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DealMaker CEO Rebecca Kacaba Testifies Before Congress on the Future of Online Capital Formation
DealMaker's leadership in equity crowdfunding and digital capital platforms reaches Washington as CEO shares expertise with House Financial Services Committee
At DealMaker, we've always believed that efficient capital formation is the foundation of economic growth and innovation. Last month marked a significant milestone in our mission as our CEO and co-founder Rebecca Kacaba was invited to testify before the House Financial Services Committee, sharing insights on how technology is transforming capital raising for American entrepreneurs.
A Historic Moment for Online Capital Raising
"This is a huge moment, not just for DealMaker, but for the entire online capital raising industry. It's going to define how retail capital gets access to private companies in America."
Rebecca Kacaba
CEO of DealMaker
The invitation to testify underscores the growing recognition of technology's role in democratizing access to capital. As the leading platform in digital capital formation, DealMaker has facilitated over $2 billion in capital raised across more than 900 offerings, directly contributing to an estimated 40,000 new jobs across the country.
The JOBS Act Legacy and Future Growth
In her testimony, Rebecca highlighted the transformative impact of the JOBS Act since its passage in 2012. This landmark legislation created new pathways for entrepreneurs to connect with investors, fundamentally changing how companies raise capital through regulated offerings.
This remarkable growth demonstrates how digital capital platforms have expanded access to funding beyond traditional venture capital centers, reaching entrepreneurs in communities often overlooked by Silicon Valley and Wall Street.
Powering Economic Resilience Through Technology
The JOBS Act initially opened doors, but technology platforms like DealMaker have amplified its impact by streamlining and digitizing the entire capital formation process. Our platform has transformed how companies connect with investors by replacing cumbersome paperwork with intuitive digital interfaces, automating compliance processes, and providing real-time analytics for fundraising campaigns.
This technological transformation has been particularly valuable during economic downturns when traditional funding sources become more cautious. Rebecca's testimony emphasized this point with compelling data: "During the worst year of the recent downmarket cycle in 2023, the online capital markets stayed over 40 percent stronger than the VC markets."
This resilience highlights how online capital raising has created a more diverse and stable funding ecosystem, precisely as Congress intended when passing the JOBS Act.
Equity Crowdfunding: Democratizing Access to Capital
One of the most significant benefits of equity crowdfunding and digital capital formation is how it levels the playing field for entrepreneurs from diverse backgrounds. Traditional venture capital has historically favored certain demographics and geographic regions, leaving many innovative founders without access to the capital they need.
Digital fundraising platforms have proven particularly valuable for founders in regions outside major financial centers and those from underrepresented groups. By providing a transparent, accessible pathway to funding, these platforms enable companies to reach investors who share their vision regardless of location or personal connections.
Rebecca emphasized this democratization in her testimony, noting that DealMaker has supported companies establishing factories and operations in communities overlooked by traditional capital sources. This geographic diversity strengthens the American economy by creating jobs and opportunities across the country, not just in established tech hubs.
The Entrepreneur's Journey
Throughout her testimony, Rebecca emphasized the human element behind the statistics—the founders who make significant personal sacrifices to build businesses and create jobs.
These stories reflect DealMaker's deep understanding of the challenges entrepreneurs face and our commitment to providing solutions that streamline the capital raising process.
Regulatory Framework for Continued Growth
A key focus of Rebecca's testimony was the regulatory framework needed to continue this momentum. She advocated for several policy improvements that would further strengthen digital capital formation:
- Increasing offering limits - Current caps on Regulation A and Regulation CF offerings limit the growth potential for many companies.
- Harmonizing rules - Simplifying and standardizing regulations across different offering types would reduce compliance burdens for companies raising capital.
- Expanding capital markets participation - Encouraging broader participation from financial institutions and intermediaries would increase liquidity and investor access.
These recommendations reflect DealMaker's experience working with hundreds of companies across various industries and stages of growth. By implementing these changes, policymakers can unlock even greater economic potential and job creation through online capital raising.
The Future of Capital Formation
As technology continues to evolve, the landscape of capital formation will transform further. DealMaker remains at the forefront of this evolution, developing innovative solutions that make raising capital more efficient, transparent, and inclusive.
Rebecca's testimony highlighted several trends shaping the future of this industry:
- Community-Based Investing - Companies increasingly leverage their existing customer base and community as investors, creating stronger stakeholder relationships.
- Data-Driven Fundraising - Advanced analytics allow companies to optimize their fundraising strategies in real-time based on investor behavior.
- Integrated Investor Relations - Digital platforms now enable ongoing engagement with investors beyond the initial raise, creating opportunities for long-term relationships.
These trends point to a future where capital formation becomes not just about securing funding but building lasting communities around companies and their missions.
Looking Forward: Expanding Access to Capital
The testimony concluded with a forward-looking perspective on how policymakers can further strengthen online capital raising. Rebecca advocated for increasing offering limits, harmonizing rules, and allowing for broader capital markets participation.
These changes would "unlock even more growth in online capital markets, leading to further job creation," benefiting entrepreneurs in communities across America.
Partnering for Growth
Following the testimony, Rebecca reflected on the experience: "It was an honor to be in the room with such brilliant policymakers who truly understand that American entrepreneurs are the heartbeat of the American economy. We're thrilled to see how their guidance will help shape the next wave of American innovation."
At DealMaker, we remain committed to making capital markets more transparent, efficient, and accessible through our comprehensive capital raising software and services. Our platform streamlines the fundraising process while maintaining strict regulatory compliance, enabling entrepreneurs to focus on building and scaling their businesses.
The congressional testimony represents not just a milestone for DealMaker but a recognition of how technology is reshaping the financial landscape for the better. As we continue to innovate and advocate for policies that support entrepreneurial growth, we invite companies looking to raise capital to explore how our platform can support their journey.
DealMaker provides capital raising technology that transforms how companies raise funds online. Our platform supports Regulation CF, Regulation A, and Regulation D raises with advanced compliance tools, investor management capabilities, and transparent analytics.
When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.
The Challenge: Raising Capital on Their Terms
The Challenge: Raising on Their Terms
Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.
Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?
- Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
- Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
- A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
- Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.
The Power of Retail: Monogram's Capital Journey
| Start Date | End Date | Type | Platform | Amount Raised | # Investors |
|---|---|---|---|---|---|
| 3/13/19 | 3/31/20 | A+ | SeedInvest | $14,588,668 | 6,000 |
| 11/16/20 | 1/16/21 | A+ | StartEngine | $2,965,501 | 8,000 |
| 1/17/21 | 2/18/22 | A+ | StartEngine | $23,647,853 | 14,082 |
| 7/15/22 | 3/16/23 | CF | DealMaker | $4,673,000 | 2,249 |
| 3/1/23 | 4/8/23 | A+ | Republic | $232,275 | 120 |
| 3/1/23 | 5/23/23 | A+ | DealMaker | $15,958,364 | 5,198 |
| 5/18/23 | - | Nasdaq listing | |||
| 7/24 | 10/24 | Unit Offering | DealMaker | $12,990,103 | 2,745 |
Monogram Capital Raise Timeline
Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.
Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.
$80M+
Raised across seven campaigns
~40,000
Investors championing Monogram's vision
20%
Of each raise came from previous investors
Marketing Excellence
DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.
Premium Publications
Targeted campaigns in premium publications like Morning Brew captured qualified investors
High-Engagement Webinars
Engaging events that generated over $4.3 million in investments
Community Building
Strategic approaches that fostered a loyal shareholder base
Investment Momentum
Innovative approaches that amplified investment momentum
Monogram's Journey to Success
Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:
- Filed its first patent application in 2017
- Conducted clinical studies at UCLA and University of Nebraska
- Expanded the team with key hires
- Attracted a top-tier advisory board to guide clinical innovations
- Signed their first distribution partnerships
- Made headlines with cutting-edge live demonstrations
- Secured 501(k) FDA clearance for the mBôs surgical system
Nasdaq Debut & Beyond
In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.
For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.
Public perception says you can't raise privately post-IPO. Monogram proved that wrong.
Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.
This was retail capital at its best: strategic, repeatable, and aligned.
One vision. Zero compromises.
This wasn't a one-time raise. It was a multi-year capital strategy.
Retail capital helped Monogram:
- Go from concept to commercialization without relying on VCs
- Retain ownership and control in a high-burn industry
- Build a base of loyal shareholders who invested not once, but over and over again
- Uplist to the Nasdaq, and still keep raising post-IPO
This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.
Ready to Raise Capital on Your Terms?
Whether you're pre-revenue or post-IPO, DealMaker gives you the infrastructure, support, and strategy to raise from the people who believe in you most.
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