Global Startup and Venture Investment News for 11 December 2025: Mega-Rounds in AI, Increased Fund Activity, New Unicorns, and a Resurgence of IPOs. An Analytical Overview for Venture Investors.
By the end of 2025, the global venture capital market is demonstrating steady growth following several years of decline. According to analysts, in the third quarter of 2025, investment volume in technology startups reached approximately $100 billion—nearly 40% higher than the previous year, marking the best quarterly result since 2021. The upward trend intensified in autumn: in November alone, startups worldwide attracted around $40 billion in funding (up 28% from a year earlier), with the number of mega-rounds reaching a three-year high. The prolonged "venture winter" of 2022–2023 is behind us, and the inflow of private capital into technology projects is noticeably accelerating. Large funding rounds and the launch of new mega-funds indicate a revival of risk appetite among investors, although they still act selectively, favouring the most promising and resilient startups.
The vigorous growth in venture activity is encompassing all regions of the world. The United States remains the clear leader (especially in the AI segment). In the Middle East, investment volumes have multiplied due to the activation of sovereign funds, while in Europe, for the first time in a decade, Germany has surpassed the United Kingdom in total venture capital. In Asia, the main increase is shifting from China to India and Southeast Asian countries, compensating for the relative cooling of the Chinese market. Regions in Africa and Latin America are also actively developing their technology ecosystems. The startup scenes in Russia and the CIS countries strive to keep pace despite external limitations: new funds and support programmes are being launched, laying the foundation for future growth. Overall, the global market is gaining strength, although its participants remain cautious and selective.
Below are key trends and events in the venture market as of 11 December 2025:
- The return of mega-funds and large investors. Leading funds are raising record amounts and replenishing the market with capital, reigniting appetite for risk.
- Record rounds in AI and a new wave of unicorns. Exceptionally large investments in AI startups are driving company valuations to unprecedented heights and resulting in the emergence of dozens of new unicorns.
- A revival of the IPO market. Successful public debuts of technology companies and new listing plans confirm that the long-awaited "window of opportunity" for exits has opened once again.
- Diversification of sector focus. Venture capital is being directed not only to AI but also to fintech, biotech, climate projects, defence technologies, and other sectors.
- A wave of consolidation and M&A transactions. Significant mergers, acquisitions, and partnerships are reshaping the industry landscape, opening new opportunities for exits and accelerated company growth.
- A resurgence in interest in crypto startups. Following a prolonged "crypto winter," blockchain projects are once again securing substantial funding against the backdrop of market growth and regulatory easing.
- Local focus: Russia and CIS countries. New funds and initiatives for developing startup ecosystems are emerging in the region, although the overall investment volume remains modest.
Return of Mega-Funds: Big Money Back in the Market
The largest investment players are triumphantly returning to the venture arena, signalling a new phase of appetite for risk. The Japanese conglomerate SoftBank has announced the formation of its third Vision Fund, amounting to approximately $40 billion, focused on cutting-edge technologies (primarily projects in artificial intelligence and robotics). The American firm Andreessen Horowitz is raising a mega-fund of around $20 billion, concentrated on investments in late-stage AI companies. Sovereign funds from Gulf countries—who are pouring billions into high-tech projects and developing state mega-programmes (such as the innovative city NEOM in Saudi Arabia)—are joining leading players in Silicon Valley as they expand their presence. Simultaneously, dozens of new venture funds are appearing globally, attracting substantial institutional capital for investments in technology companies. As a result, the market is once again becoming liquidity-rich, and competition for prime deals is significantly intensifying.
Record Investments in AI: A New Wave of Unicorns
The artificial intelligence sector has become the primary driver of the current venture upswing, exhibiting record funding volumes. Global investment in AI startups is expected to surpass $200 billion by the end of 2025—an unprecedented level for the sector. The excitement surrounding AI is driven by the potential of these technologies to radically increase efficiency across various domains, opening markets worth trillions of dollars. Despite concerns about overheating, funds continue to boost their investments, fearing they may miss the next technological revolution. A significant portion of the capital is directed towards a select group of leading companies that could become defining players of the new AI era. For instance, Elon Musk's startup xAI has raised around $10 billion in total (including debt financing), while OpenAI has received over $8 billion backed by major investors at a valuation of approximately $300 billion—both rounds were significantly oversubscribed, highlighting the enthusiasm surrounding top companies in AI. Moreover, venture investments are being directed not only toward final AI products but also towards the infrastructure supporting them. The current investment boom has given rise to a wave of new unicorns. Investors' appetite for AI startups remains high.
Revival of the IPO Market: The Window for Exits Reopened
The global primary public offering market is emerging from a prolonged quiet phase and is gaining momentum once more. After nearly two years of dormancy, 2025 witnessed a surge in IPOs as a long-awaited exit mechanism for venture investors. A series of successful public debuts of technology companies has confirmed that the "window of opportunity" for exits is open. In Asia, Hong Kong has launched a new wave of IPOs: several major technology players have gone public in recent months, collectively raising billions of dollars. The situation is improving in the US and Europe as well; a number of recent tech IPOs have been successful, confirming strong investor appetite, and other well-known startups (such as Stripe) are preparing to go public in the latter half of 2025. Even the crypto industry is attempting to capitalise on the revival: the fintech company Circle successfully went public in the summer (its shares skyrocketed post-IPO), and the cryptocurrency exchange Bullish has filed for a listing in the US with a target valuation of around $4 billion. The return of IPO market activity is crucial for the venture ecosystem: successful public exits allow funds to realise profitable exits and direct the released capital into new projects, supporting further growth of the startup industry.
Diversification of Sectors: Expanding Investment Horizons
Venture capital is currently being directed towards a far broader range of sectors and is no longer limited solely to AI. After the downturn of recent years, fintech is experiencing a revival: significant rounds are occurring not only in the US but also in Europe and emerging markets, fuelling the rise of new financial services. There is a growing interest in climate technologies, green energy, and agritech—these areas are attracting record investments amid the global trend toward sustainability. Appetite for biotechnology is returning as new medical developments and the rise of digital health once again draw capital as industry valuations recover. Furthermore, heightened attention to security is prompting investors to support defence technologies—from advanced drones to cybersecurity systems. Overall, the expansion of sector focus makes the startup ecosystem more resilient and reduces the risk of overheating in individual segments.
A Wave of Consolidation and M&A: The Strengthening of Major Players
Inflated valuations of startups and fierce competition for markets are pushing the industry towards consolidation. In 2025, a new wave of large mergers and acquisitions is emerging, reshaping power dynamics in the technology sector. For instance, the corporation Google has agreed to acquire the Israeli cybersecurity startup Wiz for approximately $32 billion. Other IT giants are also eager to acquire key technologies and talent, sparing no expense for mega-deals. Increased activity in M&A and strategic transactions indicates market maturation. Mature startups are merging with each other or becoming targets for acquisition by corporations, while venture investors are presented with opportunities for long-awaited profitable exits. Although such mega-deals raise concerns about possible monopolisation and risks to competition, they simultaneously enable companies to innovate faster and access global markets, leveraging the resources of large consolidated entities.
Renewed Interest in Crypto Startups: The Market Awakens After the "Crypto Winter"
Following a prolonged decline in interest towards cryptocurrency projects—the "crypto winter"—the situation began to shift in 2025. The rapid growth of the digital assets market and a more favourable regulatory environment have led to blockchain startups once again securing substantial venture funding, although volumes are still far from the peaks of 2021. Major crypto funds are resuming their activity: for example, Paradigm is establishing a new fund of up to $800 million for projects in Web3 and decentralised finance. Interest from institutional investors is returning amidst rising prices of leading cryptocurrencies (with Bitcoin holding multi-month highs in the second half of 2025) and the emergence of clearer regulatory guidelines in several countries. Startups working with blockchain technologies are again able to attract capital to scale their businesses. The renewed interest in crypto startups indicates that investors are willing to give this segment a second chance, hoping for new breakthrough models in fintech, DeFi, and digital assets.
Local Focus: Russia and CIS Countries
Despite external limitations, active steps are being taken in Russia and neighbouring countries to develop local startup ecosystems. Government and private structures are launching new funds and programmes aimed at supporting early-stage technology projects. The creation of regional venture funds to finance high-tech companies is under discussion, and large corporations and banks increasingly support startups through corporate accelerators and their own venture divisions.
The overall volume of venture investments in Russia remains relatively modest, yet the most promising projects continue to receive funding. Over nine months in 2025, Russian tech startups raised about $125 million—30% more than the previous year, despite a decrease in the number of deals (103 compared to 120 the year before) and virtually no mega-rounds. The leaders in terms of investment volume were industrial and medical technologies, as well as fintech.
Against the backdrop of the outflow of foreign capital, the government is attempting to support the ecosystem. For instance, "RUSNANO" is increasing funding in the sector. Similar measures are being implemented through regional funds and partnerships with investors from "friendly" countries. The gradual formation of domestic venture infrastructure is already laying the groundwork for the future when external conditions improve, and global investors can return more actively. The local startup scene is learning to operate more autonomously, relying on targeted government support and the interest of private players from new geographies.
Conclusion: Cautious Optimism
As we approach the end of 2025, moderately optimistic sentiments dominate the venture industry. The rapid growth in startup valuations (especially in the AI sector) is causing some observers to draw parallels with the dot-com boom, raising concerns about market overheating. However, the current upswing is concurrently directing enormous resources and talents towards new technologies, laying the groundwork for future breakthroughs. The startup market is clearly revitalised: record financing volumes are being observed, successful IPOs have resumed, and venture funds have accumulated unprecedented reserves of capital ("dry powder"). Investors are becoming more discerning, favouring projects with solid business models and clear paths to profitability. The key question looking forward is whether high expectations surrounding the AI boom will be justified and whether other sectors can compete with it for investment appeal. For now, the appetite for innovation remains high, and the market looks to the future with cautious optimism.
