Startup and Venture Investment News — Monday, 24 November 2025: Record AI Rounds, Return of Mega Funds, IPO Market Revival, M&A Consolidation, Global Venture Market Expansion, Crypto Startup Renaissance, and a Wave of New Unicorns
By the end of November 2025, the global venture capital market demonstrates steady growth following a period of decline. Investors worldwide are once again actively investing in technology startups: record deals are being made, companies are revisiting IPO plans, and major funds are triumphantly returning to the market with large-scale investments. Governments across various countries are increasing support for innovation and stimulating private capital inflows, which, alongside the revival of the stock markets, is boosting venture activity. As a result, significant financial resources are flowing into the startup ecosystem, although investors remain cautious and selective, favouring startups with sustainable business models and proven economics.
The uptick is evident across nearly all regions. According to the latest data, in the third quarter of 2025, the global venture capital investment totalled approximately $97 billion—an increase of 38% compared to the previous year and slightly above the previous quarter's figures. This marked the highest quarterly investment volume since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The main driver of this surge is mega rounds in artificial intelligence (AI); however, an increase in funding is observed at all stages. Venture activity is rising almost universally: the US maintains its leading position (with the AI segment particularly booming), investment volumes in the Middle East have grown exponentially over the year, and Germany has for the first time in a decade outpaced the UK in cumulative venture financing. In Asia, dynamics are uneven: India, Southeast Asia, and the Gulf States are attracting record capital inflows amid relatively declining activity in China. The startup scenes in Russia and the CIS countries are also striving to keep pace, despite external constraints, launching new funds and programmes to develop local ecosystems. A new global venture boom is taking shape, with market participants continuing to act cautiously and selectively.
Below are key events and trends shaping the venture market landscape as of 24 November 2025:
- The return of mega funds and large investors. Leading venture players are forming record-sized funds and ramping up investments, refilling the market with capital and rekindling risk appetite.
- Record AI investment rounds and a new wave of unicorns. Unprecedented capital influx into AI startups is driving company valuations to unprecedented heights, resulting in the emergence of numerous new unicorns.
- Revival of the IPO market. Successful IPOs by technology companies and new listings indicate that the long-anticipated "window" for public offerings has reopened.
- Industry focus diversification. Venture capital is directed not just towards AI, but also into fintech, biotech, climate technologies, space and defence projects, among other economic sectors.
- A wave of consolidation and major M&A deals. Large-scale mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and accelerated growth for startups.
- Global venture capital expansion. The investment boom is spreading to new regions—from the Middle East and South Asia to Africa and Latin America—creating their own technology clusters.
- A renaissance of interest in crypto startups. Following a prolonged "crypto winter," the blockchain project sector is reviving, again attracting significant venture investments amidst the recovery of the crypto market.
- Local focus: Russia and the CIS. New funds and initiatives aimed at developing local startup ecosystems are emerging in the region, capturing investors' attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back in the Market
The largest investment funds and institutional players are confidently returning to the venture arena, signalling a newfound appetite for risk. Following a downturn in VC fundraising during 2022-2024, leading firms are resuming capital raising and announcing mega funds. The Japanese conglomerate SoftBank, overcoming recent challenges, has announced the launch of its Vision Fund III, sized at around $40 billion, focused on advanced technologies (AI, robotics, and more). In the US, venture firm Andreessen Horowitz is planning a record fund of approximately $20 billion, betting on late-stage AI startup investments. Simultaneously, sovereign funds from Gulf countries are markedly expanding their presence in the tech sector, pouring billions of dollars into promising startups worldwide and launching extensive programmes to develop their own tech hubs. Dozens of new venture funds are emerging across all key regions, attracting significant institutional capital for investment in high-tech projects. The influx of this "big money" is filling the market with liquidity and intensifying competition for the most promising deals while instilling confidence in the industry regarding future capital inflows.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the principal driver of the current venture upswing, showcasing unprecedented funding volumes. Since the beginning of 2025, AI startups in the US have collectively raised over $160 billion (around two-thirds of all venture investments in the country), and by the end of the year, global investments in AI companies are anticipated to exceed $200 billion—a previously unseen level for the industry. The cumulative valuation of the top ten AI startups (including leaders such as OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The extraordinary surge of capital into AI is accompanied by the emergence of numerous new unicorns. In October 2025 alone, about 20 new startups with valuations exceeding $1 billion joined the unicorn club—setting a record for monthly additions in recent years. Investors eagerly support projects in generative AI, AI infrastructure, autonomous systems, and other pioneering fields. Almost weekly, announcements of new mega funding rounds are made: for instance, in November, American company Lambda (providing AI cloud infrastructure) raised around $1.5 billion, market prediction platform Kalshi secured $1 billion, and multimodal AI systems developer Luma AI closed a round at $900 million. Such scale of venture funding has not been seen since the peak of 2021. While this explosive growth fosters optimism regarding the potential of technologies, some experts warn of signs of overheating in particular niches. This prompts investors to adopt a more cautious approach to valuations and focus on genuinely high-quality projects.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is starting to emerge from a lengthy lull and gaining momentum. After nearly two years of inactivity, IPOs are re-emerging as a desirable exit mechanism for venture investors. In Asia, Hong Kong has initiated a new wave of IPOs: in recent months, several major technology companies have gone public, collectively raising billions of dollars. For example, Chinese battery manufacturer CATL successfully completed its offering, gathering around $5 billion, demonstrating that investors in the region are once again ready to actively participate in IPOs. The situation in the US and Europe is also improving: American fintech unicorn Chime recently debuted on the stock exchange, with its shares rising by approximately 30% on the first day of trading. Shortly thereafter, design platform Figma conducted an IPO, attracting around $1.2 billion at a valuation of roughly $20 billion; its share prices also rose confidently in the early trading days. In the second half of 2025, other well-known startups, including payments giant Stripe, are preparing to go public.
Even the crypto industry is striving to capitalise on the revival: fintech company Circle successfully went public last summer (its market capitalisation at IPO was around $7 billion, and subsequently the shares surged significantly), while cryptocurrency exchange Bullish has filed for a listing in the US with a target valuation of approximately $4 billion. The return of activity in the IPO market is crucial for the entire venture ecosystem: successful exits through IPOs allow funds to realise profits and redirect freed capital into new projects, supporting the ongoing growth of the industry.
Investment Diversification: Not Just AI
In 2025, venture investment is encompassing a broader spectrum of industries and is no longer confined to artificial intelligence alone. Following the downturn of recent years, related sectors are noticeably reviving, making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently broadening its horizons by investing in diverse directions:
- Fintech: after a pause in 2022-2023, financial technologies are again attracting substantial funding rounds not only in the US but also in Europe and developing markets, fueling the growth of new digital services.
- Climate Technologies: projects in clean energy, climate tech, and agritech are receiving record investments amid the global trend towards sustainability and decarbonisation.
- Biotech and Healthcare: new developments in pharmaceuticals, genetics, and digital healthcare are once again attracting capital as industry valuations recover following recent declines.
- Defence and Space Projects: with heightened attention to security, investors are more actively funding defence technologies and cybersecurity. At the same time, interest in space startups is growing—ranging from satellite services to space exploration projects.
The expansion of sector focus signifies the maturity of the venture market: investors are diversifying their portfolios, and funds are flowing into various innovative spheres, reducing the ecosystem's dependency on a single dominant direction.
A Wave of Consolidation and M&A: Consolidation of Players
High valuations of startups and intense market competition are driving a new wave of consolidation. Significant mergers and acquisitions are coming to the forefront, reshaping the industry dynamics. Tech giants are keen to acquire key innovations and talent, embarking on active acquisition trails. A notable example is Google negotiating the acquisition of Israeli cybersecurity startup Wiz for approximately $32 billion, a record sum for the Israeli tech sector. Such mega deals illustrate the readiness of corporations to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and large venture deals indicates market maturation. Mature startups are either merging with one another or becoming targets for acquisitions by corporations, while venture funds are gaining opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies while simultaneously "cleansing" the ecosystem of weaker players, resulting in a healthier market.
Global Venture Capital Expansion: New Technology Hubs
The investment boom is extending to new geographic regions, forming their own technology development centres worldwide. The Middle East particularly stands out: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented sums into establishing local tech hubs with global standards. Over the last couple of years, the volume of venture investments in the Middle East has grown several times, leading to the emergence of new large funds and mega projects (for instance, the futuristic tech metropolis NEOM in Saudi Arabia). There is also a strong capital influx into South Asia: India and Southeast Asian countries are setting new records for attracting venture investments, partially compensating for the relative cooling of the market in China. Concurrently, startup ecosystems in Africa and Latin America are gaining momentum, where financing growth is fostering new technology clusters. Thus, venture capital is becoming increasingly global: in addition to traditional centres such as Silicon Valley, New York, or London, new points of startup growth are strengthening on the world map.
Local Market: Russia and the CIS
Despite external constraints, there has been a noticeable revival in startup activity in Russia and neighbouring countries in 2025. Over the past year, several new venture funds have emerged (with a total capital of around 10-15 billion RUB), and government bodies and corporations have launched programmes to support technology startups. Although the total volume of venture investments in the region remains modest by global standards and significant barriers persist (high interest rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual formation of its venture infrastructure is already creating a foundation for the future—preparing for the time when external conditions improve and global investors can return more actively to the market. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and lay the groundwork for the growth of the next generation of entrepreneurs.
A Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is visibly reviving. In autumn 2025, funding for crypto projects peaked at the highest level in recent years. New large funding rounds are occurring in Web3 infrastructure and decentralised finance (DeFi) segments, with venture capital once again flowing into promising blockchain platforms. The rise of the crypto market has also played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological $100,000 mark, further igniting investor enthusiasm for the sector. Venture funds, previously very cautious with crypto assets, are gradually resuming investments in projects at the intersection of technology and finance, with new specialised funds and incubators for Web3 startups emerging. Of course, past experiences have taught investors caution—volatility and regulatory risks have not disappeared. However, there is now a moderate optimism in the market: participants are increasing their presence in the crypto sector, keen to capitalise on the growth potential of this new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have solidified within the venture capital industry. Successful IPOs and multi-billion funding rounds indicate that the prolonged downturn is behind us, and the startup ecosystem is experiencing a new upturn. Nevertheless, investors remain vigilant: funding is increasingly concentrated on startups with sustainable business models, proven economics, and real profit prospects. Significant capital inflows into AI and other promising sectors instil confidence in the market's future growth, but players are keen to avoid repeating the mistakes of past bubbles, adopting a more stringent approach to project evaluation and quality.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of major investors, the emergence of new unicorns, and successful exits through IPOs are laying the foundation for another wave of innovation. However, discipline and foresight among investors will determine the nature of this growth. Despite the increased appetite for risky investments, the focus remains on quality startup growth and the long-term sustainability of the market.
