Exhibit 21.1

LIST OF SUBSIDIARIES

As of the date of this Registration Statement on Form S-1, Netcapital, Inc. has the following subsidiaries:

Subsidiary	Jurisdiction
1.       Netcapital Advisors, Inc.	Delaware
2.       MSG Development Corp.	Arizona
3.       Netcapital Systems LLC	Utah
4.       Netcapital Funding Portal Inc. (a wholly owned subsidiary of Netcapital Systems LLC, a Utah limited liability company)	Delaware