Monogram Case Study - Part 1
Case Study

From Startup to Nasdaq—and Beyond: How Monogram Raised $62M+ Pre-IPO and $13M Post-IPO

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.

$75M+
Total Capital Raised
38,000+
Investors
7
Campaign Rounds

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.

The Challenge: Raising Capital on Their Terms

Why did Monogram choose retail investors over traditional venture capital?

  • 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

2019-2020
Reg A+

First Major Retail Round

$14.6M Raised
6,000 Investors

Monogram's breakthrough retail capital round on a crowdfunding marketplace, proving institutional investors wrong about retail demand for medical device innovation.

2020-2021
Reg A+

Building Momentum

$3.0M Raised
8,000 Investors

Continued traction with existing investor base, expanding the community of believers in robotic-assisted joint replacement.

2021-2022
Reg A+

Major Scale Round

$23.6M Raised
14,082 Investors

The largest retail capital round to date, funding critical R&D and bringing the mBôs system closer to market readiness.

2022-2023
Reg CF

Partnership with DealMaker

$4.7M Raised
2,249 Investors

Monogram moved to DealMaker's platform for enhanced control and branding, running their first Reg CF campaign.

2023
Reg A+

Pre-IPO Finale

$16.0M Raised
5,198 Investors

Final major retail round before going public, powered by DealMaker's platform with full brand control.

May 2023
IPO

Nasdaq Debut

Monogram successfully lists on the Nasdaq, providing liquidity to retail investors and validating the retail-to-public pathway.

2024
Post-IPO

Defying Convention

$13.0M Raised
2,745 Investors

Breaking conventional wisdom by successfully raising private capital post-IPO, proving the lasting power of retail investor communities.

Seven Campaigns, 38,000+ Investors, $75M+ Total

From their first retail capital round in 2019 to their post-IPO raise in 2024, Monogram has built a loyal community of investors who've supported their journey from startup to publicly traded company—and beyond. Notably, 20% of each raise came from previous investors, demonstrating the power of building lasting investor relationships.

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.

Marketing Services

DealMaker's marketing services provided strategic investor acquisition, 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 Case Study - Part 2

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.

"This was retail capital at its best: strategic, repeatable, and aligned."

One Vision. Zero Compromises.

This was more than a single raise—it launched an ongoing investor engagement model that could continue to scale with the business.

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 sets retail capital apart—it builds over time, creating lasting engagement and a loyal investor community. And DealMaker is built to maximize that long-term value.

Dr. Douglas Unis
Dr. Douglas Unis

Founder & CMO

We wouldn't be here without our investors—and we wouldn't have been able to raise $75 million on our terms without DealMaker.

Ben Sexson
Ben Sexson

CEO

DealMaker gave us the tools to scale our vision. From our early raises to our IPO to our post-IPO offering, they've been a true strategic partner.

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