StartEngine Campaign Research

The headline finding

Every campaign that reached the $5M cap converted an audience it already owned. None of them bought their way there with advertising.

Ads scale a raise that is already working. They do not start one. The list has to exist before the page goes live, and in the maxed-out campaigns it produced nearly all of the money.

Companies that reached the $5M cap in all of 2025, across every platform combined

Share of Reg CF campaigns that raise even $1M. The median successful raise is $114,000

713

Investors FibroBiologics needed to reach $5M on StartEngine, at a $7,013 average check

49%

Share of capital that comes from an existing community, per StartEngine's own data

A $5M Reg CF raise is a top-1% outcome. That is not a reason to avoid it. It is the reason to pick the right path to it, which is the next section.

The strategic choice

There are two ways to reach $5M, and only one fits Vxtra

Both are real, both have hit the cap. They require completely different companies, audiences, and budgets.

Path A

Many small checks

Knightscope, Boxabl, Fanbase, Legion M

~3,400 investors at the $1,485 median check for this band
Driven by heavy paid media, roughly $400K to $600K for a raise this size
Needs a visual product a stranger grasps instantly
Of the 16 companies that raised $5M to $15M, 11 sell physical hardware
Zero are B2B services businesses. Vxtra would be the first

Wrong shape for a health plan

Path B

Fewer, larger checks

FibroBiologics, the only company to cap a $5M Reg CF on StartEngine recently

713 investors at a $7,013 average check, closed in about four weeks
Driven by a warm, motivated network rather than cold advertising
Works when the audience has money and a personal stake in the outcome
Vxtra's physicians, brokers, employers, and 2021 investors are exactly this audience
The 2021 Doximity partnership reaches roughly 80% of US doctors, which is a direct channel to precisely the right people
Every capped campaign studied converted an audience it already owned

The realistic path

What this means

Vxtra does not need 3,400 strangers. It needs roughly 700 people who already believe, writing meaningful checks.

That reframes the budget question. A campaign built on physicians, brokers, and existing investors leans on direct outreach, live sessions, and founder access. Paid advertising becomes an amplifier rather than the engine, which materially changes what an outside media specialist is worth on this raise.

The leaderboard

The twelve largest closed rounds

Every figure is published by StartEngine. The average check column is our math, and it is the most useful column on the page.

Company	What it is	Amount	Investors	Minimum	Avg check
Knightscope	Security robots	$32.69M	10,766	$200	$3,037
StartEngine	The platform itself	$28.30M	15,675	$500	$1,806
Boxabl	Foldable houses	$24.82M	10,539	$1,000	$2,355
Monogram Orthopaedics	Robotic knee replacement	$22.12M	13,509	$251	$1,637
StartEngine	The platform itself	$21.18M	11,188	$500	$1,893
Knightscope	Security robots	$21.07M	12,805	$500	$1,645
Atombeam	Data compression	$19.13M	6,338	$648	$3,018
StartEngine	The platform itself	$17.79M	11,609	$507	$1,532
Elio Motors	Three-wheel car	$16.89M	6,341	$600	$2,664
Fanbase	Creator social app	$16.77M	17,141	$399	$978
LiquidPiston	Rotary engine	$16.43M	7,459	$756	$2,203
StartEngine	The platform itself	$15.71M	6,109	$500	$2,571

Monogram Orthopaedics is highlighted as the closest analog to Vxtra: physician-facing, clinically complex, and sold to investors on the strength of its founder. Read this table for tactics, not as a target. Every campaign on it is Reg A+, and so are all 16 companies in the $5M to $15M band below it.

The findings

Six patterns behind every large raise

These held across all twelve campaigns, in every category and every year.

The big raise is never the first raise

StartEngine appears four times on the list. Knightscope twice. The first campaign builds the list. The second sells to people who already wrote a check.

Vxtra already has a 2021 shareholder list

Every one of them used Reg A+

Reg A+ allows up to $75M but requires SEC qualification, realistically four to seven months. Reg CF caps at $5M and needs no SEC review. The September target and the $5M goal both point to Reg CF, which means the leaderboard above is a source of tactics, not a target.

Reg CF is the only option that fits September

A stranger understands it in one sentence

Robots that patrol parking lots. A house that folds out of a box. A robot that installs a knee. Each one can be explained with a single photograph.

The hardest pattern for Vxtra to match

The founder is the campaign

Monogram built its raise on a three day shoot with the CEO, live surgical footage, and one proof point, a robotic knee procedure run from 1,700 miles away. It brought in $17M of new capital.

Vxtra's strongest available asset

Minimum investment is engineered

Mass-retail campaigns cluster between $200 and $800. Concentrated campaigns go higher: FibroBiologics set $500 but averaged $7,013, because the audience arrived intending to invest seriously.

Set the floor low, design the tiers high

Perks are conversion mechanics

Campaigns with perks raise 143% more, and successful ones average seven. Worth knowing: Vxtra already ran six in 2021, including 15% in the first 72 hours. This box is close to checked already.

Already solved. Reuse the 2021 structure

Where the money comes from

The channel mix behind a large raise

The campaign page converts traffic. It does not create it.

Your own list and existing shareholders

40–50%

The cheapest capital in the campaign. StartEngine's own community drove 49% of what it raised. People who invested once invest again.

Paid advertising

30–40%

StartEngine ran between $50,000 and $100,000 per week at peak. Ads have to be live and converting on day one, not approved on day one.

StartEngine platform traffic

10–20%

Real, but not enough on its own. The platform surfaces campaigns already showing momentum, which is why the first 72 hours matter.

PR and earned media

5–10%

A credibility multiplier. It makes the other three channels convert better rather than producing investment directly.

Percentages are our planning model, built from StartEngine's published community and spend figures. Treat them as directional.

The constraint most people miss

Under Reg CF Rule 204, an advertisement outside the funding portal may state only that the offering exists, name the platform, link to it, and give a brief description of the business.

It may not state price per share, valuation, minimum investment, or percent funded. The persuasive, momentum-driven ad creative that works on a Reg A+ raise is largely not permissible here. That narrows what any paid-media specialist can do on a Reg CF campaign, and it is worth confirming directly with anyone proposing an ad budget.

Questions worth asking any specialist agency

Published pricing and independent performance data barely exist in this niche, so the burden of proof sits with the vendor.

Show us the raw data behind your cost-per-investor number. Was that raise Reg CF or Reg D, and were those investors accredited or retail?

How do you build ad creative that performs while staying inside the Rule 204 limits on what an ad can say?

What is your fee structure in writing, including any commission or equity component on top of the media spend?

Which three of your past clients can we call, and did any of them raise for a services or insurance business rather than a physical product?

What portion of your results came from paid media versus the client's own list, and how do you support list building before launch?

The build

Anatomy of a campaign page that converts

Built from the twelve leading campaigns and StartEngine's own guidance, in the order investors see it.

Founder video, two to three minutesProblem, obstacle, proof, ask. This is the campaign, not an asset inside it.
One line under sixty charactersA noun phrase a stranger can repeat back correctly after reading it once.
Three reasons to investStartEngine requires this section. The leading campaigns treat it as the entire pitch.
The problem, sized in dollarsA number large enough to justify the opportunity, stated plainly.
TractionThe section that most predicts success. Successful raisers averaged $313,923 in prior year revenue and often held patents.
The market tailwindAn external, dated force that makes now the moment. The February 2026 federal transparency mandates qualify.
Team, credentials firstRetail investors buy people before they buy models.
Perk tableTime based bonus at the top, then amount based tiers.
Use of fundsSpecific and tied to milestones investors can watch.
Risks and offering documentsComplete and plainly written.

The honest read

How Vxtra measures against the pattern

Scored against the factors StartEngine publishes as predictors of a successful raise.

Strengths to build on

Founder track record. Physician led, with deep tenure inside the industry being addressed. This is the single strongest factor on the list.
A dated external tailwind. The February 2026 federal transparency mandates create a real clock that Vxtra did not have to manufacture.
Prior outside funding. A completed 2021 round, a Capital Rx relationship, and a planned private placement.
An existing shareholder base. People who already invested in this exact company once.
A product now in market. Augusta went live July 1, 2026.
Committed marketing budget. Real dollars already allocated across the raise.
A campaign page that already works. The 2021 perks, terms, and traction section are reusable. That is weeks of build time already banked.
Named partners with reach. Doximity, Capital Rx, Pops, and Zoadigm all appeared on the 2021 page and give the story third-party weight.

Gaps to close before launch

The audit. At a $5M target, Reg CF requires audited financials with no exception. This is the critical path and the most common reason a launch date slips.
The pre-launch list. Every campaign that reached the cap converted an audience it already owned. The 2021 round produced only a few hundred investors, so this has to be rebuilt.
Traction on the page. Augusta is one month old. Every enrolled life, named employer, and dollar saved counts.
Simplicity of the story. A physician led, self funded plan is harder to put in one sentence than a robot or a house. This is the central creative challenge.
No direct comp. No B2B services or insurance business appears anywhere in the $5M to $15M band. Vxtra would be first, which argues for the concentrated path rather than the mass-retail one.
Single public voice. Retail campaigns want one face, and concentration in one person is also a disclosed risk.

The baseline

What the 2021 campaign tells us

Vxtra's first Reg CF round is public record. It is the most useful benchmark available, because it isolates one variable.

$260,112

Raised in the 2021 StartEngine round, against a $5,000,000 maximum. The final SEC filing reports $207,762 actually closed after cancellations

About 5% of the ceiling

The offering opened September 2021 at $0.40 per share against a $15.14M valuation, with a $400 minimum. It ran nearly eleven months and was extended three times before closing in August 2022.

Here is the part that matters. The campaign was well built. It carried six investment bonuses, including 15% for the first 72 hours and tiers at $5,000 and $10,000. It had a strong traction section naming Capital Rx, Doximity, Pops, and Zoadigm. It ran a founder webinar and town hall in January 2022.

So the usual suspects were not the problem. The page, the perks, the terms, and the proof were all in place. What was missing was an audience arriving to see them.

$2.05M

FY2021 revenue reported in the annual filing, well above the $313,923 average for successful raisers

$600K

Raised in the 2024 private placement, from 5 investors, against a $1.5M offering

Investment bonuses already offered in 2021, including 15% in the first 72 hours. Perks were not the gap

Sources: the archived campaign page at startengine.com/offering/vxtra-health-cf1, and SEC EDGAR, Vxtra Health Plan, Inc., CIK 0001881925, Forms C, C/A, C-AR, C-U, C-TR and D, retrieved August 3, 2026. StartEngine displays $260,112.37 raised, which reflects total commitments. The Form C-U reports $207,762.48 closed across 558,151 securities after cancellations and failed payments.

The clock

Eight weeks to end of September

Two structural facts set the whole plan. Reg A+ cannot be qualified in this window, so this is a Reg CF raise. And at a $5M target, Reg CF requires a full audit with no exception.

Now

Engage the audit firm

This is the critical path and the most common reason September dates slip. Above $1,235,000 in target raise, Reg CF requires audited financials. The 2021 filing does not carry forward and does not reduce the requirement.

Weeks 1–2

Start testing the waters

Reg CF Rule 206 permits collecting non-binding indications of interest before Form C is filed, provided each communication carries the required legend. This is how the pre-launch list gets built, and it runs during the audit rather than after it.

Weeks 1–4

Draft Form C and build the campaign

Form C drafting runs two to four weeks in parallel with the audit. Founder video, campaign page, perk structure, and ad creative all get built in this window so nothing is waiting on approval at launch.

Sept 15

Debt financing closes

The One Digital earn-out completes, and any debt-to-equity conversion lands before the raise. This is what puts a stronger balance sheet on the campaign page.

Late Sept

File Form C, then launch

Form C is effective on filing with no SEC review, so there is no waiting period. Convert the reservation list in the first 48 hours to put a real number on the page by day three.

+21 days

Minimum open period

A Reg CF offering must stay open at least 21 days after filing, even if fully subscribed.

One caution on testing the waters: investors who reserve must reconfirm once the offering is live, and some fall away. Reservations are a strong signal, not committed capital.

Before launch

What has to be true on day one

Roughly half of this cannot be retrofitted after the page goes public.

Cannot be added later

These have to exist before the page is visible

A reservation list. Collect soft commitments for three to six weeks, then convert them in the first 48 hours so the page shows momentum by day three.
The 2021 shareholder list, in hand. The highest return asset in the entire raise.
Founder video, produced. Larry on camera, telling the Augusta story.
Traction numbers as of launch day. Enrolled lives, employer names, and dollars saved since July 1.
Ads built and approved. Running on day one, not submitted on day one.
Perk structure, seven deep. A bonus in the first 48 hours plus three amount tiers.
Minimum set between $250 and $500, with perk tiers built to reward $5,000 and $25,000 checks.

Required to go live at all

The regulatory and financial foundation

Audited financials. Mandatory above a $1,235,000 target. The 2021 filing does not carry forward.
Form C drafted and filed. No SEC review, effective on filing, but two to four weeks to prepare.
SAFE terms set, including the valuation cap and discount, with securities counsel.
Clean cap table and a decision on how 2021 shareholders are treated.
Bad actor checks completed on officers and directors.
Testing-the-waters legend on every pre-filing communication, per Rule 206.
Claim substantiation. Any savings or outcome figure on the page needs backup that holds up to review.
Network messaging boundaries confirmed in writing before creative begins.

Four questions that unlock the plan

Every recommendation in this report sharpens once these are answered.

Has the audit been engaged? This one answer determines whether end of September holds.

Can we get the 2021 investor list from StartEngine, including the count and contact permissions?

What lists do we already have to promote to? The 2021 StartEngine investors, the physician network, broker contacts, employer clients and prospects, any email or newsletter list, Doximity, and Legacy Risk. Rough counts are enough to size what is realistic.

How many Augusta and Gainesville employers and covered lives can appear on the page as of launch day?

The bottom line

Roughly 700 believers, not 3,400 strangers

Vxtra will not out-simplify a folding house, and it does not need to. The one company that recently capped a $5M Reg CF on StartEngine did it with 713 investors who already understood the field. Vxtra has physicians, brokers, employers, and prior investors who fit that description exactly.

Start the audit, build the reservation list during it, and put the founder and the compliance clock at the center of the story. That is the campaign.

Sources

Where these numbers come from

All figures retrieved August 3, 2026.

Leaderboard amounts, investor counts, minimums, and security types: StartEngine success stories, 278 closed rounds. Average check is our arithmetic on the published figures.
Success predictors, including $313,923 average prior year revenue, 49% community contribution, and geographic concentration: StartEngine, "Will My Equity Crowdfunding Campaign Be Successful?"
Perk performance, including the 143% figure, the seven perk average, and early bird bonus structures: StartEngine, "Picking Crowdfunding Perks for Your Campaign."
Platform raise mechanics, including weekly ad spend and community segmentation: StartEngine, "How We Raised $11M from 8,000 Investors."
Monogram Orthopaedics production approach and $17M result: Rally On Media case study. Final close of $23,793,182 from 14,082 investors: Benzinga and Yahoo Finance.
Regulation CF and Regulation A+ caps, filing costs, and platform fees: StartEngine capital raising documentation.
Vxtra's own filing history, including the 2021 Reg CF terms, the $207,762.48 final close, FY2021 financials, and the 2024 private placement: SEC EDGAR, Vxtra Health Plan, Inc., CIK 0001881925, Forms C, C/A, C-AR, C-U, C-TR and D.
The 2021 campaign page itself, including the $260,112.37 displayed raise, the $15.14M valuation, the $400 minimum, the six investment bonuses, the traction milestones, and the January 2022 founder town hall: startengine.com/offering/vxtra-health-cf1.
Reg CF base rates, including 9 campaigns reaching the cap in 2025, the 7% of campaigns passing $1M, and the $114,000 median successful raise: KingsCrowd annual investment crowdfunding reports for 2024 and 2025.
FibroBiologics reaching $5M from 713 investors in about four weeks on StartEngine: Crowdfund Insider. Gumroad, Substack, and The Flyover comparisons: Crowdfund Insider, KingsCrowd, and DealMaker case studies.
The $5M to $15M cohort of 16 companies, their check sizes, and their regulation types: StartEngine success stories, full listing.
Reg CF financial statement tiers, the 21-day minimum offering period, Reg A+ qualification timelines, and testing the waters under Rule 206: SEC small business exempt offerings guidance, CrowdCheck, and InnReg.
Advertising limits under Reg CF Rule 204: SEC Regulation Crowdfunding rule text. Note that independent, non-agency performance benchmarks for investor acquisition advertising do not appear to exist publicly, which is itself a finding.
Channel mix percentages, investor count targets, and cost per investor ranges: Business Builders planning model derived from the figures above. Directional, not published benchmarks.