Startup and Venture Investment News Sunday 23 November 2025 mega rounds, new unicorns, global venture growth

By the end of November 2025, the global venture capital market is demonstrating robust growth following a period of decline. Investors worldwide are once again actively financing technology startups, with record deals being made, IPO plans are resuming, and major funds are triumphantly returning to the market with substantial investments. Governments across various countries are intensifying support for innovation and attracting private capital, contributing to a resurgence in venture activity alongside rebounding stock markets. As a result, significant funds are flooding into the startup ecosystem, although investors remain selective, favouring high-quality business models.

Recent data underscores this upswing: in the third quarter of 2025, the global venture investment volume reached approximately $97 billion — a 38% increase compared to the previous year, marking the best quarterly performance since 2021. This is the fourth consecutive quarter of growth following the 'venture winter' of 2022-2023. The primary contribution to this surge has been the mega rounds in the artificial intelligence (AI) sector; however, funding increases have been noted across all stages. Venture activity is rising across almost all regions: the USA continues to lead (with the AI segment experiencing particularly rapid growth), investment volumes in the Middle East have spiked dramatically over the past year, and for the first time in a decade, Germany has surpassed the UK in total venture capital in Europe. In Asia, dynamics are mixed: India, Southeast Asia, and Gulf Cooperation Council countries are attracting record inflows of capital amidst a relative downturn in China. The startup scenes 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 boom is forming, although market participants remain cautious and selective.

The key events and trends shaping the venture market landscape as of 23 November 2025 are as follows:

• The Return of Mega Funds and Large Investors. Leading venture players are creating record funds and ramping up investments, once again flooding the market with capital and rekindling risk appetite.
• Record Rounds in AI and a New Wave of 'Unicorns'. Unprecedented investments in AI startups are driving company valuations to unseen heights, facilitating the emergence of numerous new 'unicorns'.
• IPO Market Revival. Successful public offerings of technology companies and new listing applications indicate that the long-awaited 'window' for public exits has reopened.
• Diversification of Sector Focus. Venture capital is being directed not only to AI but also to fintech, biotech, climate technologies, defence projects, and other sectors of the economy.
• A Wave of Consolidation and M&A Transactions. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and business scaling.
• Global Expansion of Venture Capital. The investment boom is spreading to new regions — from the Middle East and South Asia to Africa and Latin America — forming their own technology clusters.
• A Renaissance of Interest in Crypto Startups. After a prolonged 'crypto winter', the blockchain project sector is reviving, once again attracting significant venture investments amid rising cryptocurrency markets.
• Local Focus: Russia and the CIS. New funds and initiatives are emerging in the region to develop local startup ecosystems, drawing the attention of investors despite geopolitical constraints.

The Return of Mega Funds: Big Money Back in the Market

The largest investment funds and institutional players are triumphantly returning to the venture arena, signalling a new surge in risk appetite. Following the decline in VC fundraising between 2022 and 2024, leading firms are renewing efforts to attract capital and launching mega funds, demonstrating faith in the market's potential. The Japanese conglomerate SoftBank, having navigated recent challenges, has announced the launch of its Vision Fund III, valued at approximately $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the USA, Andreessen Horowitz is gathering a record-scale venture fund of around $20 billion, emphasising late-stage investments in AI startups. Concurrently, sovereign funds from the Gulf states are significantly increasing their presence in the technology sector: Middle Eastern investors are pouring billions into promising startups globally and developing large-scale programmes to support the startup ecosystem locally. Dozens of new venture funds are being established across all regions, attracting substantial institutional capital for investments in high-tech projects. The influx of this 'big money' is filling the market with liquidity and intensifying competition for the best deals, instilling confidence in the industry for further capital inflows.

Record Investments in AI and a New Wave of 'Unicorns'

The artificial intelligence sector remains the key driver of the current venture boom, demonstrating unprecedented funding levels. Since the beginning of 2025, AI startups have attracted over $160 billion in total funding across the USA (accounting for about two-thirds of all venture investments in the country), with analysts estimating that by year-end, global investments in AI companies will exceed $200 billion – 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 inflow of capital into AI is accompanied by the emergence of numerous new 'unicorns.' In just October 2025, around 20 new startups with valuations exceeding $1 billion entered the scene — a record monthly addition to the 'unicorn club' in recent years. Although experts warn of the risk of market overheating, investor appetite for AI startups remains strong.

IPO Market Revival: A New Wave of Public Listings

The global IPO market is emerging from an extended lull and gaining momentum. Following almost two years of inactivity, a revival of IPOs as a desirable exit route for venture investors is apparent. In Asia, Hong Kong has initiated a new wave of IPOs: several large technology firms have gone public in recent months, collectively raising billions of dollars. For instance, the Chinese battery manufacturer CATL successfully listed its shares, raising approximately $5 billion, showcasing that investors in the region are once again ready to actively participate in IPOs. The situation is also improving in the USA and Europe: American fintech 'unicorn' Chime recently made its market debut, with its shares rising around 30% on the first trading day. Shortly afterward, the design platform Figma went public, raising about $1.2 billion with an estimated valuation of $15-20 billion; its shares also registered solid gains in the early days. In the second half of 2025, other notable startups, including the payment service Stripe and several highly valued tech firms, are preparing for public offerings.

Even the crypto industry is attempting to capitalise on the revival: fintech company Circle successfully executed an IPO in the summer (its valuation at listing stood at about $7 billion, with shares significantly rising thereafter), while crypto exchange Bullish has filed for a listing in the USA with a target valuation of around $4 billion. The return of activity in the public offerings market is crucial for the entire venture ecosystem: successful exits through IPOs allow funds to lock in profits and redirect the freed capital into new projects, sustaining further growth in the sector.

Diversification of Investments: Beyond AI

In 2025, venture investments are covering an increasingly broader range of industries and are no longer confined to artificial intelligence alone. Following last year's downturn, several related sectors have noticeably revived, making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently broadening its horizon, investing in various areas:

• Fintech: After a hiatus in 2022-2023, financial technologies are once again attracting large funding rounds not only in the USA but also in Europe and developing markets, fueling the growth of promising financial services.
• Climate and 'Green' Technologies: Projects in clean energy, climate tech, and agrotechnologies are receiving record investments amidst the global sustainable development and decarbonisation trend.
• Biotechnology and Healthcare: New developments in pharmaceuticals, genetics, and medical online platforms are drawing capital as industry valuations recover from past downturns.
• Defence and Space Projects: Heightened attention to security issues is prompting investors to actively fund defence technologies and cybersecurity. At the same time, interest in space startups is growing – from satellite services to projects for space exploration.

The broadening sector focus of venture capital reflects the maturity of the market: investors are diversifying portfolios, and funds are being directed into a wide range of innovative spheres, reducing the market's dependence on any single sector.

A Wave of Consolidation and M&A: Restructuring the Players

High startup valuations and tough competition for markets are stimulating a new wave of consolidation. Major mergers and acquisitions are once again taking centre stage, reshaping the balance of power in the industry. Technology giants are keen to acquire key innovations and talent, actively seeking out acquisitions. A notable example is Google's agreement to purchase the Israeli cybersecurity startup Wiz for around $32 billion, which is a record amount for the Israeli tech sector. Such mega-deals demonstrate corporations' readiness to invest in advanced developments to strengthen their positions. Overall, the current activity in M&A and major venture deals indicates market maturation. Mature startups are merging with one another or becoming acquisition targets for corporations, while venture funds are gaining opportunities for much-anticipated profitable exits. Consolidation accelerates the growth of the most promising companies and 'cleans' the ecosystem of weaker players, leading to a healthier market.

Global Expansion of Venture Capital: New Technology Hubs

The investment boom is extending to new geographical regions, forming its own centres of technological development worldwide. The Middle East is particularly noteworthy: the region's countries (primarily the UAE and Saudi Arabia) are investing unprecedented amounts in creating local tech hubs of global calibre. Over the past couple of years, venture investments in the Middle East have surged several times, leading to the emergence of new large funds and mega projects (such as the NEOM technology city in Saudi Arabia). A significant influx of capital is also seen in South Asia: India and Southeast Asia are setting new records for attracting investment, offsetting a relative cool-down in the Chinese market. At the same time, the startup ecosystems in Africa and Latin America are gaining strength, with new technology clusters forming due to increased funding. Thus, venture capital is becoming increasingly global: beyond traditional centres like Silicon Valley, New York, or London, new growth locations for startups are fortifying their positions on the global map.

Local Market: Russia and the CIS

Despite external limitations, startup activity in Russia and neighbouring countries is experiencing a revival in 2025. Over the past year, several new venture funds have been established (with a combined capital of around 10-15 billion rubles), and government bodies along with major 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 establishment of a local venture infrastructure is already creating a foundation for the future — by the time external conditions improve and global investors can more actively return to the market. The local focus on developing the startup ecosystem in Russia and the CIS is set to ensure technological sovereignty and prepare the ground for the growth of the next generation of entrepreneurs.

A Renaissance of Interest in Crypto Startups

Following an extended 'crypto winter,' the market for blockchain startups has noticeably revived. In autumn 2025, funding for crypto projects reached peaks not seen in recent years. New large rounds are taking place in the Web3 infrastructure and decentralised finance (DeFi) segments, and capital is once again flowing into promising blockchain platforms. Additionally, the rise of the cryptocurrency market has played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological threshold of $100,000, stimulating investor enthusiasm in the sector. Venture funds, previously very cautious regarding crypto assets, are gradually renewing investments in projects at the intersection of technology and finance. New initiatives targeted at crypto startups are emerging: the launch of specialised funds and incubators for Web3 projects. Certainly, the experiences of recent years have taught investors to remain vigilant — volatility and regulatory risks have not disappeared. However, there is now a cautious optimism in the market: participants are increasing their presence in the crypto sector, striving not to miss 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 firmed 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 upswing. Nevertheless, investors do not lose their vigilance: funding is concentrated on startups with sustainable business models, proven economics, and real profitability potential. Large capital injections into AI and other promising areas instil confidence in the market's continued growth, but players aim to avoid the mistakes of past bubbles by applying stricter criteria to valuations and project quality.

Thus, the startup ecosystem is entering a new cycle of development, characterised by greater maturity and balance. The return of major investors, the emergence of new unicorns, and successful exits through IPOs are laying the groundwork for another wave of innovation. However, investor discipline and calculated approaches will define the nature of this growth. Despite an increased appetite for risky investments, the key focus remains on quality growth for startups and the long-term sustainability of the market.