Rebecca Kacaba Champions Capital Markets Reform Before Congress

February 26, 2025

This week, DealMaker co-founder and CEO Rebecca Kacaba testified before the U.S. House Financial Services Committee, advocating for critical reforms to Regulation Crowdfunding (Reg CF) and Regulation A+ that will drive capital formation, support American job creation, and expand access to investment opportunities for everyday Americans. Representing one of the most innovative fintech firms in the online capital-raising space, Kacaba presented a compelling, data-driven case for raising the regulatory caps that currently constrain entrepreneurs and retail investors alike.

The Power of Regulation CF and Regulation A+: Fueling the American Dream

Since the enactment of the JOBS Act, Reg CF and Reg A+ have enabled businesses to collectively raise nearly $9 billion—a vital source of funding at a time when traditional capital sources remain concentrated and restrictive. However, these mechanisms are still hampered by outdated regulatory limits that hold back growth and job creation.

  • Reg CF: Since 2016, Reg CF has raised over $2.4 billion, yet growth has slowed due to the $5M cap per offering. By increasing this cap to $10M or higher, the market could see fundraising potential double or even triple.
  • Reg A+: While Reg A+ has raised over $6.5 billion, new offerings have declined by 24% from 2021 to 2024. Many promising companies are held back by the $75M cap, particularly in capital-intensive industries like biotech and infrastructure.
  • The Market Disparity: In stark contrast, Regulation D—available only to accredited investors—has raised over $10.8 trillion since 2016, illustrating the capital imbalance between retail and institutional access.

“This isn’t just about capital markets—it’s about economic growth and creating jobs,” Kacaba emphasized. “When businesses have access to the funds they need, they can scale, innovate, and put more Americans to work.”

Job Creation: The Real Impact of More Efficient Capital Markets

Companies powered by community capital are driving significant job creation and economic activity:

Job Growth: Reg CF-funded companies supported 110,976 jobs in 2024, a dramatic increase from just 6,432 jobs in 2016.

Economic Return: Every $1 invested via Reg CF generates a 10x return in economic activity—$26 billion reinvested into local economies.

DealMaker’s Impact: With over $2 billion raised for 900 American companies, DealMaker-powered raises contribute an estimated 7,000 new jobs per year.

If Congress enacts the proposed reforms, projections indicate a $2.3 billion capital flow over the next four years, translating to 46,000 new jobs.

Kacaba stated, “We cannot afford to leave billions of dollars in potential economic impact on the table. Expanding these capital-raising frameworks will create jobs, fuel innovation, and level the playing field for founders outside of traditional venture capital hubs.”

Leveling the Playing Field: Crowdfunding as a Real Alternative to Venture Capital

While venture capital has predominantly focused on tech and biotech startups with access to exclusive networks, Reg CF and Reg A+ offer a more inclusive alternative:

Diverse Industries: Unlike VC, which often favors a select group of industries, Reg CF and Reg A+ support a wide range of sectors, including consumer products, manufacturing, and clean energy.

Flexibility for Founders: Founders using community capital can raise funds on their own timeline—unlike VC-backed startups, which face pressure to meet investor-driven growth benchmarks.

Resilient Market Performance: While venture capital plummeted by 49% in 2023, Reg CF proved resilient, with only a 15% decline, demonstrating the stability of crowdfunding during economic downturns.

Policy Recommendations: Building a More Inclusive Capital Market

Kacaba’s testimony laid out a clear set of policy recommendations to modernize Reg CF and Reg A+:

  • Raise the Reg CF Cap to $10M+: Doubling the limit would unlock significant growth potential and allow more businesses to scale without artificial constraints.
  • Increase the Reg A+ Cap to $150M: Enabling mid-market companies to thrive, particularly in industries with high capital demands, such as biotech and infrastructure.
  • Introduce Tax Incentives: Providing tax advantages for retail investors, similar to those offered for retirement accounts, could stimulate market participation and boost economic activity.
  • Streamline Compliance: Simplifying the regulatory requirements for Reg A+ offerings will reduce friction for businesses and improve market efficiency.
  • Harmonize Reg CF and Reg A: Aligning the rules for these exemptions will simplify compliance, enhance investor protection, and support businesses at all stages of growth.

The Future of Capital Markets is Inclusive

Kacaba’s message was clear: If Congress modernizes Reg CF and Reg A+, it will unlock billions in capital, create thousands of jobs, and provide a much-needed alternative to the declining venture capital ecosystem.

“Retail investors deserve access to the same wealth-building opportunities as institutional players,” she concluded. “By making these changes, we can unleash an entirely new era of economic growth—one where innovation isn’t bottlenecked by outdated regulations, but accelerated by them.”

Monogram Case Study - DealMaker (Embed)

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.

Monogram at NASDAQ celebration

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
3/13/193/31/20A+SeedInvest$14,588,6686,000
11/16/201/16/21A+StartEngine$2,965,5018,000
1/17/212/18/22A+StartEngine$23,647,85314,082
7/15/223/16/23CFDealMaker$4,673,0002,249
3/1/234/8/23A+Republic$232,275120
3/1/235/23/23A+DealMaker$15,958,3645,198
5/18/23-Nasdaq listing
7/2410/24Unit OfferingDealMaker$12,990,1032,745

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.

Dr. Doug Unis Quote
Ben Sexson Quote

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