In this EquityZen review, we look at how the platform works, its fees, pre-IPO offerings, risk factors, and competitors. EquityZen connects accredited investors with late-stage startups, offering a way to buy shares from existing shareholders before an IPO — but with higher risk and limited liquidity.
These are late-stage but pre-IPO investments with significant upside potential. For this, you must be an accredited investor with a minimum deposit of $10,000.
Each investment requires a minimum of $10,000. Additionally, investors must know that their funds will be locked for two to five years, and such assets have low liquidity in this market.
What Is EquityZen? (2026 Review)
Yes, EquityZen is a legitimate company. Unfortunately, you can’t trade them on the stock market. However, their concept is pretty neat. They’re an alternative brokerage. And a place to find pre-IPO companies. In other words, companies that aren’t trading on the stock market yet.
Remember that a company that hasn’t IPO’d yet is not necessarily the best investment. So you can wait to see how the company does when it goes live. Or be ready to sit through a rollercoaster. Just look at Uber.
EquityZen’s online platform allows retail investors to find pre-IPO companies for investment, which are usually only available to insiders and employees. These investments are still only available to those meeting specific required criteria. EquityZen can do this by purchasing shares from current company stakeholders (who pay EquityZen a 5% fee and receive cash). Not publicly traded, these shares are generally illiquid; EquityZen pays the shareholder cash and then resells the shares to EquityZen retail investors.
Pros & Cons
- Pros
- Convert your illiquid shares into cash before a public offering or acquisition occurs
- Good opportunity for accredited investors
- Use the cash for anything you’d like, such as retirement or purchasing a home
- Cons
- Minimum deposit of $10,000
- EquityZen charges a 5% transaction fee to sellers
- Taxes can be high on a sale
EquityZen Pricing (2026 Fees & Costs)
EquityZen pricing shows they charge sellers a 5% fee when closing their transactions. If your sales are larger, you could get a break on the fee. It could be less than the 5% fee. That doesn’t mean buying larger blocks, however. If you’re worried about the fee, keep practicing instead of using real money. That way, you can feel comfortable when you’re
You can visit EquityZen’s website for updated pricing here. (Updated 3/26).
EquityZen Features and Investment Platform
EquityZen’s investments are primarily tech businesses in their late-stage, likely to have an IPO (or similar) soon, based on their given track record and operating history. As a result, only accredited Investors can view the list of EquityZen’s offerings and review any previous rounds’ financing data, share price performance, and other company information.
Availability of these investments relies on the sellers of private shares and the company’s approval. Currently, EquityZen has 16 assets available, with others on a waitlist. They also have pre-investments that allow investors to express their interest and will likely gain shareholders’ and the company’s confidence in the investment. Included in the assets are established tech companies with known brands.
These assets are made available to EquityZen clients with a legal and financial trick. The seller provides stock to EquityZen, and a Special-Purpose Entity (SPE) LLC is created to hold the stock.
EquityZen’s investors purchase a membership interest in the SPE LLC. Investors receive the company shares in their brokerage accounts if/when the IPO happens and after the lockup period. For the duration of the SPE-LLC, investors receive an annual K-1 tax statement. Each investment has a one-time fee ranging from 3-5% in addition to the amount of investment (like a transaction fee) paid to EquityZen. After this fee, there are no carried interest or AUM fees.
EquityZen also offers curated funds that provide investment in 4-25 pre-IPO companies with the purchase of a single asset, claiming historical net IRRs between 15–25% for a $20,000 minimum investment in these funds.
Pre-IPO Startups
To be eligible for their pre-IPO investment participation, you must first qualify as an “Accredited Investor.” To do so, the Securities and Exchange Commission (SEC) requires all U.S. or international investors to meet one of the following and show proof of such:
- In each of the prior two years, you have earned over $200,000 AND expect to do the same this year.
- In each of the prior two years, your and your spouse’s combined income was over $300,000, AND you expect this year’s income to be the same.
- Your net worth or the combined net worth of you and your spouse meets or exceeds $1 million, EXCLUDING your primary residence’s value.
Risks and Protections
EquityZen’s companies are high-risk/reward private companies. As of June 2020, the historical range of returns for the 250 companies offered has ranged between a 100% loss and a positive 450%. Results are not guaranteed though. Most provide no expectation of dividends, payments, or cash flow, with the potential to lose all of their value. Startup investing is a numbers game, with a minority of investors able to obtain high rewards while many others fizzle. The best results are those that can diversify and are successful in selection. This requires significant funding and relationships with companies that most investors don’t have.
EquityZen is a registered FINRA broker-dealer subject to due diligence requirements, ensuring the suitability of investments for its clients. Note, this does not guarantee returns. Their investments are SEC Reg D and, therefore, meet special rules to provide exemptions but not traditional SEC-registered assets, and are thus only available to accredited investors.
Our EquityZen review found that the platform gives investors a legitimate way to participate in late-stage startup funding rounds through special-purpose entities (SPEs), though each deal carries lockup periods, high risk, and limited liquidity.
EquityZen Alternatives
- Forge Global
- Equitybee
- Secfi
EquityZen Customer Reviews
EquityZen has approximately 331 customer reviews on Trustpilot with a 4.0 TrustScore (Great as of March 2026).
Bottom Line: Is EquityZen Worth It?
For accredited investors with the necessary funding, EquityZen is an excellent place for retail investors to access pre-IPO late-stage investments that would otherwise not be available. After researching, the safest strategy choice would be with a well-diversified portfolio of approximately 12-14 companies. Such a strategy would cost a minimum of about $126,000 with fees and require significant research into companies without much information.
One could alternatively invest in one of EquityZen’s curated funds for a minimum of $20,000+fees; EquityZen’s relationships with the offered companies and employee access may make this the better option.
Overall, our EquityZen review concludes that it’s best suited for accredited investors comfortable with long holding periods, high risk, and potentially high reward — a niche option for those seeking exposure to pre-IPO growth companies.
Frequently Asked Questions
EquityZen is a marketplace for accessing Pre-IPO equity. People can invest in or sell shares via EquityZen funds.
The minimum investment for EquityZen is $10,000.
Investors can sell their shares on EquityZen by filling out an electronic form, clicking sell, price, and number of shares.
EquityZen has a $175,000 minimum sale size. Sharespost has a $100,000 minimum sale size. EquityZen has a simpler marketplace experience, whereas SharesPost has a feature-rich experience.
