Startup and Venture Capital News – Monday, 24 November 2025: Record AI Rounds, Return of Megafunds, Revival of the IPO Market, M&A Consolidation, Global Expansion of the Venture Market, Renaissance of Crypto Startups and a Wave of New 'Unicorns'
By the end of November 2025, the global venture capital market is demonstrating steady growth following a period of decline. Investors worldwide are once again actively investing in technology startups: record deals are being sealed, plans for companies to go public are becoming relevant again, and the largest funds are triumphantly returning to the market with substantial investments. Governments in various countries are increasing support for innovation and fostering private capital inflow, which, along with a revival of stock markets, is stimulating venture activity. Consequently, significant financial resources are entering the startup ecosystem, although investors remain cautious and selective, preferring startups with sustainable business models and proven economics.
The upswing is evident across almost all regions. According to the latest data, in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion—38% higher than the same period last year and slightly above the previous quarter's results. This figure marks the highest quarterly volume since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. The primary driver of this surge is the megaraounds in artificial intelligence (AI), although funding increases are being noted across all stages. Venture activity is growing almost everywhere: the US remains in a leading position (particularly in the rapidly developing AI segment), while investment volumes in the Middle East have skyrocketed over the past year; Germany has surpassed the UK for the first time in a decade regarding total venture financing. Asia is showing uneven dynamics: India, Southeast Asia, and Gulf States are attracting record flows of capital amid a relative decline in activity in China. The startup scenes in Russia and the CIS countries are also striving to keep pace despite external limitations—new funds and programmes are being launched to develop local ecosystems. A new global venture boom is forming, albeit market participants continue to act cautiously and selectively.
Below are the key events and trends shaping the venture market landscape as of 24 November 2025:
- The return of megafunds and large investors. Leading venture players are forming record-sized funds and ramping up investments, reintroducing capital to the market and reigniting risk appetite.
- Record rounds of investment in AI and a new wave of 'unicorns'. Unprecedented capital inflows into AI startups are skyrocketing company valuations to unseen heights, leading to the emergence of numerous new 'unicorns'.
- Revival of the IPO market. Successful public listings of tech companies and new listing applications indicate that the long-awaited "window" for public offerings has reopened.
- Diversification of sector focus. Venture capital is flowing not only into AI but also into fintech, biotech, climate technologies, space and defence projects, and various other sectors of the economy.
- A wave of consolidation and large M&A deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new exit opportunities and accelerating growth for startups.
- 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 their own tech clusters.
- A renaissance of interest in crypto startups. Following an extended "crypto winter," the blockchain sector is revitalising, once again attracting significant venture investments in the wake of a crypto market surge.
- Local focus: Russia and CIS countries. New funds and initiatives are emerging in the region to foster local startup ecosystems, drawing investor attention despite geopolitical constraints.
The Return of Megafunds: Big Money is Back in the Market
The largest investment funds and institutional players are confidently returning to the venture arena, signalling a new surge in risk appetite. Following a decline in VC fundraising during 2022–2024, leading firms are resuming capital acquisitions and announcing megafunds. The Japanese conglomerate SoftBank, overcoming recent difficulties, has announced the launch of its Vision Fund III, with approximately $40 billion focused on advanced technologies (AI, robotics, etc.). In the US, venture firm Andreessen Horowitz is planning a record fund of around $20 billion, betting on late-stage AI startups. Simultaneously, sovereign wealth funds from Gulf states are significantly expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups globally and launching large-scale programmes to develop their own tech hubs. Dozens of new venture funds are emerging in all key regions, attracting substantial institutional capital for investments in high-tech projects. The influx of this "big money" is flooding 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 main driver of the current venture upswing, demonstrating unprecedented funding volumes. Since the beginning of 2025, AI startups in the US alone have collectively raised over $160 billion (around two-thirds of all venture investments in the country), with global investments in AI companies expected to surpass $200 billion by year-end, marking an unprecedented level for the industry. The total valuation of the ten largest AI startups (including leaders like OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. This astounding influx of capital into AI is accompanied by the emergence of many new 'unicorns'. In October 2025 alone, around 20 new startups with valuations above $1 billion emerged worldwide—a record monthly addition to the unicorn club in recent years. Investors are keen to back projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge areas. Almost weekly, reports are emerging of new megaraounds of financing: for instance, in November, American company Lambda (providing cloud infrastructure for AI) secured around $1.5 billion, market prediction platform Kalshi raised $1 billion, and multi-modal AI systems developer Luma AI closed a round at $900 million. Such levels of venture financing have not been seen since the peak of 2021. While this rapid growth engenders optimism regarding the potential of these technologies, some experts warn of signs of overheating in certain niches. This prompts investors to scrutinise valuations more closely and prioritize truly quality projects.
The IPO Market is Reviving: A New Wave of Public Offerings
The global IPO market is beginning to emerge from a prolonged lull and is gaining momentum. After nearly two years of stagnation, a revival of IPOs as a desirable exit mechanism for venture investors is underway. In Asia, Hong Kong has sparked the new wave of IPOs: in recent months, several major tech companies have gone public there, collectively raising billions of dollars in investments. For instance, the Chinese battery manufacturer CATL successfully conducted its listing, garnering around $5 billion, proving that investors in the region are once again ready to actively participate in IPOs. The situation is also improving in the US and Europe: American fintech 'unicorn' Chime recently debuted on the stock exchange, and its shares rose by approximately 30% on the first trading day. Shortly after, the design platform Figma conducted its IPO, raising about $1.2 billion at a valuation of around $20 billion; its shares also rose steadily in the initial trading days. In the latter half of 2025, several other notable startups—among them payment giant Stripe and several highly valued tech companies—are preparing to go public.
Even the crypto industry is eager to take advantage of the revival: fintech company Circle went public successfully last summer (with a market cap at IPO of around $7 billion, which subsequently grew significantly), while crypto exchange Bullish has filed for a US listing 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 reallocate freed capital into new projects, supporting further growth in the industry.
Diversification of Investments: Beyond AI
In 2025, venture capital investments are encompassing an increasingly broad range of sectors and are no longer confined solely to artificial intelligence. Following a downturn in recent years, associated sectors are experiencing a noticeable revival, making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently broadening its horizons, investing in a variety of directions:
- Fintech: After a pause in 2022–2023, financial technologies are once again attracting large rounds of financing 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 agri-tech are receiving record investments amid the global trend towards sustainability and decarbonization.
- Biotech and Healthcare: New developments in pharmaceuticals, genetics, and digital health are once again drawing capital as industry valuations recover from a recent downturn.
- Defence and Space Projects: With heightened attention to security, investors are actively funding defence technologies and cybersecurity initiatives. Simultaneously, interest in space startups is increasing—from satellite services to space exploration projects.
The broadening of sector focus hints at the maturity of the venture market: investors are diversifying their portfolios, and funds are being directed into various innovative areas, thereby reducing the ecosystem's dependence on a single dominant direction.
A Wave of Consolidation and M&A: Consolidation of Players
High startup valuations and intense competition for markets are stimulating a new wave of consolidation. Major mergers and acquisitions are once again taking centre stage, reshaping the power dynamics within the industry. Tech giants are eager to capture key innovations and talent, embarking on active acquisition trails. A notable example is Google agreeing to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, which has set a record for the tech sector in Israel. Such megadeals underscore corporations' willingness to invest in leading-edge developments to strengthen their positions. Overall, the current activity in M&A and large venture deals indicates the maturation of the market. Mature startups are either merging with one another or becoming targets for acquisition by larger corporations, while venture funds are being presented with long-anticipated profitable exits. Consolidation accelerates the growth of the most promising companies while simultaneously "cleansing" the ecosystem of weaker players, contributing to a healthier market.
Global Expansion of Venture Capital: New Technological Hubs
The investment boom is extending to new geographical regions, forming its own centres of technological development globally. The Middle East stands out in particular: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented amounts in creating local tech hubs of global stature. Over the past few years, the volume of venture investments in the Middle East has surged, leading to the establishment of new large funds and megaprojects (such as the futuristic tech megapolis NEOM in Saudi Arabia). A significant influx of capital is also being noted in South Asia: India and Southeast Asian countries are setting new records for securing venture investments, partially compensating for the relative cooling of the Chinese market. Simultaneously, the startup ecosystems in Africa and Latin America are gaining momentum, where new technological clusters are emerging thanks to an increase in financing. Thus, venture capital is becoming increasingly global: alongside traditional centres like Silicon Valley, New York or London, new growth points for startups are solidifying on the world map.
The Local Market: Russia and CIS Countries
Despite external limitations, 2025 has seen a revival of startup activity in Russia and neighbouring countries. Over the past year, several new venture funds (with a combined capital of approximately 10–15 billion rubles) have emerged, and government bodies and corporations have launched programmes to support technological startups. Although the total volume of venture investments in the region remains modest by global standards and serious barriers (high rates, sanctions, etc.) persist, the most promising local projects continue to attract funding. The gradual establishment of a proprietary venture infrastructure is creating a future foundation—by the time external conditions improve and global investors can actively return 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 next generation of entrepreneurs to thrive.
A Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is visibly revitalising. By autumn 2025, funding for crypto projects has reached a peak not seen in recent years. New significant rounds are occurring in Web3 infrastructure and decentralised finance (DeFi) sectors, as venture capital re-enters promising blockchain platforms. The upbeat cryptocurrency market has notably influenced this trend: the flagship cryptocurrency Bitcoin has surpassed the psychological mark of $100,000, bolstering investor enthusiasm for the sector. Venture funds, which were previously very cautious regarding crypto assets, are gradually resuming investments in projects at the intersection of technology and finance, and new specialised funds and incubators for Web3 startups are emerging. Certainly, the lessons of past years have taught investors caution—volatility and regulatory risks remain intact. However, a tempered optimism is emerging in the market: participants are increasing their presence in the crypto sector, striving to harness the growth potential of the new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have taken hold in the venture capital industry. Successful IPOs and multi-billion rounds of financing indicate that the prolonged decline is behind us, and the startup ecosystem is experiencing a new resurgence. Nonetheless, investors remain vigilant: funding is increasingly concentrating on startups with sustainable business models, demonstrated economics, and real profitability prospects. Significant capital infusions into AI and other promising areas inspire confidence in further market growth, yet stakeholders are mindful of not repeating the mistakes of past bubbles, approaching valuation and project quality more stringently.
Thus, the startup ecosystem is entering a new cycle of development—more mature and balanced. The return of major investors, the emergence of new 'unicorns', and successful exits through IPOs are laying the groundwork for the next wave of innovation. However, investor discipline and prudence will dictate the nature of this growth. Despite the increased appetite for risky investments, the focus remains on quality growth for startups and the long-term sustainability of the market.
