Manhattan Street Capital Review 2026: Reg A+ for Growth-Stage Companies

TL;DR: Manhattan Street Capital is a technology platform, not a broker-dealer, and it does not run Regulation Crowdfunding (Reg CF) campaigns at all. The company states plainly on its own site that it is "not a law firm, auditor, broker-dealer, or underwriter." Its entire business is Regulation A+ (Reg A+), the SEC exemption that lets growth-stage companies raise up to $75 million a year from everyday investors, with free-trading shares at the end. In July 2026, Manhattan Street Capital support $2.34 million of the $43.04 million in total Reg A+ volume tracked that month, according to KingsCrowd's July 2026 market report, a 5.4% share, well behind category leader DealMaker Securities at $36.67 million (85.2%). If you are an issuer weighing Reg A+ platforms, or an investor sizing up a deal hosted on this one, the distinction between tech platform and broker-dealer should shape how you read everything else about the company.

I want to start with what most reviews skip: what Manhattan Street Capital actually is, on paper, according to its own disclosures. It is a DBA (doing business as) of FundAthena, Inc., and it says so on its Reg A+ guide page. That is not a technicality. It changes who is legally responsible for what happens on the platform and what an issuer should expect to manage themselves.

What Manhattan Street Capital Actually Is

Manhattan Street Capital, founded and run by Rod Turner, positions itself as a hosting and technology platform for Reg A+ offerings. It builds and runs the investment page, processes the paperwork flow, and helps issuers manage a public raise. What it does not do, by its own description, is act as a broker-dealer (a FINRA-registered firm licensed to sell securities and make suitability determinations), an underwriter, a law firm, an auditor, or a Title III crowdfunding portal (the FINRA-registered intermediary structure required for Reg CF deals). That self-disclosure comes directly from the company's Regulation A+ guide, and it is worth reading in full before you consider either side of a deal on this platform.

Here is why that matters in practice. Reg CF, the crowdfunding exemption that caps raises at $5 million a year, legally requires issuers to run their offering through a registered funding portal or broker-dealer. Manhattan Street Capital does not hold either registration, which is precisely why it does not offer Reg CF deals at all. Every offering on the platform runs under Reg A+, which does not carry the same funding-portal mandate. An issuer can self-manage a Reg A+ raise, or add a broker-dealer relationship for specific functions, but Manhattan Street Capital itself does not fill that broker-dealer role. For an investor, that means the standard suitability review a broker-dealer performs before recommending a security is not happening at the platform level here. You do your own diligence, full stop.

For an issuer, the flip side is flexibility and lower structural overhead. You are not paying broker-dealer commissions by default, and you retain more control over how the raise is marketed and run. Manhattan Street Capital's own services page lists past campaigns including Arcimoto, Identify Sensors, GolfSuites, and InSituBiologics as examples of companies that used the platform this way. Arcimoto, which later traded on Nasdaq under the ticker FUV, is the most concrete example. The company reportedly raised $4 million online through Manhattan Street Capital in four weeks, with a separate underwriter syndicate adding another $15.5 million alongside it. That case shows the platform working as one piece of a larger capital stack, not the sole source of funding.

The Fee Structure: What You Actually Pay

Manhattan Street Capital's pricing is built around a per-investor technology and administration fee rather than a percentage-of-raise commission, which is the model most broker-dealer-run platforms use. According to a third-party platform breakdown from The Crowd Space, issuers running a Reg A+ offering pay $25 per investor in tech and admin fees. That same source reports a materially higher fee, $250 per investor, for issuers running a Regulation D 506(c) offering (a private placement exemption limited to accredited investors) through the platform. If an issuer wants a broker-dealer bolted onto the raise for functions that require one, that integration reportedly runs around an additional 1% fee on top of the base structure. Do the arithmetic before you commit to a platform. A Reg A+ raise with 2,000 individual investors at $25 each runs $50,000 in tech fees alone, before legal, accounting, audit, and marketing costs. That is cheaper per investor than commission-based models that take a percentage of every dollar raised, but it assumes you can attract investors on your own. Manhattan Street Capital is not, by its own description, a distribution engine that guarantees investor flow. You are largely responsible for driving traffic to your own raise, a real cost most issuers underestimate when they compare sticker prices across platforms.

Reg A+ Versus Reg CF: Two Different Tools

Because Manhattan Street Capital only runs Reg A+ offerings, it helps to understand exactly how that exemption differs from Reg CF, since founders often confuse the two or assume they are interchangeable. They are not. The two exemptions were built for different company stages and different investor experiences, and a detailed comparison from LegalClarity lays out the mechanical differences clearly.

Feature	Reg A+ (Tier 2)	Reg CF
Annual raise cap	$75 million (Tier 1 caps at $20 million)	$5 million
Financial statements required	Audited financials (PCAOB/GAAS standards) mandatory	Audit only required above $618,000 raised; lower tiers use reviewed or certified financials
SEC review process	Formal SEC "qualification" of the offering circular before it can go live	Form C filing, no substantive SEC qualification review
Intermediary requirement	No mandatory funding portal or broker-dealer	Must run through a registered funding portal or broker-dealer
Share liquidity	Shares are typically free-trading after the offering	Shares are typically restricted, illiquid, hard to resell
Typical company stage	Growth-stage, often revenue-generating, sometimes pre-IPO	Early-stage, sometimes pre-revenue
Cost and timeline to launch	Higher upfront cost, longer SEC qualification timeline	Lower upfront cost, faster to launch

Read that table as a stage-fit exercise, not a better-or-worse ranking. Reg A+'s audited-financials requirement and formal SEC qualification process add real time and cost before you can accept a single dollar, but the payoff is a much higher ceiling, $75 million versus $5 million, and shares that trade freely once the offering closes. That matters to investors who want an eventual path to liquidity rather than an illiquid stake they cannot easily sell. Reg CF is cheaper and faster to launch, which fits earlier-stage companies that cannot yet absorb the cost of an audit or a multi-month SEC review, but it forces those companies to work through a registered intermediary and caps how much they can raise in a year. Manhattan Street Capital's decision to specialize only in Reg A+, skipping Reg CF entirely, is a deliberate positioning choice. It is chasing the growth-stage mini-IPO niche, not the earliest-stage community-raise market that smaller Reg CF portals compete in.

Track Record and Market Share: The July 2026 Numbers

Here I want to be blunt rather than diplomatic. Manhattan Street Capital is a real, functioning platform with a long history in the Reg A+ space, but it is not the market leader, and recent data shows the gap is wide. KingsCrowd's July 2026 crowdfunding market report put total Reg A+ volume for the month at $43.04 million across all platforms tracked. Of that, Manhattan Street Capital support $2.34 million, roughly 5.4% of the market. DealMaker Securities support $36.67 million, or 85.2% of the same total. StartEngine came in at $2.96 million. That is a single month of data, and monthly figures in this market swing based on which companies happen to be raising through which platform, so treat it as a snapshot rather than a permanent ranking. It tells you Manhattan Street Capital currently operates as a mid-tier or niche player in Reg A+, not the dominant venue, and that should shape how much distribution support you expect the platform to provide versus what you will need to generate yourself.

On the historical side, Manhattan Street Capital has published its own industry-wide Reg A+ figures, citing roughly $2.4 billion raised cumulatively across 183 issuers industry-wide through the end of 2019. I want to flag two things about that number. First, it is an industry-wide total, not a figure specific to deals Manhattan Street Capital itself support. It describes the whole Reg A+ market's growth, not the platform's own track record. Second, it is self-published by the company on its own marketing page, which is a disclosed conflict of interest. A platform citing favorable data about the exemption it specializes in has an obvious incentive to make that exemption look attractive. That does not make the number false, but it means you should not read it as an independent, audited measure of Manhattan Street Capital's own performance. Named past campaigns on the platform's services page include Arcimoto, Identify Sensors, GolfSuites, and InSituBiologics. Arcimoto remains the clearest public proof point because it went on to trade on Nasdaq, giving outside observers a way to check how that specific raise fit into the company's larger financing history.

The Honest Risk Section

I looked for SEC enforcement actions, FINRA disciplinary records, or a credible pattern of investor complaints against Manhattan Street Capital or FundAthena, Inc. I did not find any in this research. I want to be precise about what that does and does not mean. An absence of enforcement actions in a search is not the same as a confirmed clean regulatory record. It means no corroborating source surfaced one, not that a detailed regulatory-database check was performed and came back empty. If you are putting real money into a deal hosted on this platform, or considering it as an issuer, that is a starting point for your own direct check of SEC and FINRA records, not a substitute for one. Beyond that gap, there are structural risks worth naming plainly. Because Manhattan Street Capital is not a broker-dealer, no one at the platform level is required to assess whether a given Reg A+ offering is suitable for your financial situation the way a licensed broker would be. You are relying on the issuer's own offering circular, your own reading of the audited financials, and your own judgment. Reg A+ shares being "free-trading" does not mean there is an active, liquid market ready to buy them the day after closing. Plenty of Reg A+ companies list on smaller exchanges or over-the-counter markets where trading volume is thin. And Manhattan Street Capital's own market share data from July 2026 suggests it is not the platform driving the largest pools of investor demand right now, which matters if you are an issuer counting on the platform itself to bring you investors rather than a marketing budget you control.

The Actionable Takeaway

If you are an issuer evaluating Manhattan Street Capital, treat it as a technology and administrative backbone for a Reg A+ raise you are largely responsible for marketing yourself, priced on a relatively cheap per-investor basis ($25 per investor for Reg A+, per third-party reporting) rather than a percentage-of-raise commission. Budget separately for legal counsel, the audit Reg A+ Tier 2 requires, and whatever marketing spend it takes to reach investors, because the platform's own July 2026 market share suggests it is not the venue with the largest built-in investor funnel. If you need a Reg CF raise specifically, capped at $5 million and run through a registered funding portal, look elsewhere. Manhattan Street Capital does not offer that exemption. If you are an investor looking at a deal on this platform, remember there is no broker-dealer performing a suitability check on your behalf. Read the audited financials the Tier 2 filing requires, check the company's own SEC filings independently, and do not assume free-trading shares means an easy exit. The distinction between a technology platform and a broker-dealer is not marketing language. It tells you how much diligence responsibility sits with you.

For more AIN coverage on this:

• Reg CF vs. Reg A+: The 2025 Scorecard Behind $924.8 Million in Crowdfunding
• Reg D vs Reg A+ vs Reg CF: Securities Exemptions Explained

Frequently Asked Questions

Is Manhattan Street Capital a broker-dealer?

No. Manhattan Street Capital explicitly states on its own Regulation A+ guide that it is not a broker-dealer, law firm, auditor, or underwriter. It operates as a technology and hosting platform, doing business as FundAthena, Inc.

Does Manhattan Street Capital offer Regulation Crowdfunding (Reg CF) deals?

No. Manhattan Street Capital does not offer Reg CF at all. It specializes exclusively in Regulation A+ offerings, which do not require a registered funding portal or broker-dealer the way Reg CF legally does.

What does Manhattan Street Capital charge issuers?

According to third-party platform reporting, Manhattan Street Capital charges issuers a $25-per-investor technology and administration fee for Reg A+ offerings, and $250 per investor for Regulation D 506(c) offerings, with an optional broker-dealer integration available for roughly an additional 1% fee.

How does Manhattan Street Capital compare to other Reg A+ platforms by volume?

In July 2026, Manhattan Street Capital support $2.34 million of $43.04 million in total tracked Reg A+ volume, about 5.4% of the market, according to KingsCrowd. DealMaker Securities led that same month with $36.67 million, or 85.2% of total volume, making Manhattan Street Capital a mid-tier player rather than the category leader.

Author Disclosure: Jeff Barnes, MBA has no personal position in any company, fund, or platform named in this article. Angel Investors Network has no current commercial relationship with any party mentioned. AIN provides marketing and education services, not investment advice. Past performance does not guarantee future results. All investments involve risk, including loss of principal.