Current Startup and Venture Capital News for 22 November 2025: Key Deals, Major Rounds, Market Trends, and Global Developments.
By the end of November 2025, the global venture capital market is demonstrating steady growth following a period of decline. Investors worldwide are again actively funding technology startups: record deals are being closed, companies’ IPO plans are re-emerging, and the largest funds are triumphantly returning to the market with substantial investments. Governments in various countries are increasing support for innovation and attracting private capital, which, along with a revival in stock markets, is spurring venture activity. Consequently, significant funds are flowing into the startup ecosystem, although investors are still acting selectively, preferring quality business models.
The growth momentum spans nearly all regions. Recent data indicates that in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion, which is 38% higher than the previous year and slightly above the result of the prior quarter. This is the best quarterly result since 2021 and marks the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The primary contribution to this growth has come from mega-rounds in the artificial intelligence (AI) sector, although increases in funding are noted across all stages. Venture activity is increasing in most corners of the world: the US continues to lead (with particular growth in the AI segment), investment volumes in the Middle East have surged manifold over the year, and in Europe, Germany has surpassed the UK for the first time in a decade in terms of total venture capital. Asia shows heterogeneity: India, Southeast Asia, and Gulf states are attracting record influxes of capital amid a relative decline in activity in China. The startup ecosystems in Russia and the CIS are also striving to keep pace, launching new funds and projects to develop the local market. A new global venture upturn is forming, although market participants remain cautious and selective.
Below are key events and trends shaping the venture market on 22 November 2025:
- The return of mega funds and large investors. Leading venture players are forming record funds and increasing investments, replenishing the market with capital and bolstering the appetite for risk.
- Record rounds in AI and new "unicorns". Unprecedented investments in AI startups are pushing company valuations to unprecedented heights, leading to the emergence of numerous new "unicorns".
- A revival in the IPO market. Successful public listings of technology companies and new filings suggest that the long-awaited "window" for public exits has reopened.
- Diversification of investment focus. Venture capital is directed not only towards AI but also towards fintech, biotech, climate technologies, space and defence projects, as well as crypto startups.
- A wave of consolidation and M&A deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and scaling businesses.
- Global expansion of venture capital. The investment boom is extending to new regions—from the Middle East and South Asia to Africa and Latin America—forming new technology hubs.
- Local focus: Russia and CIS countries. New funds and initiatives to develop local startup ecosystems are emerging in the region, attracting investor attention despite geopolitical constraints.
- A renaissance of interest in crypto startups. Following a protracted "crypto winter", the blockchain project sector is reviving, once again attracting significant venture investments.
The Return of Mega Funds: Big Money Back in the Market
The largest investment players are triumphantly returning to the venture arena, signalling a renewed surge of risk appetite. Japanese conglomerate SoftBank, having endured a few challenging years, is now experiencing a "renaissance" thanks to its bet on artificial intelligence. The company has reported a sharp increase in profits and is reorganising its portfolio in favour of future technologies. The new Vision Fund III, amounting to approximately $40 billion, is focused on AI and robotics, providing SoftBank with substantial capital for new projects (for instance, the company sold its entire stake in Nvidia for $5.8 billion to free up funds for investment in its own AI ecosystem).
Simultaneously, sovereign funds from Gulf countries are significantly increasing their presence in the technology sector. Middle Eastern investors are pouring billions of dollars into promising startups worldwide and developing large-scale tech projects within their borders. Such mega funds are infusing liquidity into the market and are ready to support innovations with substantial cheques, setting the tone for a new wave of technological growth. The return of big money from SoftBank, Middle Eastern funds, and other market "sharks" signifies an influx of capital into the startup ecosystem and growing competition for the most promising deals.
Record Investments in AI and a New Wave of "Unicorns"
The artificial intelligence sector remains the primary driver of the current venture upturn, demonstrating unprecedented volumes of funding. Since the beginning of 2025, AI startups have collectively raised over $160 billion just in the US (about two-thirds of all venture investments in the country), and analysts estimate that global investments in AI companies will exceed $200 billion by the end of the year—an unprecedented level for the industry. The combined valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of numerous new "unicorns". Valuations of startups are climbing to new heights, especially in the generative AI segment and artificial intelligence infrastructure.
Unprecedented funding rounds are setting new records. For instance, the developer of AI programming tools Cursor closed a round of $2.3 billion, soaring to a valuation of approximately $29 billion—one of the largest venture rounds in history. This instance highlights the high level of investor interest in AI prospects. Almost every week, news emerges of new unicorns whose valuations exceed $1 billion, driven by excitement surrounding AI developments, autonomous systems, AI-integrated fintech, and other advanced directions. While such rapid growth instils optimism regarding technological potentials, some experts are also noting early signs of overheating in specific niches, prompting investors to adopt a more discerning approach to valuations.
The IPO Market Revives: A New Wave of Public Listings
The global IPO market is emerging from a prolonged lull and is gaining momentum. After a two-year pause, IPOs as a long-awaited exit route for venture investors are reviving. Earlier in 2025, several large "unicorn" startups successfully went public: for example, the stablecoin issuer Circle executed an IPO with a valuation of around $7 billion, while cryptocurrency exchange Bullish raised approximately $1.1 billion through a placement, achieving a market capitalisation of about $5-6 billion. These debuts demonstrated that the market once again has an appetite for new public offerings, particularly in the fintech and digital asset segments.
Now, leading players are eager to seize the newly opened "window" of opportunities. Insider information suggests that OpenAI, the creator of ChatGPT, is considering a public offering as early as 2026 with a potential valuation of up to $1 trillion. In the blockchain industry, wallet developer MetaMask, part of ConsenSys, has enlisted JPMorgan and Goldman Sachs to prepare for an IPO planned for 2026. If it occurs, this will be the first public offering of such a large company from the Ethereum ecosystem—a landmark event for the entire crypto industry. Improved market conditions and clarity regarding regulatory requirements are fostering confidence among startups planning listings. Experts predict that in the coming years the number of high-profile technology IPOs will increase as the "window" for exits remains open and market multiples favour high valuations.
Diversification of Investments: Not Just AI
In 2025, venture investments are encompassing an increasingly wide range of industries and are no longer confined solely to artificial intelligence. Despite AI's dominance, significant funds are being allocated to other high-tech segments. Healthcare and biotech, for instance, attracted about $15 billion in venture capital in the third quarter of 2025, ranking third in investment volumes (after AI and IT infrastructure). The synergy between technology and medicine is evident in major rounds such as the genomic medicine project Fireworks AI, which received $250 million to develop a platform at the intersection of AI and healthcare. Investors are also showing heightened interest in climate and "green" innovations—from biodegradable materials made from algae to components for electric vehicles, although the scale of such deals still lags behind the colossal rounds in AI.
Attention is also increasing towards space, defence, and other hardtech sectors. In Europe, for example, satellite startup EnduroSat raised over $100 million (with participation from funds including Google Ventures, Lux Capital, and others) to expand the production of small satellites—the demand for affordable satellite communications is spurring the development of new players. Overall, deeptech sectors are experiencing a resurgence: in 2025, manufacturers of robotics, semiconductors, and quantum computing systems collectively received funding in the tens of billions of dollars. Although these volumes trail behind the AI phenomenon, venture capital is becoming increasingly diverse. The broadening of industry focus mitigates the risks of overheating in specific niches and promotes balanced technological progress.
A Wave of Consolidation and M&A Deals: Consolidation of Players
High valuations of startups and intense competition for markets are driving a new wave of consolidation. Major mergers and acquisitions are coming to the forefront once again, reshaping the power dynamics within the industry. Strategic M&A helps corporations and investors accelerate growth, gain access to new technologies, or enter adjacent markets, while for venture funds, large-scale acquisitions provide essential exits.
For instance, in October, investment bank Goldman Sachs announced its acquisition of the venture firm Industry Ventures for nearly $1 billion. This deal became one of the largest acquisitions within the venture sector, reflecting the growing interest of banking capital in technology and startup assets. Major tech corporations have also ramped up their acquisitions, capitalising on the stabilisation of valuations: over the past year, several industry leaders have acquired promising startups to strengthen their positions in key areas (AI, cybersecurity, etc.). The wave of consolidation is also impacting the crypto industry: traditional financial companies have shown heightened interest in purchasing blockchain startups. According to media reports, Mastercard is in negotiations to acquire several crypto projects (including infrastructure startup ZeroHash) for nearly $2 billion, seeking to establish a firm foothold in the digital asset space. The uptick in M&A activity—from banking investments in venture platforms to major technology deals—indicates the "maturing" of the market and offers startups more options for successful exits and integration into large businesses.
Global Expansion of Venture Capital: New Technology Hubs
The investment boom is spreading to new regions, forming their own technology hubs worldwide. The Middle East stands out particularly: sovereign funds from Gulf countries are directing unprecedented volumes of capital into technology companies while simultaneously developing ambitious mega-projects (for instance, the city of the future, NEOM, in Saudi Arabia). The financing volume for startups in the Middle East has grown exponentially over recent years, reflecting the region's strategic course towards economic diversification through innovation.
In Asia, India and Southeast Asia remain the focal points for investment, where new unicorns are being formed and deal volumes are increasing, whereas China is experiencing relative stagnation due to regulatory and economic factors. Europe continues to maintain high activity, with a notable shift occurring: Germany has outperformed the UK in aggregate venture investment for the first time in a decade, signalling a redistribution of leadership on the European startup scene. Latin America is also gaining momentum—for instance, by the end of the year, Mexico eclipsed Brazil in attracting venture investments, solidifying its role as a new regional leader. Even in Africa, promising ecosystems are emerging: the number of investment funds and successful tech projects is increasing in Nigeria, Kenya, Egypt, and other countries, attracting the attention of international venture investors.
Thus, the geography of venture capital is rapidly expanding. Innovation is no longer concentrated solely in Silicon Valley or traditional hubs—new growth points are emerging from the Middle East to Africa. The global expansion of venture investments provides startups worldwide with access to capital and partners, while enabling investors to diversify their portfolios and uncover opportunities in previously uncharted markets.
Local Focus: Russia and CIS Countries
Despite external constraints, startup activity is witnessing a revival in Russia and neighbouring countries. In 2025, the Russian venture market emerged from stagnation: investment volume in the first half of the year nearly doubled compared to the previous year, although in absolute terms, it still lags behind global leaders. The establishment of new venture funds totalling over 10 billion rubles, aimed at supporting early-stage tech projects, has been announced in the country. Local startups have also begun attracting significant capital: for instance, the regional foodtech project Qummy secured around 440 million rubles in investments with a valuation of about 2.4 billion rubles, indicating a readiness to invest in domestic companies.
Signals are also emerging regarding the willingness of several large companies in the region to go public. Some corporations are contemplating IPOs of their technology divisions, anticipating improving market conditions—recently, the VK holding company hinted at the possibility of public offering of its IT business in the future. Furthermore, authorities are taking steps to stimulate the industry: grant and accelerator programmes are being expanded, and in some cases, requirements for foreign investors are being eased. Gradually, interest from foreign capital in local projects is returning, aided by the overall revitalisation of the global market. These initiatives are designed to integrate the local startup ecosystem into global trends and attract more venture investment to the region.
A Renaissance of Interest in Crypto Startups
After a protracted "crypto winter", the blockchain startup market is reviving, and investors are once again turning their attention to crypto projects. In October 2025, funding for crypto startups reached its peak in recent years: just in that month, projects raised several billion dollars (with over $20 billion raised cumulatively since the beginning of the year). Leading venture funds (Sequoia Capital, Andreessen Horowitz, etc.) participated in the largest rounds, indicating a restoration of confidence in this sector.
Rising prices for digital assets are also fueling venture investors’ interest in the blockchain sphere. Bitcoin surpassed the historic $100,000 mark for the first time in early November, although it later adjusted below this level. Additionally, the gradual clarifications in regulation (for instance, expectations of the imminent approval of the first spot ETFs on Ethereum in the US) are reducing uncertainty surrounding the crypto industry. As a result, blockchain projects are beginning to attract substantial funds again, both from specialist funds and major corporations. A sort of "renaissance" of crypto investments is occurring after the downturn, although market participants continue to exercise caution: selectivity and prudence in project selection remain to avoid a repeat of past overheating.
Moderate Optimism and Quality Growth
By the end of November 2025, moderately optimistic sentiments have solidified in the venture market. Successful IPOs and multi-billion rounds indicate that the prolonged downturn is behind us. However, investors remain cautious: funding is concentrating on startups with sustainable business models, proven economics, and profit potential. Major capital inflows into AI and other sectors bolster confidence in further market growth, but players are keen to avoid repeating the mistakes of past "bubbles", diversifying portfolios and raising quality standards for projects.
Thus, the startup ecosystem is entering a new cycle of development, characterised by greater maturity and balance. The return of major investors and successful exits creates a foundation for the next wave of innovations, but the discipline and prudence of investors will dictate the nature of this growth. Despite an increased appetite for risky investments, the focus remains on quality growth of startups and long-term sustainability of the market.
