DealMaker’s 2024 Year in Review

As the curtain closes on 2024, we reflect on a year defined by transformation, resilience, and innovation—not just for DealMaker, but for the customers, industries, and markets we serve.

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This year, the power of digital retail capital reached unprecedented heights, fundamentally altering the capital-raising landscape and solidifying its position as a cornerstone of modern finance. From the achievements of our customers to groundbreaking industry trends, from pivotal product advancements to the milestones that shaped our own journey, this year proved that the future of capital raising is here, and DealMaker is leading the charge.

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Let’s take a look back at the highlights of 2024 and forward to the exciting possibilities ahead.

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Industry Shifts: The Rise of Retail

This year, retail capital solidified its place as a disruptive force in global finance, with key industry milestones illustrating just how much the capital-raising landscape has evolved.

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One of the most compelling stories came from Reddit, which took its community-focused ethos to a new level in 2024. When Reddit went public, it made headlines by offering its superusers the chance to purchase IPO shares at the listing price ($34/share) rather than the opening price available to the general public ($47/share). The high on IPO day was $57.80.

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This innovative allocation strategy created real value for those early investors, who have seen significantly larger gains than those who bought at the standard IPO price. It was also an ingenious brand-building move, turning Reddit’s most dedicated customers into lifelong loyalists.

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Meanwhile, Revolut, the British banking titan that raised a modest retail round in 2016, is raising capital again at a $45 billion valuation–and they’re offering their early backers the opportunity to cash out at a 400X return.

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Let that sink in. If you had invested $1,000 into Revolut’s first offering, you’d be sitting on $400k today. For the most seasoned investors, that is an extraordinary outcome. For retail investors, it’s downright legendary. This incredible return highlights the outsized rewards that retail investors can achieve when they’re given access to early-stage opportunities typically reserved for institutions. Revolut’s decision to celebrate and reward these early supporters underscores a growing trend: companies are increasingly recognizing retail investors not only as financial contributors but as brand advocates whose loyalty fuels growth and innovation.

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Beyond these marquee stories, a seismic shift in the broader industry continued this year, with direct-to-investor capital raises outpacing venture capital in year-over-year growth relative to 2018 volume.

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This shift reflects the changing preferences of founders, who are increasingly turning to retail capital not only as a funding source but as a strategic advantage. By empowering their fans to invest, companies build networks of supporters who amplify their brands and contribute to sustained growth.

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As these stories show, 2024 marked a turning point in how companies think about raising capital. The rise of retail investors isn’t just changing the way businesses fund their ambitions—it’s fundamentally reshaping the relationship between brands and their audiences.

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A Year of Record-Breaking Raises

This year, our customers shattered expectations, reaching new heights in innovation, engagement, and growth. Here’s a sampling of the biggest success stories we celebrated this year:

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EnergyX: The First Cleantech to Raise a $75M Retail Round

EnergyX, a pioneer in sustainable energy, became one of the first companies to max out a $75 million Reg A+ round—and the first cleantech company to do so. With over $87 million raised from retail investors to date, EnergyX exemplifies how retail capital can fuel growth for companies tackling some of the world’s most pressing challenges.

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EnergyX also expanded its operational footprint in 2024, opening a state-of-the-art, 40,000-square-foot headquarters in Austin, Texas. To maintain momentum between rounds, the company ran Reservation Campaigns on DealMaker’s platform, enabling an “always-on” capital raise strategy. By allowing potential investors to reserve shares between capital raises, EnergyX kept its community engaged and positioned itself for the successful launch of its next round.

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Monogram: Proving the Power of Retail for Public Companies

Monogram Technologies (NASDAQ: MGRM) is a standout example of how retail capital can fuel growth at every stage of a company’s journey. The company’s first experience with direct-to-investor capital was a $14.6 million 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. 

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This year, Monogram completed a $13 million capital raise as a publicly traded company, engaging both new and existing retail investors. Monogram’s story is a testament to the enduring power of retail capital. By maintaining a direct connection with its investor base, the company has turned its shareholders into champions, driving financial success and reinforcing its position as a market leader.

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The Oakland Ballers: Redefining Fan Ownership in Sports

The Oakland Ballers made headlines in 2024 by pioneering a new model of fan ownership that redefines how professional sports teams engage with their fans. Starting with a Reservation Campaign, the Ballers used DealMaker’s platform to gauge interest in a fan-led investment round. Overwhelmed by demand, the Ballers launched a $1.235M Reg CF that maxed out in less than nine days. 

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Beyond financial contributions, fan-owners were given the opportunity to participate directly in the team’s governance. The Ballers leveraged DealMaker’s tech to let its fans elect a fellow fan-investor to the team’s board of directors, with 68 shareholders applying for the spot. 

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The Ballers’ fan ownership campaign not only captured widespread media attention, with coverage in major outlets like The New York Times, Forbes, and Sports Illustrated, but also resonated deeply with their supporters. Fans were invited to invest directly in the team, giving them a unique opportunity to share in its success both on and off the field. This initiative isn’t just about raising money—it’s about aligning the team’s future with the people who care most about it.

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More Successful Nasdaq Listings

2024 also saw major milestones for companies like Sky Quarry (NASDAQ: SKYQ) and Autonomix (NASDAQ: AMIX), both of which completed public listings after successful capital raises through DealMaker. These companies are proof that retail capital is not an endpoint or last resort but a complementary component of the modern capital stack; in addition to the many that are now publicly traded, approximately 60% of DealMaker’s customers have raised institutional or venture capital in addition to retail funding.

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Our Year in Milestones

Major Product Enhancements Widen Our Moat

Among the dozens of product improvements made this year, DealMaker introduced two groundbreaking features: a self-hosted page builder and reservation campaigns, transforming how founders engage with investors and manage capital raises.

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The self-hosted page builder allows founders to design and launch reservation and campaign pages independently with drag-and-drop functionality, real-time previews, and full control over branding. It’s a no-code solution that enables companies to spin up custom pages with just a few clicks. And unlike third-party marketplaces, this tool ensures companies maintain ownership of their investor relationships and brand identity.

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With reservation campaigns, DealMaker redefined “Testing the Waters” (TTW), turning it into a dynamic, ongoing engagement strategy. These campaigns let companies measure investor demand before committing to full raises, reducing risk and maintaining momentum between rounds. By creating an “always-on” environment, businesses can continuously activate fans and turn them into passionate stakeholders.

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These innovations are already driving results for visionaries like EnergyX and the Oakland Ballers, which are leveraging these tools to engage their fans, sustain momentum, and lock in remarkable success even before launching an official raise.

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Awards, Press, and Recognitions

2024 was a banner year for DealMaker, marked by significant accolades, high-profile partnerships, and thought leadership moments that reinforced our position at the forefront of capital markets innovation.

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One of the year’s standout achievements was being named to Deloitte’s Canada Technology Fast 50 list—and, even better, to its Fast 500 list for all of North America. The Fast 500 celebrates the fastest-growing tech companies across North America, recognizing those leading the way with innovation, rapid growth, and industry impact. This year, we’re listed alongside (and above!) trailblazing tech companies like Zoom, DraftKings, Hopper, Discord, and Asana.

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DealMaker was a presenting partner at Robinhood’s first-ever annual conference in October 2024. This three-day event brought together more than 700 attendees, including hundreds of Robinhood’s power customers; A-list speakers like Daymond John, Vlad Tenev, and our CEO Rebecca Kacaba; and top-tier media outlets including CNBC, Sherwood Media, and Benzinga.

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Our booth had a massive line on all three days—an exciting validation that retail investors, even pubco-focused traders, have a strong appetite for alternative investments like the ones powered by our tech. Highlights from the event included:

• Rebecca speaking on the mainstage with ARK Invest’s Dr. Charles Roberts, a16z crypto’s Chris Lyons, and Sherwood Media’s Josh Tolopsky (get the full story here)
• Hosting a panel with Miso Robotics, Monogram Technologies, and EnergyX about how retail capital has impacted their businesses
• Chatting with Shark Tank’s Daymond John on the future of retail capital
• An exclusive interview with Benzinga’s Zunaid Suleman

Rebecca also made waves on the global stage at this year’s Web Summit in Lisbon, where she delivered a powerful presentation on the evolving capital stack, the rise of retail investors, and the importance of direct brand-audience relationships to an international audience. This year’s event was attended by over 71,000 people who came to see speakers like Rebecca, plus incredible companies like Cloudflare, Asana, Crunchbase, Etsy, and Meta, to name just a few.

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Capping off the year, Rebecca was interviewed on Bloomberg The Close alongside Cathie Wood, CEO of ARK Invest. Their conversation explored the future of investing, innovation, and the pivotal role retail capital plays in shaping tomorrow’s unicorns. This moment placed DealMaker alongside some of the most influential voices in finance and demonstrated our commitment to empowering the next generation of visionaries.

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Looking Ahead to 2025

As we close out a transformative 2024, the stage is set for even more groundbreaking developments in the year ahead. From retail capital shaping the next wave of innovation to shifts in consumer behavior and regulatory changes, 2025 will continue to redefine how companies grow and engage their audiences. Here’s what we expect to see:

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A New Cohort of Retail-Backed Unicorns

Revolut’s story of retail investors cashing out with 400X gains is remarkable, yes—but it’s just the first of an army of retail-backed unicorns that will take center stage in 2025. The billion-dollar companies of tomorrow will leverage retail capital to fuel their growth, proving that fan-driven funding isn’t just viable—it’s essential for scaling high-impact businesses.

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Fan Ownership: the New Playbook for Sports Teams

The Oakland Ballers redefined sports team ownership this year, giving fans both a voice and a financial stake. In 2025, more teams will follow suit, bringing their communities closer to the action and proving that engaged fan ownership drives loyalty, growth, and long-term value.

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Massive Brands Will Give Their Fans a Seat at the Table

The convergence of two massive consumer trends—growing interest in alternative investments and the demand for more personal brand relationships—will push iconic companies to adopt retail capital strategies. Following what we saw from Reddit, Disney, and Substack this year, brands that move quickly will not only secure new funding but also forge stronger, more loyal connections with their audiences.

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A New Regulatory Environment Will Unlock New Opportunities

As the regulatory landscape evolves, 2025 will bring changes that make retail capital even more accessible. We expect to see proposed changes like HR 2799 pass in 2025, which would double the maximum Reg A limit from $75M to $150M. DealMaker is already shaping this future, participating in key legislative discussions to ensure founders can capitalize on new opportunities while navigating compliance with ease. (Learn more about the proposed changes with our cheat sheet here.)

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AI Will Create Ultra-Lean Unicorns in Record Time

Advances in AI and agile funding strategies will fundamentally change the pace of company growth. In 2025, we predict that a billion-dollar company will emerge in less than a year, built by a team of fewer than ten people leveraging cutting-edge AI tools to accelerate their journey.

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As we step into 2025, the momentum of 2024 provides a strong foundation for what’s to come. DealMaker will continue to lead the way by empowering founders to innovate, grow, and transform their industries with the support of retail capital. The future of funding is here, and it’s just getting started.