How Much Does It Cost to Run a Reg CF Campaign? A Realistic Breakdown

One of the first questions every issuer asks: what does this cost? Here is the honest breakdown.

Platform Fee

RawFunds charges 5% of successfully raised capital. If you raise $500,000, the fee is $25,000. If your raise does not fund, you pay nothing. This is the most significant cost and the most straightforward one.

Legal and Financial Preparation

Form C preparation (your SEC filing): $1,500 to $5,000 depending on complexity. Financial statement preparation: $1,000 to $3,000 for a CPA review (required for raises under $618K). Full audit: $5,000 to $15,000 (required for raises over $618K from first-time issuers). Total legal and financial: $2,500 to $20,000 depending on raise size and whether you need an audit.

Marketing Costs

If your existing community is strong and engaged, your marketing cost can be close to zero. You email your list, post to social, and let your audience do the work.

If you want to extend beyond your existing audience: paid social ads ($500 to $5,000), PR outreach ($2,000 to $10,000 for a retained firm), content creation ($500 to $3,000). Most successful raises spend the majority of their marketing budget on creator-owned channels — email and social — not paid advertising.

Escrow Fees

The escrow agent (required by SEC) holds investor funds until the raise is complete. This is typically 0.5% to 1% of raised capital, often included in the platform fee structure.

Annual Reporting

After a successful raise, you file Form C-AR annually with the SEC. This costs $500 to $2,000 per year for accountant preparation.

Total Cost Example for a $500K Raise

Platform fee: $25,000. Legal and CPA: $4,000. Marketing: $2,000. Escrow: included. Annual reporting: $1,000/year. Total first-year cost: approximately $31,000 on a $500,000 raise, or about 6.2%.

Compare that to VC funding (20-30% equity dilution with board seats and liquidation preferences) or a business loan (7-15% interest rate plus personal guarantee). Reg CF is often the least expensive long-term capital available to small businesses.

Start with Testing the Waters — It Is Free

Before committing to any of these costs, gauge your community's interest with a Testing the Waters campaign on RawFunds. No fees until you decide to proceed with a full raise. RawFunds.com.