The 506(c) Advertising Gap, edition one. Web Worx Labs research on 679 US sponsors raising from individual investors, 121 audited by hand. Free report.

Web Worx Labs research / Edition One
506(c) investor 
acquisition, benchmarked.
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679 sponsors  Â·  19 page report  Â·  Free
The 506(c) Advertising Gap report: only 31% of 506(c) sponsors are advertising, and advertisers reached roughly 2x as many investors







 


  

   
$27.9BAsked of individual investors

   
$3.3BActually raised

   
~70%Of the largest sponsors run no advertising

   
$128,873Average investment per investor

  


  


   

     
     The 506(c) Advertising Gap, Edition One
   


   

    
The report  ·  Edition One  ·  September 2026

    
What 679 US sponsors
did to find investors
last year.

    
See what the sponsors who are filling their raises actually do to reach investors, and where everyone else is losing them. Every tactic in here is one you can run yourself this quarter.


    
35Live investor ads, taken apart. The hook each one leads with, so you know what to test first.

    
2xMore investors, same raise size. What the 27 firms advertising get that the other 68 do not.

    
10Sponsors named and ranked. Reach, publishing, intake and access. See who is beating you to the same investor.

    
5Things an investor checks before they enquire. Only four firms out of 95 have all five. Fix yours in an afternoon.


    Get the report  →
    
19 pages  ·  14 exhibits  ·  Free  ·  No sponsor paid for inclusion

   


  

 








2x the investorsWhat advertisers reach at
the same raise size


121 firms auditedBy hand, one at a time,
not scraped


35 live adsTaken apart by the hook
each one leads with


Top 10 namedSomeone in your
size band is on it




The question for your firm
Is your investor acquisition model
built for the raise you want?
A $10 million raise from 12 investors is a different marketing assignment than the same raise from 200. The benchmark puts your raise, your investor count and your exemption in context, then examines how firms present themselves to the people considering them.
Raise structure  →  Investor strategy
Marketing  →  Investor experience
Only
12%
Of what was asked for
actually closed
Sponsors raising from individual investors asked for $27.9 billion in the twelve months to June 2026. They closed $3.3 billion.The deals are not the problem. Not enough of the right people ever hear about them.
A look inside / Selected exhibits
This is the intelligence in the report.
A preview of the evidence, the comparison, and the questions it helps you ask.
Exhibit / What advertising buys
Same raise size.
Twice the investors.
Among the 95 audited sponsors with a website, median investors reached:
Advertising
81
Median investors
Not advertising
55
Median investors
Inside the same offering size band the gap widens to roughly two to one.
Source · SEC Form D · Exhibit 9
Research lens / Investor intake
What does an investor see before they enquire?
Issuer
Five things investors check.
Portal review
  • Investor portal
  • Accredited gate
  • IRA money accepted
Four of the ninety five have all five intake features on their site. Nine per cent can take IRA money.
121 sponsors audited by hand · Not a scored issuer
What the full report covers
Ninety five firms start the journey. Five clear all three stages.
The report walks one investor from the first advertisement to the signed cheque, and counts how many sponsors are still standing at each step.
Every number below is a subset of the number above it. A firm only reaches a stage if it cleared all the stages before it.
START
All audited
Have a working website
95
The 121 sponsors behind 83 per cent of all investors were audited by hand. 95 of them have a site.
STAGE 01
Reach
Can be found at all
27
68 stop here. They run no advertising anywhere, so nothing points at the site they built.
STAGE 02
Nurture
Keep talking to the undecided
12
15 more stop here. They advertise, then go silent. No newsletter, no webinar, nothing for the investor who is not ready this month.
STAGE 03
Subscribe
Take the widest range of money
5
7 more stop here. Only five can accept money from a retirement account, which is where much of the private wealth actually sits.
5/95
Five of the ninety five clear all three stages above. This is a different measure from the five intake features scored elsewhere: that one counts what sits on a firm’s website, this one counts whether a firm clears every stage in order. Everyone else has a gap an investor falls through, and most do not know which one it is.
What they run, counted across all 95 audited sponsors
Reach
LinkedIn18Google Ads15Meta12
Capture
On site form74Accredited gate25
Nurture
Blog56Newsletter18Webinars15HubSpot2
Subscribe
Juniper Square14Cash Flow Portal4InvestNext3
Logos are the property of their owners and are shown to identify the tools observed on sponsors’ own websites. No relationship or endorsement is implied.
Counts are of the 95 audited sponsors that have a website. Tool names were identified from what is visible on each firm’s own site, not from any vendor list. Method, exclusions and source notes are written at the back of the report.
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are up against.
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Here it is.
The 506(c) Advertising Gap, edition one. Nineteen pages. If a figure attributed to your firm looks wrong, write to us and we will correct it in the next edition.
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Method
The filings are public. The audit is not.
Source. SEC Form D structured data sets, the quarterly releases published by the Commission. Submission, issuer and offering tables joined on accession number.
Window. July 2025 to June 2026, the four most recent complete quarters at the time of publication.
Universe. Every Form D filed for individual investors inside the window. 1,180 offerings rolled up to 679 sponsors. The 121 behind 83 per cent of all investors were then audited one firm at a time, by hand, in September 2026.
One record per firm. Multiple filings by the same issuer are collapsed to a single record, taking the highest amount sold and the highest investor count reported.
Medians only. The arithmetic mean is distorted beyond usefulness by a small number of very large pooled filings, so we do not publish it.
Not advice. This is market research. Whether any particular offering qualifies for an exemption, and what may be said about it, is a question for your counsel and your compliance team.
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