What Does a Reg CF Campaign Cost at $250K, $750K, $2M and $5M?

The funding portal's fee is usually the largest cost: portals commonly charge 5% to 10% of the amount raised, and Wefunder publishes 7.9% if the raise succeeds. Add the required financial statements (a CPA review commonly costs $1,000 to $7,000, an audit more), preparation and legal work, escrow, marketing, and annual reporting afterward. Excluding marketing, and using a full-service preparation package, total costs run roughly 18% to 21% of a $250,000 raise, about 11% to 14% at $750,000, about 9% to 10% at $2 million, and under 9% at $5 million. Fixed costs make small campaigns expensive; the percentage fee dominates large ones.

By Joel Arberman, founder of Prepared to Raise · 17 companies taken public, 30+ private placements prepared · Reviewed October 21, 2026

The table

Portal fees use Wefunder's published 7.9% as the example; other portals differ. Ranges are commonly quoted market figures.

Cost $250K $750K $2M $5M
Portal fee at 7.9% $19,750 $59,250 $158,000 $395,000
Financial statements CPA review, about $1K to $7K Review if first-time issuer, otherwise audit Audit, often $5K to $20K+ Audit, often $5K to $20K+
Preparation and Form C Lawyer-only drafting about $1K to $10K+, or a full-service package such as ours at $25,000
Escrow and payments About $500 to $5,000, often included in the portal fee
Marketing Your budget; many campaigns spend several thousand dollars a month while live
Year two and after Annual Form C-AR with statements at the same level, any portal admin fee (Wefunder: the lesser of $1,000 or 0.5% of the raise), transfer agent if used

As a percentage of the raise

Excluding marketing, with a $25,000 full-service package:

  • $250,000: about $46,000 to $52,000, or 18% to 21%
  • $750,000: about $85,000 to $104,000, or 11% to 14%
  • $2 million: about $188,000 to $203,000, or 9% to 10%
  • $5 million: about $425,000 to $440,000, or under 9%

With lawyer-only preparation, a $250,000 raise drops to roughly 9% to 15%, but you take on the strategy, campaign content and launch plan yourself.

What the numbers mean

  • Small campaigns carry fixed costs. Statements, preparation and legal work cost nearly as much at $250,000 as at $750,000. A small raise is worth it when it builds toward a larger one, or when the community value matters as much as the money.
  • Large campaigns are dominated by the portal fee. At $2 million and above, the percentage fee is most of the cost, which is why big issuers often run a Rule 506(c) offering alongside for larger checks. Reg CF and 506(c) side by side.
  • Marketing is the swing factor. Campaigns are funded mostly by the company's own community. A company with a large email list spends far less per investor than one starting cold.
  • Failure still costs money. If you miss your minimum, investors are refunded and the portal is usually paid nothing, but statements, preparation and marketing are already spent.

Costs founders forget

  • The annual report for at least a year after the raise, with statements reviewed or audited at the same level as the offering
  • Investor communications to hundreds of new shareholders
  • A crowdfunding vehicle or transfer agent if the portal requires one
  • Time: weeks of founder attention while the campaign is live

Compared with other exemptions

A Rule 506(c) raise has no portal fee and no required statements, so for accredited investors writing larger checks it usually costs much less. What a 506(c) raise costs. Reg CF's advantage is that anyone can invest.

Related questions

Do portals charge equity as well as cash?

Some do, in addition to a percentage fee. Compare current fee schedules across portals before choosing.

Can I avoid the audit by capping my raise?

Sometimes. The tier depends on how much you offer. Which financial-statement tier you're in.

Should I set a low minimum so the campaign succeeds?

A minimum below what the plan needs can close a campaign that doesn't fund the business. Set the minimum you can actually build on.

Where to start

Our Reg CF package ($25,000, about six weeks to launch) covers strategy, portal selection, Form C preparation with counsel, CPA coordination, campaign content and the launch plan. Portal fees, escrow and the CPA review or audit are paid directly. Take the Reg CF readiness test first.

Prepared to Raise is a service of Meraki Partners, LLC. This article is general information, not legal, tax or investment advice, and not an offer to sell or a solicitation to buy any security. Meraki Partners is not a broker-dealer, funding portal, investment adviser or law firm. Figures are estimates as of the review date above.