The Reg CF (Regulation Crowdfunding) market continues to operate at a choppy pace. According to data from Crowdfund Capital Advisors (CCA)/CCLEAR, September saw 48 new securities offerings, a 15.8% decline from August and a 40.7% decline versus the same month the prior year. Closed deals totaled 41, down 44.6% from August and 28.1% from September 2025.
Regarding funding amounts, $16.9 million was committed to offerings, down 25.5% from August and 44.7% from September 2025.
The median valuation of issuers was $16.1 million, down 15.8% from August and 26.6% from September 2025.
Across the board, everything in the Reg CF marketplace declined, except the number of checks written in September 2026, which increased from August 2026. Still, year over year, September checks were down by 31.3% when compared to September 2025.
The average check written in September fell 36.1% to about $2,000 versus August.
Wefunder was the dominant platform in the Reg CF market, garnering 39.9% of committed dollars.
Sherwood Neiss, co-founder of CCA and CLEAR, described September as a “broadening of participation rather than a rush of capital.”
“Checks written rose 16.6% while the average check fell 36%, which tells me more investors are showing up, just with smaller amounts. The most useful way to read this market is the trailing 90-day flow, not any single month. On that basis new commitments are down about 24% from a year ago, and monthly numbers swing enough that one strong or weak month can mislead.”
Neiss noted that participation is down almost 20% versus last year and new deals have cratered by 40%.
“These are the companies creating jobs and driving local economic activity in communities across the country, and policymakers, regulators and the media should be paying attention. As long as venture capital keeps moving upstream toward larger and later deals (as well as only focused on AI), Regulation Crowdfunding remains one of the only viable ways for these issuers to raise meaningful capital from the community investors who believe in them.”
The CCA/CCLEAR report explained the current market sentiment as follows:
“September 2026 presented a challenging picture for investment crowdfunding. While deal flow and total commitments declined, the quality metrics tell a more nuanced story. The -25.5% MoM move in commitments from August to $16.9M, combined with the move to 48 new deals, could reflect a mix of seasonal patterns and ongoing market caution — the report can’t separate the two with certainty. By new-deal count, the month’s most active platforms were Wefunder (15), StartEngine (9), Dealmaker (7), Republic (4). The median Reg CF debt rate edged lower to 8.0% (from 11.6% in August) — a real cost of capital for the main-street issuers using this rung of the market to borrow. Looking ahead, the sector faces continued uncertainty around regulatory developments, interest-rate trajectories, and geopolitical dynamics. Reg CF’s structural appeal — democratized access to private markets — appears to continue drawing both issuers and investors, though the durability of that appeal will depend on how the above forces resolve.”