Reg CF vs Reg A+

New to startup investing? This quick guide explains how Reg CF and Reg A+ work—who can invest, how much companies can raise, and which filings to look for—so you can decide with confidence. See the full equity crowdfunding guide for market size, risks, and valuation math.

TL;DR — The short answer

  • Reg CF: raise up to $5 million per 12 months via Form C. Anyone can invest; many non-accredited investors have annual limits.
  • Reg A+: raise up to $75 million per 12 months via Form 1-A. Anyone can invest; no investor-level cap.
  • When to use: CF fits early-stage momentum; A+ fits growth-stage or pre-IPO scale.
  • Reporting: CF = annual; A+ = semiannual/annual for many issuers.
  • Where: StartEngine, Wefunder, Republic (CF); SeedInvest, StartEngine, broker-dealer routes (A+).

Getting started

Anyone can invest in startups
Reg CF and Reg A+ opened private markets to the crowd. Learn the basics before you deploy capital.
Not all offerings are equal
Compare disclosures, raise limits, and reporting cadence to fit your goals and risk tolerance.

Real Startup Examples

Boxabl logo
BoxablReg CF
$4.6M in 2023
Boxabl reached the Reg CF cap quickly, opening access for everyday investors.
Aptera logo
ApteraReg A+
$30M+ in 2024
Aptera scaled nationwide via Reg A+, attracting both retail and accredited investors.

At-a-Glance Comparison

Reg CF

Startup Crowdfunding
Up to $5M/year

Anyone can invest (many non-accredited investors have annual limits)

Reg A+

Scale-Up / Pre-IPO
Up to $75M/year

Anyone can invest, no investor-level cap

Deep Dive: Regulation Details

Side-by-side differences with plain-English context and real examples.

Reg CF
Reg A+
Maximum Raise
Larger caps suit growth and brand-scale rounds; CF’s cap fits seed/launch.
e.g. Boxabl hit the Reg CF limit: $4.6M
$5 million
$75 million
Who Can Invest?
Both open the door to retail; minimums vary by issuer.
e.g. Some Reg CF offerings accept a few hundred dollars as a minimum.
Anyone (annual limits for many)
Anyone (no investor-level cap)
SEC Filing
Form 1-A requires more work, enabling bigger raises and broader marketing.
e.g. Reg A+ issuers file Form 1-A to run a national raise.
Form C
Form 1-A
Reporting
More frequent reporting can improve transparency and trust.
e.g. Many Reg A+ issuers provide semiannual updates.
Annual updates
Semiannual/Annual
Best For
CF is ideal for launch momentum; A+ fits scaling and brand reach.
e.g. Some early-stage startups use Reg CF; many growth issuers use Reg A+ to scale.
Startups / Early stage
Growth / Pre-IPO
Popular Platforms
Portals often support multiple regs; issuers may list on more than one channel.
e.g. Some issuers run Reg CF on a portal; Reg A+ often routes through broker-dealers.
StartEngine, Wefunder, Republic
SeedInvest, StartEngine, Dalmore

Note: Educational content only; not legal or investment advice. Confirm current rules and offering documents before investing.

Reg CF vs Reg A+: FAQ

What’s the difference between Reg CF and Reg A+?
Reg CF lets startups raise up to $5 million per 12 months via Form C, and anyone can invest (with annual limits for many non-accredited investors). Reg A+ allows up to $75 million per 12 months via Form 1-A, requires more disclosure, and also allows anyone to invest (no investor-level cap).
Who can invest under each regulation?
Both allow anyone to invest. Under Reg CF, many non-accredited investors face annual investment limits based on income and net worth. Reg A+ has no investor-level cap, though offerings may set minimums.
Which regulation should a company choose?
Early-stage launches commonly use Reg CF to build momentum with smaller checks. Companies seeking larger rounds and broader distribution may choose Reg A+. The right path depends on stage, costs, and campaign goals.