SEC Form D Funding Leads Change Watch

Receive seed-zero, structured records for new and amended public SEC Form D private-offering filings that match your geography, industry, exemption and offering-size rules — with filing-level receipts, not another historical Form D dump.

The actor checks the official EDGAR daily indexes, parses public D / D/A XML as filed, and emits only qualified post-baseline filings and material amendment changes. Each record carries its accession number, source XML URL and a run receipt. SEC describes Form D as a notice of an exempt offering and says accepted filings become public on EDGAR.

How it works

1. Reads the EDGAR daily-index directory for the requested quarter and selects the in-scope form.YYYYMMDD.idx files (bounded, oldest first).
2. Parses the fixed-width form index and keeps only D / D/A rows.
3. Fetches each matching filing directory and its primary Form D XML, parsing only Form D elements — issuer, offering, exemptions, amounts, dates, participants.
4. Normalizes, applies your local lead filters, and (in watch mode) compares to a private baseline to emit NEW_OFFERING, AMENDMENT, OFFERING_INCREASED, AMOUNT_SOLD_INCREASED, OFFERING_CLOSED or FILER_CORRECTION deltas.

The first watch run seeds silently (zero alerts). Later runs emit only new and changed offerings.

Output

Three record types, discriminated by record_type:

• form_d_filing — a normalized snapshot filing (snapshot mode).
• funding_lead_delta — a post-baseline change, with before/after and changed_fields (watch mode).
• source_receipt — a per-filing-date run receipt (terminal_state, canary_passed, request counters). Always emitted, never billed.

Every item carries source_url and observed_at.

Use cases

Venture and funding teams route newly filed offerings; service providers identify issuers with active raises; compliance teams watch amendments; data teams ingest structured private-offering filings.

Honest limits

A Form D is an issuer-filed notice, not proof that the target was raised, of company quality, of investor intent, or of complete private financing. Some issuers omit revenue or amount details (Indefinite amounts become null with a parse warning). Amendments are linked conservatively by a deterministic offering key; an amendment we cannot link is emitted with before=null and a warning. No contact enrichment, scoring or recommendations. EDGAR delays, outages and fair-access controls fail loud (BLOCKED / PARTIAL), never a silent empty success.

Compliance

Public, logged-out EDGAR only. A descriptive User-Agent with a real contact is required by SEC fair-access and must be supplied via secUserAgent (or the SEC_USER_AGENT env var); a missing or placeholder value fails before any network call. The actor self-throttles to 2 requests/second (below SEC's 10/s ceiling). No login, key, CAPTCHA or paywall defeating; no licensed source; the actor stops on SEC objection.