June 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 June 2025 recorded 20 transactions across Phoenix, Tucson, and Scottsdale, with companies raising approximately $671 million in disclosed funding across Equity Capital Markets (ECM), Debt Capital Markets (DCM), and Rounds of Funding (ROF) in technology, healthcare, energy, and mining sectors. ECM highlights included Fold Holdings, Inc.’s $250 million equity facility and SolarWindow Technologies, Inc.’s $3.9 million follow-on. DCM featured Trinity Capital Inc.’s 7.00% yield debt issuance. ROF led with Cray Pay, Inc.’s $33.81 million seed round and HealthyU Family Medicine, LLC’s $20 million venture raise, alongside diverse investments, reflecting increasing market momentum.

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 — Capital Markets Deal Summaries

ROF - Venture - <5 Yrs

  1. ARM5 Holdings, Inc. (06/03/2025)

    • An undisclosed investor agreed to acquire ARM5 Holdings, Inc. for $7.6 million, enhancing unclassified technology ventures with a common stock issuance after receiving a $60,000 first tranche.

  2. Estaca 1992, LLC (06/05/2025)

    • An undisclosed investor agreed to acquire Estaca 1992, LLC for $900,000, expanding unclassified real estate ventures with a common stock issuance after a $120,000 first tranche.

  3. Equipifi, Inc. (06/09/2025)

    • An undisclosed investor agreed to acquire Equipifi, Inc. for $2.5 million, boosting unclassified financial technology services with a Simple Agreement for Future Equity issuance after a $2.4 million first tranche.

  4. HealthyU Family Medicine, LLC (06/10/2025)

    • An undisclosed investor agreed to acquire HealthyU Family Medicine, LLC for $20 million, enhancing unclassified healthcare services with a membership unit issuance after a $200,000 first tranche.

  5. Enhanced Ultrasound Inc (06/11/2025)

    • An undisclosed investor agreed to acquire Enhanced Ultrasound Inc for $150,000, supporting unclassified medical technology with a common stock issuance.

  6. Haven Rio LLC (06/18/2025)

    • An undisclosed investor agreed to acquire Haven Rio LLC for $6 million, expanding unclassified real estate ventures with a common stock issuance after a $1.245 million first tranche.

ROF - Early Stage - Seed

  1. Black Rock Nutraceuticals, Inc. (05/29/2025)

    • An undisclosed investor acquired Black Rock Nutraceuticals, Inc. for $6.48 million, boosting unclassified health products with redeemable preferred shares after a $2.43 million first tranche.

  2. Shilo Ai, Inc. (06/06/2025)

    • An undisclosed investor acquired Shilo Ai, Inc. for $2.64 million, enhancing unclassified AI services with non-redeemable preferred shares at a $2.75 million valuation.

  3. Cray Pay, Inc. (06/09/2025)

    • An undisclosed investor agreed to acquire Cray Pay, Inc. for $33.81 million, strengthening unclassified fintech services with convertible preferred shares after a $1 million first tranche.

  4. ViiT Health Inc (06/11/2025)

    • An undisclosed investor agreed to acquire ViiT Health Inc for up to $111,308 via crowdfunding, supporting unclassified health tech with SAFE securities.

  5. Gold Road Mine Inc (06/14/2025)

    • An undisclosed investor acquired Gold Road Mine Inc for CAD 3 million, boosting unclassified mining operations with funding from Gold Road Inc.

ROF - Growth - Series 5-7 Yrs

  1. T&R Recovery Group (06/04/2025)

    • New investors Cyprium SBIC I LP and GP Capital Partners, LP acquired T&R Recovery Group, enhancing unclassified recovery services with common shares and debt issuance.

ROF - Mature - >7 Yrs

  1. Litco Legal Support Organization (06/05/2025)

    • Canadian Business Growth Fund, LP acquired Litco Legal Support Organization, strengthening unclassified legal services with a common stock issuance.

  2. RunBuggy OMI, Inc. (06/09/2025)

    • An undisclosed investor agreed to acquire RunBuggy OMI, Inc. for $3 million, enhancing unclassified transportation services with non-convertible debt.

  3. Fusion Energy Solutions, Inc. (06/18/2025)

    • An undisclosed investor agreed to acquire Fusion Energy Solutions, Inc. for $130,000, expanding unclassified energy solutions with a common stock issuance.

ROF - Venture - Series A

  1. TYB Technologies, LLC (06/11/2025)

    • TYB Technologies, LLC announced an $11 million Series A funding round for Try Your Best, led by Offline Ventures and Strobe Ventures, to expand the play-to-earn community platform for 200 brands, enhancing engagement with Millennial and Gen-Z shoppers.

ECM - Follow-on

  1. Centuri Holdings, Inc. (06/18/2025)

    • Centuri Holdings, Inc. completed an equity offering, enhancing unclassified utility services with a follow-on issuance and a 30-day option for 1.46 million additional shares.

  2. Fold Holdings, Inc. (06/16/2025)

    • Fold Holdings, Inc. entered an equity purchase facility for up to $250 million, expanding unclassified fintech services with a common stock issuance.

  3. SolarWindow Technologies, Inc. (06/16/2025)

    • SolarWindow Technologies, Inc. agreed to issue 12.58 million units for $3.9 million, boosting unclassified renewable energy with a follow-on offering including warrants.

DCM - Non-convertible Debt

  1. Trinity Capital Inc. (07/03/2025)

    • Trinity Capital Inc. completed a debt issuance with a 7.00% yield to maturity, strengthening unclassified financial services with semi-annual interest payments starting January 3, 2026.

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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