March 2025 | Arizona Debt, Equity & Venture Capital Insights

Arizona Market TrendsDeal ActivityMarch 2025Capital Markets InsightsDebtEquityVenture Capital
Written By William & Wall

The information reflects transactions as reported, including deal descriptions, values, and statuses, but may contain gaps, such as undisclosed deal terms or financial metrics, which limit comprehensive analysis. While efforts have been made to ensure accuracy, users should consult primary sources or professional advisors for legal, financial, or strategic decisions. No warranties are made regarding the completeness or reliability of this data, and the provider assumes no liability for its use.

Arizona - Transaction Value and Count by Month

Reflects ECM, DCM and ROF datasets

Arizona — Overview

Arizona’s capital markets in March 2025 saw 44 transactions, weaving activity from Phoenix to Tucson, as companies tapped into Equity Capital Markets (ECM), Debt Capital Markets (DCM), and Venture Capital / Rounds of Funding (ROF) channels to raise $6.9 billion across diverse sectors. Industrials led with high-value debt issuances like Axon Enterprise, Inc.’s $1.75 billion non-convertible debt and Williams Scotsman Inc.’s $500 million raise, while tech shone with Microchip Technology Incorporated’s $1.5 billion preferred equity deal and Mobivity Holdings Corp.’s $2 million convertible note. Venture funding thrived with rounds like Fold Holdings, Inc.’s $46.3 million convertible note and Conquer Padel Holdings LLC’s $15 million equity raise, alongside smaller crowdfunding efforts such as Oxygen4Life, Inc.’s $0.12 million, reflecting Arizona’s appeal for both established firms and startups in health care, tech, and consumer spaces. 24 transactions included disclosed values.

Arizona — X / Y Plot By Sector: ECM, DCM and ROF (Venture Capital)

Reflects ECM, DCM and ROF datasets

Equity Capital Markets: Monthly Aggregate Transaction Value and Transaction Count

Debt Capital Markets: Monthly Aggregate Transaction Value and Transaction Count

Rounds of Funding (Venture Capital): Monthly Aggregate Transaction Value and Transaction Count

Arizona — Capital Markets Segmentation

Reflects ECM, DCM and ROF datasets

Arizona — Sector Breakdown

Reflects ECM, DCM and ROF datasets

Second Level Primary Industry Breakdown

Reflects ECM, DCM and ROF datasets

Arizona — March 2025 Capital Markets Deal Summaries

Equity Capital Markets

  1. Gunnison Copper Corp. (Announced: March 3, 2025) - CND Life Sciences, Inc. announced a follow-on offering to raise $7.5 million on February 28, 2025, receiving $3.51 million in its first tranche by March 6, 2025, with participation from 26 investors. The company amended the terms on April 14, 2025, increasing the target to $9 million and raising an additional $150,000 in a second tranche from 27 investors under Regulation D. This health care equipment firm’s raise supports its ongoing growth in Arizona’s biotech sector.

  2. Liberty Star Uranium & Metals Corp. (Announced: March 4, 2025) - Wildcard Stat Trade Inc. announced a follow-on offering to raise $560,000 on February 14, 2025, securing $203,000 in its first tranche by March 6, 2025, with 5 investors participating under Regulation D. WestPark Capital, Inc. acted as the placement agent, earning a $20,300 commission for this materials sector deal. The funding bolsters Wildcard Stat Trade’s operations in Arizona’s unclassified sector.

  3. Mobivity Holdings Corp. (Announced: March 5, 2025) - CoNest Investments LLC announced a convertible equity offering to raise $5 million on March 5, 2025, issuing common stock under Regulation D with a minimum investment of $10,000. The deal targets real estate development, aiming to expand CoNest’s portfolio in Arizona. This transaction reflects growing investor interest in Arizona’s real estate sector.

  4. POS Systems, Inc. (Announced: March 7, 2025) - Adageis, LLC raised $2 million in a follow-on offering on March 7, 2025, focusing on health care technology. The funding supports Adageis’s expansion in Arizona’s burgeoning health tech market. This deal highlights the state’s appeal for tech-focused investments.

  5. Fold Holdings, Inc. (Announced: March 7, 2025) - Legacy EV, LLC announced a follow-on offering to raise $3.65 million on March 1, 2025, securing $3.16 million in its first tranche by March 7, 2025, with 10 investors participating under Regulation D. The deal, with a minimum investment of $20,000, supports Legacy EV’s automotive parts initiatives in Arizona’s consumer sector. This raise underscores investor confidence in Arizona’s automotive innovation.

  6. StandardAero, Inc. (Announced: March 10, 2025) - Rustik Companies, LLC announced a follow-on offering of non-convertible debt securities to raise between $45,000 and $93,000 on March 10, 2025, via the Honeycomb Portal LLC crowdfunding platform, with a 12% annual interest rate and a 6-month interest-only period. The notes, secured by a blanket lien on assets, are set to close by April 17, 2025, under Regulation C exemptions. This consumer services deal supports Rustik’s growth in Arizona with a modest, crowd-sourced funding approach.

  7. Global Water Resources, Inc. (Announced: March 11, 2025) - Global Water Resources, Inc. conducted a follow-on offering on March 11, 2025, targeting water utilities in the energy and utilities sector. The deal, listed on Nasdaq under “GWRS,” includes an underwriter option for additional shares within 30 days. Proceeds aim to fund acquisitions and working capital, reinforcing Arizona’s utility infrastructure.

  8. CaliberCos Inc. (Announced: March 12, 2025) - CaliberCos Inc. announced a follow-on offering of 1.5 million units at $5.00 each on March 12, 2025, under Regulation A, including common stock and warrants exercisable at $3.00 until April 2026. The company plans to list shares on OTCQB post-offering, with Robert J. Huston III as legal advisor. This asset management deal aims to enhance CaliberCos’s financial operations in Arizona.

  9. Gunnison Copper Corp. (Announced: March 12, 2025) - 19N Partners LLC announced a follow-on offering to raise $15 million on March 12, 2025, issuing membership units under Regulation D with a minimum investment of $50,000. The deal supports 19N Partners’ unclassified operations in Arizona, reflecting investor interest in the state’s diverse business landscape. This transaction highlights Arizona’s appeal for mid-sized equity raises.

Debt Capital Markets

  1. Axon Enterprise, Inc. (Announced: March 3, 2025) - GT MEDICAL TECHNOLOGIES, INC. announced a non-convertible debt raise of $43.51 million on December 23, 2024, securing $37.1 million in its first tranche by March 3, 2025, with 16 investors under Regulation D. The deal supports GT Medical’s health care equipment initiatives in Arizona’s industrials sector. This significant raise underscores Arizona’s growing role in health tech financing.

  2. Axon Enterprise, Inc. (Announced: March 3, 2025) - Gunnison Copper Corp. announced a non-dilutive, non-convertible debt financing of $3 million with Nuton LLC on March 3, 2025. The deal bolsters Gunnison Copper’s operations in Arizona’s materials sector, focusing on diversified metals and mining. This financing reflects targeted support for Arizona’s mining industry.

  3. Williams Scotsman Inc. (Announced: March 10, 2025) - Liberty Star Uranium & Metals Corp. issued 3.08 million shares of common stock at $0.09 per share for $0.277 million on February 26, 2025, with participation from Chairman Pete O’Heeron under Section 4(2) exemptions. The deal supports Liberty Star’s mining activities in Arizona’s industrials sector. This modest raise highlights insider confidence in Arizona’s resource market.

  4. Republic Services, Inc. (Announced: March 11, 2025) - Arizona Mountain Vineyard Lot One, LLC announced a non-convertible debt raise of $800,000 on March 5, 2025, issuing membership units under Regulation D with a minimum investment of $80,000. The deal supports unclassified operations in Arizona’s industrials sector, focusing on environmental services. This transaction reflects niche investment opportunities in the state.

  5. Republic Services, Inc. (Announced: March 11, 2025) - Republic Services, Inc. announced a $1.0 billion non-convertible debt issuance of senior notes due 2030 and 2033 on March 11, 2025, with the 2033 notes bearing a 6.250% annual interest rate, payable semi-annually. The deal, targeting environmental services in Arizona’s industrials sector, strengthens Republic Services’ capital structure. This significant issuance underscores Arizona’s role in large-scale corporate financing.

  6. Store Capital LLC (Announced: March 13, 2025) - Store Capital LLC announced a non-convertible debt issuance of notes due 2030 on March 11, 2025, with a 6.125% annual interest rate, payable semi-annually starting September 15, 2025. The deal, closing on March 11, 2025, supports Store Capital’s real estate investment activities in Arizona. This issuance highlights Arizona’s active real estate financing market.

  7. Microchip Technology Incorporated (Announced: March 13, 2025) - Microchip Technology Incorporated announced a $1.5 billion preferred equity issuance on March 13, 2025, offering 27 million depositary shares at a $50 liquidation preference each, with underwriters exercising an option for 2.7 million additional shares on March 21, 2025. The deal, with a trade date of March 21, 2025, and settlement on March 25, 2025, supports Microchip’s semiconductor operations in Arizona’s tech sector, featuring a conversion rate of 16.0060 to 19.6080 common shares. This significant raise underscores Arizona’s prominence in large-scale tech financing.

Rounds of Funding (ROF)

Debt - Convertible

  1. Grasshopper Kids Inc. (Announced: March 12, 2025) - Western Alaska Minerals Corp. announced a $1.27 million (CAD 1.73 million) convertible debt raise on March 12, 2025, issuing promissory notes at 10% interest, maturing in 15 months, pending TSX Venture Exchange approval. The deal supports Western Alaska’s mining operations in Arizona’s materials sector, with a 4-month hold period on securities. This financing reflects targeted support for Arizona’s mining industry.

Debt - Non-Convertible

  1. Coastal Capital Lending LLC (Announced: March 3, 2025) - Fold Holdings, Inc. raised $46.3 million in convertible debt on March 6, 2025, issuing a note to SATS Credit Fund LP with a 7% dividend, convertible at $12.50 per share, maturing in 2030, under Regulation D. The deal, including warrants for 1.68 million shares, supports Fold Holdings’ unclassified operations in Arizona’s financial sector, advised by Latham & Watkins. This significant raise highlights Arizona’s appeal for high-value venture funding.

  2. Arevon Energy, Inc. (Announced: March 7, 2025) - Arevon Energy, Inc. secured $509 million in non-convertible debt on March 7, 2025, focusing on renewable electricity in Arizona’s energy and utilities sector. The deal supports Arevon’s expansion of sustainable energy projects in the state. This large financing underscores Arizona’s growing role in renewable energy investment.

  3. Alaska Silver Corp. (Announced: March 12, 2025) - PROPERTYFI INC. announced a $15 million non-convertible debt raise on February 5, 2025, securing $5 million in its first tranche by March 12, 2025, with one investor under Regulation D. The deal supports PROPERTYFI’s unclassified operations in Arizona’s materials sector, focusing on diversified metals and mining. This raise highlights investor interest in Arizona’s resource market.

  4. 3WIN Corp. (Announced: March 17, 2025) - 3WIN Corp. announced a $1 million non-convertible debt raise on March 17, 2025, under Regulation D, with a minimum investment of $10,000. The deal supports 3WIN’s trading and distribution operations in Arizona’s industrials sector. This raise reflects steady funding activity in Arizona’s capital goods market.

Early Stage - Seed

  1. Adageis, LLC (Announced: March 17, 2025) - Adageis, LLC issued non-convertible debt notes on March 17, 2025, with semi-annual interest payments at 6.125% starting July 15, 2025, and a settlement date of March 24, 2025. The deal supports Adageis’s health care technology initiatives in Arizona, with a trade date of March 17, 2025. This financing strengthens Arizona’s health tech sector.

  2. Happy Monday, Inc. (Announced: March 17, 2025) - Mobivity Holdings Corp. raised $2 million in convertible debt on March 17, 2025, issuing notes to four accredited investors, including Thomas B. Akin ($75,000) and Bruce E. Terker ($1.5 million), at 15% interest, maturing in December 2027. The notes, issued under Regulation D, automatically convert in a qualified financing, supporting Mobivity’s interactive media operations in Arizona’s tech sector. This deal highlights Arizona’s appeal for tech-focused venture funding.

Early Stage - Crowdfunding

  1. Rustik Companies, LLC (Announced: March 10, 2025) - Savvy Trader, Inc. announced a $1 million crowdfunding round on March 6, 2025, issuing series seed preferred stock under Regulation D. The deal supports Savvy Trader’s financial technology operations in Arizona, targeting media and data solutions. This raise reflects growing crowdfunding interest in Arizona’s fintech sector.

  2. Oxygen4Life, Inc. (Announced: March 27, 2025) - Oxygen4Life, Inc. announced a crowdfunding round to raise between $10,009 and $123,996 on March 27, 2025, via DEALMAKER SECURITIES LLC, with a $125 million pre-money valuation, extended to close by July 31, 2025, under Regulation CF. The deal, with fees totaling $20,040, supports Oxygen4Life’s health care equipment initiatives in Arizona, with a minimum investment of $297.75. This modest raise highlights Arizona’s use of crowdfunding for health tech growth.

Early Stage - Pre-Seed

  1. Conscious Gear LLC (Announced: March 11, 2025) - Conscious Gear LLC announced a pre-seed funding round on March 11, 2025, targeting unclassified operations in Arizona. The deal supports Conscious Gear’s early-stage growth initiatives in the state. This raise reflects Arizona’s support for nascent businesses.

  2. Quantum Integrated Solutions, Inc. (Announced: March 18, 2025) - Quantum Integrated Solutions, Inc. announced a pre-seed funding round on March 18, 2025, focusing on construction and engineering in Arizona’s industrials sector. The deal supports Quantum Integrated’s early-stage development in the state. This transaction underscores Arizona’s appeal for early-stage industrials funding.

Venture - <5 Years

  1. Arizona Mountain Vineyard Lot One, LLC (Announced: March 3, 2025) - Arizona Mountain Vineyard Lot One, LLC announced a $800,000 venture funding round on March 5, 2025, issuing membership units under Regulation D with a minimum investment of $80,000, supporting unclassified operations in Arizona. The deal, with a pricing date of March 19, 2025, and closing expected on March 25, 2025, targets property acquisition with notes at a 5.4120% YTM. This raise highlights Arizona’s niche venture funding for real estate-related projects.

  2. CoNest Investments LLC (Announced: March 3, 2025) - AZJAH31 LLC announced a $5.5 million venture funding round on February 5, 2025, raising $3.96 million in its first tranche by March 20, 2025, with 24 investors under Regulation D, supporting unclassified operations in Arizona. The deal, with a minimum investment of $50,000, reflects strong investor interest in Arizona’s diverse business landscape. This transaction underscores the state’s appeal for mid-sized venture raises.

  3. Wildcard Stat Trade Inc. (Announced: March 4, 2025) - ECA Roofing Roll Up 1 LLC announced a $600,000 venture funding round on March 20, 2025, issuing common stock under Regulation D with a minimum investment of $100,000, planning to continue for over a year. The deal supports ECA Roofing’s unclassified operations in Arizona, reflecting long-term investor commitment. This raise highlights Arizona’s support for sustained venture funding.

  4. Legacy EV, LLC (Announced: March 4, 2025) - Engage3 Holdings, Inc. announced a $3.5 million venture funding round on February 18, 2025, raising $2.5 million in its first tranche by March 20, 2025, with 5 investors under Regulation D, including warrants for 4.59 million shares. The deal supports Engage3’s application software initiatives in Arizona’s tech sector, focusing on early-stage growth. This transaction reflects Arizona’s growing tech venture ecosystem.

  5. 19N Partners LLC (Announced: March 12, 2025) - ZRMC Operating, LLC announced a $21.8 million venture funding round on March 5, 2025, raising $1.1 million in its first tranche by March 20, 2025, with 2 investors under Regulation D, supporting unclassified operations in Arizona. The deal, with a minimum investment of $100,000, highlights Arizona’s appeal for large-scale venture investments. This raise underscores the state’s diverse funding landscape.

  6. PropertyFi Inc. (Announced: March 12, 2025) - PropertyFi Inc. announced a venture funding round on March 12, 2025, targeting unclassified operations in Arizona. The deal supports PropertyFi’s early-stage growth initiatives in the state. This transaction reflects Arizona’s support for emerging businesses.

  7. Savvy Trader, Inc. (Announced: March 14, 2025) - Savvy Trader, Inc. raised $1 million in a venture funding round on March 6, 2025, issuing series seed preferred stock under Regulation D, listed on the NYSE as “SARO,” with underwriters Mizuho, Santander, and Wolfe | Nomura Alliance. The deal, involving 30 million shares and an option for 4.5 million more, supports Savvy Trader’s financial technology operations in Arizona, advised by Milbank LLP and Latham & Watkins. This significant raise highlights Arizona’s growing fintech sector.

  8. AZJAH31 LLC (Announced: March 20, 2025) - AZJAH31 LLC announced a venture funding round on March 20, 2025, listed on Nasdaq under “GWRS,” with an underwriter option for additional shares within 30 days, supporting unclassified operations in Arizona. The proceeds aim to fund acquisitions and working capital, reflecting Arizona’s active venture market. This deal underscores the state’s appeal for growth-focused investments.

  9. ECA Roofing Roll Up 1 LLC (Announced: March 20, 2025) - CaliberCos Inc. raised $1.67 million on March 20, 2025, issuing a senior secured promissory note to Mast Hill Fund, L.P., along with warrants for 200,000 shares at $0.75 each, supporting asset management in Arizona’s financial sector. The deal enhances CaliberCos’s financial operations with a mix of debt and equity instruments. This transaction reflects Arizona’s active venture funding for financial growth.

  10. Engage3 Holdings, Inc. (Announced: March 20, 2025) - Conquer Padel Holdings LLC raised $1.1 million in a venture funding round in January 2025, announced on March 20, 2025, supporting unclassified operations in Arizona. The deal marks Conquer Padel’s early-stage growth in the state’s diverse business landscape. This modest raise highlights Arizona’s support for emerging ventures.

  11. ZRMC Operating, LLC (Announced: March 20, 2025) - Gunnison Copper Corp. announced a $2 million to $6.88 million non-brokered private placement on March 26, 2025, issuing up to 22.94 million units at $0.03 each, with warrants at $0.45, set to close by March 31, 2025, pending Toronto Stock Exchange approval. The deal, potentially paying 6% finders’ fees, supports Gunnison Copper’s mining operations in Arizona’s materials sector. This raise reflects Arizona’s active venture funding for resource development.

  12. Conquer Padel Holdings LLC (Announced: March 27, 2025) - Aeroblox Inc. announced a $1 million venture funding round on March 10, 2025, issuing common stock under Regulation D with a minimum investment of $10,000, supporting unclassified operations in Arizona. The deal reflects Aeroblox’s early-stage growth in the state’s diverse business landscape. This transaction underscores Arizona’s appeal for small-scale venture investments.

  13. Aeroblox Inc. (Announced: March 27, 2025) - Oxygen4Life, Inc. announced a $10,009 to $123,996 venture funding round on March 27, 2025, via DEALMAKER SECURITIES LLC, with a $125 million pre-money valuation, extended to close by July 31, 2025, under Regulation CF. The deal, with fees totaling $20,040, supports Oxygen4Life’s health care equipment initiatives in Arizona, with a minimum investment of $297.75. This raise highlights Arizona’s use of venture funding for health tech growth.

  14. Terkel, Inc. (Announced: March 27, 2025) - Terkel, Inc. announced a $400,000 venture funding round on March 12, 2025, raising $350,000 in its first tranche by March 27, 2025, with 5 investors under Regulation D, supporting interactive media in Arizona’s tech sector. The deal reflects Terkel’s early-stage growth in the state’s media landscape. This transaction underscores Arizona’s support for tech-focused ventures.

  15. Conquer Padel Holdings LLC (Announced: March 29, 2025) - Conquer Padel Holdings LLC raised $15 million in a venture funding round on March 29, 2025, supporting unclassified operations in Arizona. The deal marks a significant investment in Conquer Padel’s early-stage growth in the state. This large raise highlights Arizona’s appeal for high-value venture funding.

Mature - >7 Years

  1. GT Medical Technologies, Inc. (Announced: March 4, 2025) - Grasshopper Kids Inc. announced a $1 million mature funding round on March 4, 2025, raising $232,500 in its first tranche by March 19, 2025, with 6 investors under Regulation D, issuing convertible debt. The deal supports Grasshopper Kids’ education services in Arizona’s consumer sector, focusing on long-term growth. This raise reflects Arizona’s support for established consumer businesses.

  2. CND Life Sciences, Inc. (Announced: March 5, 2025) - CND Life Sciences, Inc. announced a $9 million mature funding round on February 28, 2025, amended on April 14, 2025, having raised $3.51 million by March 6, 2025, and $150,000 more by April 14, 2025, with 27 investors under Regulation D. The deal supports CND Life Sciences’ health care equipment initiatives in Arizona, focusing on long-term innovation. This raise underscores Arizona’s appeal for established health tech firms.

Capital Markets Segmentation — Glossary:

Equity Capital Markets

  • Follow-on: A public issuance of additional shares by a listed company to raise capital.

  • Convertible: Issuing equity-linked securities that can convert into common shares, blending debt and equity.

Debt Capital Markets

  • Non-convertible Debt: Fixed-income securities issued to raise capital, without equity conversion.

  • Preferred Equity: Shares with fixed dividends and priority over common equity, without conversion.

Rounds of Funding

  • Early Stage - Pre-Seed: Early startup investment for ideation or initial setup.

  • Early Stage - Crowdfunding: Raising small capital amounts from many investors via online platforms.

  • Early Stage - Seed: Initial startup investment for product development or market entry.

  • Venture - <5 Yrs: Early-stage investment in startups less than five years old for growth.

  • Mature - >7 Yrs: Capital raised by established companies over seven years old for expansion.

  • Debt - Convertible: Private debt that converts to equity, often for startups.

  • Debt - Non-Convertible: Private debt financing that doesn’t convert to equity, funding operations.

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March 2025 | Arizona M&A Insights