirs, and hoses. They were inefficient and leaked everywhere.” — Hiten Sonpal
Its Form C-U, filed under the legal name LiftWave, Inc., landed in March 2026 — one of the two most recent entries anywhere on the all-time list.
22. Aptera Motors — $4,992,855.00
Steve Fambro, co-founder and co-CEO, joined us on November 27, 2025. Aptera’s solar-electric vehicle uses roughly 100 watt-hours per mile and can add up to 40 miles of range a day from sunlight alone.
“Aptera is about using the least amount of energy to go from point A to point B.” — Steve Fambro
They stopped $7,145 short of the ceiling. In a category where the winners are separated by rounding error, that’s a photo finish.
23. TerraCycle — $4,992,282.31
Tom Szaky, founder and CEO, joined us on January 8, 2026. TerraCycle recycles the things nobody else will touch — cigarette butts, dirty diapers — across 21 countries.
“Why can’t those two concepts come together where you can invest in a profitable business whose core focus is making the world better?” — Tom Szaky
TerraCycle US closed its $5 million offering in under 60 days. Investors in its earlier Reg A offering had already seen 17–20% dividend returns.
Why 2016–2020 doesn’t appear at all
Not one campaign from Reg CF’s first five years appears anywhere near this list — and that’s structural, not a data gap. Under the old $1,070,000 ceiling, the best a founder could do was hit it exactly, and several did: Gulf Coast Canna Meds ($1,074,025), ArtMap ($1,070,923), Solutions Vending ($1,070,578).
The 2021 amendment didn’t just raise a number. It created an entirely new asset class overnight — one where a growth-stage company could treat its own customers as a real funding round rather than a marketing gesture.
Three things the $5 Million Club has in common
They sell something you can picture. A folding house. A solar car. A robot that replaces hydraulics. A machine that recycles diapers. Every company on this list can explain its product in one sentence to someone with no technical background — which is precisely the test a Reg CF campaign is.
They treat retail investors as the point, not the fallback. Venturi is building IPO access for ordinary people. Szaky asks why profit and purpose have to be separate investments. Sonpal offered his crowd terms comparable to institutional investors’. None of them raised from the crowd because institutions said no.
They came back. Boxabl, Angel Studios, and Miso Robotics each appear on the all-time list twice — separate campaigns, separate twelve-month windows, both near the ceiling. The cap constrains a single raise. It does not constrain a company that has learned how to bring its community along.
Two of them take the stage in ten days
We are proud and honored to share that Matt Venturi of ClearingBid and Tom Szaky of TerraCycle will both be speaking at SuperCrowd26, August 25–27, 2026.
It is a genuine privilege to have hosted these founders on Superpowers for Good — and a bigger one to bring two of them back to a global stage. Between them they represent both halves of what this movement is trying to prove: that capital markets can be opened to everyone, and that doing measurable good and returning real money to investors were never opposing goals.
SuperCrowd26 is virtual, broadcast-quality, and streams worldwide, closing with the PurposeBuilt100™ Showcase honoring 100 of the fastest-growing purpose-driven companies in the U.S.
Register at supercrowd26.com.
Sources
Superpowers for Good episodes
Revolutionizing Tech with Gallium Nitride — Mivium (Eric Tsai)
Democratizing IPOs: How Matt Venturi Is Opening the Market to Investors — ClearingBid
Primary regulatory data
SEC Crowdfunding Offerings Data Sets — quarterly structured data from Form C filings, 2016 Q2–2026 Q2
SEC Final Rule: Crowdfunding (Release No. 33-9974) — establishing Regulation Crowdfunding
RISE Robotics (LiftWave) Form C-U · Aptera Motors Form C-U · TerraCycle US Form C-U
Event
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Disclaimer:
This article is for informational and educational purposes only. It does not constitute financial advice, investment advice, or a recommendation to buy or sell any securities. Crowdfunding investments are speculative, illiquid, and carry a high degree of risk, including the total loss of principal. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions.
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We utilized AI to efficiently gather data and analyze key success factors, enabling us to deliver an overview of these successful crowdfunding campaigns.
We share educational information—not investment advice. Some links may generate compensation. See our full disclosure.
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