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Case Study: LiquidPiston's $50M Multi-Year Raise Strategy
April 9, 2024
Innovative companies have been raising capital online for close to 10 years now—and while there are thousands of success stories proving its merit, there are a handful of companies that stand out as true trailblazers in this space.
These are startups that have leveraged community raising to its fullest potential, with multiple successful funding rounds under their belts. By demonstrating traction and keeping their investors engaged with regular updates, these companies are able to consistently raise larger financing rounds each time they come back to the table — and you'd be hard-pressed to find a better example than LiquidPiston.
LiquidPiston's 25 hp X-engine (left), compared with the equivalent Kohler model (right)
LiquidPiston's patented rotary engine is the first major disruption to internal engine technology in over a century. With over 90 patents granted and pending – and more on the way – LiquidPiston's mission has been and continues to be the development of compact and efficient power systems based on advanced thermodynamics, rotary engine technology, and integrated hybrid electric platforms. LiquidPiston's X-Engine will deliver the same output power as a traditional piston diesel engine – but in a package that can be less than 20% of the size and weight of the piston engine.
This isn’t just an incremental improvement; it’s a potential game-changing technology that can bring power density and fuel efficiency improvements to many segments of a global $400B internal combustion engine market. The U.S. Department of Defense has taken notice of the technology’s potential – the Company has already landed over $65 million in military contracts.
Built on over 15 years of R&D and extensive intellectual property creation, LiquidPiston is the kind of opportunity retail investors don’t see every day. But the father-son duo at the company’s helm decided to do things in an innovative new way—by raising capital digitally from their followers and fans.
LiquidPiston’s multi-year raise strategy
LiquidPiston’s first community raise launched in 2016 and was a huge success, making it one of the first companies ever to raise $1M+ via Reg CF. They’ve gone on to raise four more rounds since then, each spurred on by exciting milestones for the business. One of their Reg CF rounds was oversubscribed in 9 hours!
LiquidPiston’s most recent funding round was powered by DealMaker. The raise brought in $31.4 million in investments, bringing their total capital raised across five campaigns (three Reg CF, two Reg A) to over $50 million.
The overwhelming support from over 10,000 investors in this round is an incredible validation of LiquidPiston’s technology, traction, and vision. According to the founders, the funds raised will be instrumental in accelerating the company’s research and development efforts, expanding its operations, and bringing its groundbreaking engine technology closer to commercialization.
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You can learn more about LiquidPiston here.
When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.
The Challenge: Raising Capital on Their Terms
The Challenge: Raising on Their Terms
Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.
Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?
- Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
- Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
- A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
- Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.
The Power of Retail: Monogram's Capital Journey
| Start Date | End Date | Type | Platform | Amount Raised | # Investors |
|---|---|---|---|---|---|
| 3/13/19 | 3/31/20 | A+ | SeedInvest | $14,588,668 | 6,000 |
| 11/16/20 | 1/16/21 | A+ | StartEngine | $2,965,501 | 8,000 |
| 1/17/21 | 2/18/22 | A+ | StartEngine | $23,647,853 | 14,082 |
| 7/15/22 | 3/16/23 | CF | DealMaker | $4,673,000 | 2,249 |
| 3/1/23 | 4/8/23 | A+ | Republic | $232,275 | 120 |
| 3/1/23 | 5/23/23 | A+ | DealMaker | $15,958,364 | 5,198 |
| 5/18/23 | - | Nasdaq listing | |||
| 7/24 | 10/24 | Unit Offering | DealMaker | $12,990,103 | 2,745 |
Monogram Capital Raise Timeline
Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.
Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.
$80M+
Raised across seven campaigns
~40,000
Investors championing Monogram's vision
20%
Of each raise came from previous investors
Marketing Excellence
DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.
Premium Publications
Targeted campaigns in premium publications like Morning Brew captured qualified investors
High-Engagement Webinars
Engaging events that generated over $4.3 million in investments
Community Building
Strategic approaches that fostered a loyal shareholder base
Investment Momentum
Innovative approaches that amplified investment momentum
Monogram's Journey to Success
Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:
- Filed its first patent application in 2017
- Conducted clinical studies at UCLA and University of Nebraska
- Expanded the team with key hires
- Attracted a top-tier advisory board to guide clinical innovations
- Signed their first distribution partnerships
- Made headlines with cutting-edge live demonstrations
- Secured 501(k) FDA clearance for the mBôs surgical system
Nasdaq Debut & Beyond
In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.
For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.
Public perception says you can't raise privately post-IPO. Monogram proved that wrong.
Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.
This was retail capital at its best: strategic, repeatable, and aligned.
One vision. Zero compromises.
This wasn't a one-time raise. It was a multi-year capital strategy.
Retail capital helped Monogram:
- Go from concept to commercialization without relying on VCs
- Retain ownership and control in a high-burn industry
- Build a base of loyal shareholders who invested not once, but over and over again
- Uplist to the Nasdaq, and still keep raising post-IPO
This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.
Ready to Raise Capital on Your Terms?
Whether you're pre-revenue or post-IPO, DealMaker gives you the infrastructure, support, and strategy to raise from the people who believe in you most.
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