How long does a crowdfunding raise take, from Day 0 to the close?
Plan on about 90 days before launch, then about three months live for a typical Reg CF raise. Reg A+ runs closer to ten months. Here is the calendar.
By Bryce W Jones4 min read
A well-run Reg CF raise takes about six months from the day a founder decides to raise to the day it closes: about ninety days of preparation, then about three months live. In KingsCrowd data on Reg CF raises that started in the first half of 2025, the median raise was open for about ninety-two days. A Reg A+ raise takes much longer: the median closed raise in the same data ran about ten months, and that is after the SEC has qualified it.
Most founders plan for the live part only. The preparation is what decides how the live part goes.
Before launch: the 90-Day Runway
I recommend about ninety days between the decision to raise and launch day, in three phases of about thirty days each. I call it the 90-Day Runway: Build, Warm, Amplify.
Days 1 to 30: Build
Everything the raise will need to go live, made before anyone sees it.
- Settle the messaging: the story, the claims, and what counsel has cleared.
- Produce the media: the offering video, ads, and graphics.
- Build the offering page and prepare the company website.
- Set up tracking, so you know where every investor came from. See Cross-domain tracking for a raise: follow the investment, not the click.
- Plan the content calendar through launch.
- Make the offering decisions and choose the platform. See The 17 decisions to make before your crowdfunding raise launches.
At the end of this phase, the Testing the waters page goes live.
Days 31 to 60: Warm
Now you have something to point people at.
- Tell everyone you already know, by email and text. Existing customers, past investors, friends, and family are the warmest audience you have.
- Push hard on organic social. The goal is data as much as reach: which messages people respond to, and which they ignore.
- Collect reservations from people who want to invest when the raise opens. See Testing the waters: how to build the audience before you can take a dollar.
Days 61 to 90: Amplify
Turn on paid ads. The whole point of this phase is to build excitement for launch day and grow the list, so there are investments in the door the moment the offering opens. Start at a modest daily budget, and do not ramp spend until the return on ad spend is solid.
Most founders do not have the patience for all ninety days, or do not budget for them, and want to skip some or all of it. Many raises fall flat right out of the gate for exactly that reason. See The Ghost Launch: why switching platforms won't fix an empty room.
During the raise: about three months for Reg CF
Once the offering is live, expect it to take a while. The median Reg CF raise in the KingsCrowd data was open about ninety-two days, and the spread is wide: the middle half ran from about seven weeks to about seven and a half months.
Raises are not linear. Money tends to arrive at the open and at the close, with a long middle in between. Plan each stretch differently:
- The open. The list you built before launch converts first. This is why the runway matters.
- The middle. Momentum sags. Steady paid acquisition, investor updates, and a reason to act now keep money coming in.
- The close. I recommend a four-week closing campaign that urges people to finish their investments, with a real deadline and every channel pointed at it. In my experience it produces a clear spike in how fast money comes in.
Reg A+ takes longer
A Reg A+ raise has a step Reg CF does not: the SEC reviews and qualifies the offering before it can accept money. That review alone can take months. See How Reg A+ qualification works, from Form 1-A to the first sale. Once qualified, Reg A+ raises also stay open longer. In the KingsCrowd data, the median closed Reg A+ raise ran about ten months.
You can test the waters during SEC review, so the runway and the review can overlap. See Reg A+ testing the waters: Rule 255 before and after Form 1-A.
After the close
The raise ends, but the work does not. Funds are released from Escrow, investors need updates, and the company has ongoing filings. For a Reg CF company, that means an annual report. See The forms a Reg CF offering files, from Form C to Form C-TR and, for Reg A+, What a Reg A+ company owes the SEC after the raise. Your investors are also the warmest audience for your next round. See How to raise again from your existing investors.
The calendar at a glance
| Stage | Reg CF | Reg A+ |
|---|---|---|
| Build, Warm, Amplify | About 90 days | About 90 days, overlapping SEC review |
| SEC qualification | None | Often several months |
| Live raise (median) | About 92 days | About 10 months |
| Closing campaign | Final 4 weeks | Final 4 weeks |
Benchmarks are KingsCrowd data on raises that started in the first half of 2025: 380 Reg CF raises and 16 closed Reg A+ raises. Your raise will be different. Plan for the median and prepare for longer.
FAQ
How long does an equity crowdfunding campaign last?
A typical Reg CF raise stays open for about three months. In KingsCrowd data on raises started in the first half of 2025, the median was about ninety-two days, with the middle half running from about seven weeks to about seven and a half months.
How long should you prepare before launching a crowdfunding raise?
About ninety days: thirty to build the messaging, media, offering page, and tracking, thirty to warm up your existing contacts while testing the waters, and thirty of paid ads to build excitement for launch day.
How long does a Reg A+ raise take?
Longer than Reg CF. The SEC must qualify the offering first, which can take months, and the median closed Reg A+ raise in KingsCrowd's first-half 2025 data was open about ten months after that.
When do most crowdfunding investments come in?
At the open and at the close. The open converts the audience built before launch, and the close responds to a real deadline. The middle of a raise is usually slower, so plan steady marketing and a closing campaign for the final weeks.