May 2025 | Arizona Debt, Equity & Venture Capital Insights

Venture CapitalArizona DebtArizona Growth Equity
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 May 2025 recorded 24 transactions across Phoenix, Tucson, and Scottsdale, with companies raising approximately $2.4 billion in disclosed funding across Equity Capital Markets (ECM), Debt Capital Markets (DCM), and Rounds of Funding (ROF) in technology, real estate, energy, and materials sectors. ECM highlights included TriStar Gold, Inc.’s CAD 10 million follow-on and Opendoor Technologies Inc.’s $325 million convertible notes. DCM featured Pinnacle West Capital Corporation’s $4.92% yield debt issuance. ROF led with Digital Asset Management’s $100 million debt round and Mohave Verde Metals LLC’s $20 million venture raise, alongside smaller deals like HHAI, LLC’s $35,000, reflecting diverse investment activity.

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 — May 2025 Capital Markets Deal Summaries

ROF - Venture - <5 Yrs

  1. LV Portland LLC (05/01/2025)

    • An undisclosed investor agreed to acquire LV Portland LLC for $1.5 million, enhancing unclassified real estate ventures with a membership unit issuance after receiving a $450,000 first tranche.

  2. HHAI, LLC (05/01/2025)

    • An undisclosed buyer acquired HHAI, LLC for $35,000, boosting unclassified technology services with a membership unit issuance to support early-stage growth.

  3. Brookstone VC Simplifyance, LLC (05/01/2025)

    • An undisclosed investor acquired Brookstone VC Simplifyance, LLC for $1.5 million, strengthening unclassified financial technology services with a common stock issuance.

  4. Martone St., LLC (05/08/2025)

    • An undisclosed investor acquired Martone St., LLC for $1.5 million, expanding unclassified property management services with a common stock deal to fuel growth.

  5. ARC Tempe Tech Investor, LLC (05/09/2025)

    • An undisclosed investor agreed to acquire ARC Tempe Tech Investor, LLC for $5 million, boosting unclassified technology investments with a common stock issuance pending closure.

  6. Mohave Verde Metals LLC (05/19/2025)

    • An undisclosed investor agreed to acquire Mohave Verde Metals LLC for $20 million, expanding diversified metals operations in the materials sector with a common stock deal.

  7. Caliber HS Georgetown Fundco LLC (05/22/2025)

    • An undisclosed entity agreed to acquire Caliber HS Georgetown Fundco LLC for $8 million, expanding unclassified real estate ventures with common stock issuance for over a year.

ROF - Debt - Non-Convertible

  1. Annapolis Self Storage Partners, LLC (05/05/2025)

    • An undisclosed lender agreed to acquire Annapolis Self Storage Partners, LLC with $3.5 million in non-convertible debt, supporting unclassified storage operations with a $50,000 minimum investment.

  2. Digital Asset Management (05/05/2025)

    • An undisclosed financier agreed to acquire Digital Asset Management with $100 million in non-convertible debt, boosting unclassified digital asset management with a $500,000 minimum investment.

ROF - Debt - Convertible

  1. Fusion Energy Solutions, Inc. (05/08/2025)

    • An undisclosed investor agreed to acquire Fusion Energy Solutions, Inc. with $12 million in convertible promissory notes, enhancing unclassified energy solutions with a $50,000 minimum investment.

ECM - Follow-on

  1. TriStar Gold, Inc. (05/08/2025)

    • TriStar Gold, Inc. agreed to issue 62.5 million units for CAD 10 million, expanding gold mining operations in the materials sector with a private placement pending May 29 closure.

  2. StandardAero, Inc. (05/16/2025)

    • StandardAero, Inc. completed an equity offering, strengthening unclassified aerospace services with a follow-on issuance and a 30-day option for 4.5 million additional shares.

  3. Centuri Holdings, Inc. (05/21/2025)

    • Centuri Holdings, Inc. completed an equity offering, enhancing unclassified utility services with a follow-on issuance and a 30-day option for 1.35 million additional shares.

  4. Liberty Star Uranium & Metals Corp. (05/27/2025)

    • Liberty Star Uranium & Metals Corp. agreed to issue 3.19 million units for $236,751, expanding uranium and metals operations with a private placement and half warrants exercisable for 36 months.

ECM - Convertible

  1. Opendoor Technologies Inc. (05/08/2025)

    • Opendoor Technologies Inc. agreed to issue $325 million in convertible senior notes (due 2026 and 2030), enhancing unclassified real estate technology with a complex conversion structure pending May 16 closure.

DCM - Non-convertible Debt

  1. Pinnacle West Capital Corporation (05/12/2025)

    • Pinnacle West Capital Corporation completed a debt issuance with a 4.92% yield to maturity, strengthening unclassified utility services with semi-annual interest payments starting November 15, 2025.

ROF - Venture - Series A

  1. Uplinq, Inc. (04/30/2025)

    • An undisclosed investor acquired Uplinq, Inc. with $10 million in Series A preferred stock, boosting unclassified technology services at a $25.7 million post-money valuation.

ROF - Early Stage - Seed

  1. My Stepping Stone, Inc. (05/20/2025)

    • An undisclosed investor acquired My Stepping Stone, Inc. for $550,000, supporting unclassified social services with a common stock issuance.

  2. Zoca Technologies Inc. (05/21/2025)

    • Zoca Technologies Inc. raised $6 million led by Accel Partners, expanding unclassified technology services with seed funding from multiple investors.

  3. GF Health Services LLC (05/23/2025)

    • GF Health Services LLC received $8.5 million from strategic healthcare investors, enhancing unclassified health services with seed funding.

ROF - Mature - >7 Yrs

  1. Consumer Cellular, Inc. (05/21/2025)

    • An undisclosed entity completed an acquisition of Consumer Cellular, Inc., strengthening unclassified telecommunications services.

  2. Arevon Energy, Inc. (05/21/2025)

    • An undisclosed entity completed an acquisition of Arevon Energy, Inc., enhancing unclassified energy services.

  3. Vontive, Inc. (05/29/2025)

    • Vontive, Inc. received equity funding from Citi’s SPRINT team, expanding unclassified financial services.

ROF - Growth - Series 5-7 Yrs

  1. Toro Management LLC (05/15/2025)

    • An undisclosed buyer agreed to acquire Toro Management LLC for $1.5 million, enhancing unclassified management services with a common stock issuance after a $150,000 first tranche.

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.

Copyright ©2025 William & Wall, S&P Global Market Intelligence

William & Wall https://www.williamandwall.com
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