Current Startup and Venture Capital News for 28 September 2025: Mega-Rounds in AI, IPO Revival, M&A Transactions, Increased Interest in the Crypto Industry and Defence Technologies, New Venture Funds in Russia and Worldwide.
By the end of September 2025, the global venture capital market continues to confidently emerge from a prolonged downturn and shows signs of a new upsurge. Investors around the world are once again actively investing in technology startups at all stages of development—from early seed rounds to large-scale initial public offerings (IPOs). In the first half of 2025, the total volume of venture investments reached its highest level since 2021: for example, in North America, startups attracted approximately $145 billion, which is roughly 43% more than the previous year. Improved macroeconomic conditions and increasing interest in innovation strengthen confidence in the venture market: transactions are becoming larger and cover a wide range of industries—from artificial intelligence and fintech to biotechnology and defence projects. At the same time, investors remain somewhat cautious, directing capital primarily to the most promising companies to avoid overheating in specific niches.
The venture capital upturn is observed across all regions of the world. The United States remains the leader, accounting for about two-thirds of global investment volume (especially dominating in the AI sector). In the Middle East, startup financing has nearly doubled year-on-year due to multi-billion tech projects in Gulf countries. Europe is undergoing structural changes: for the first time in a decade, Germany surpassed the UK in terms of total venture deal volume, although Europe's overall share in the global venture capital market has slightly declined. India and Southeast Asia maintain an investment boom, driven by foreign funds, while activity in China remains relatively restrained due to internal constraints. The startup ecosystems in Africa and Latin America are also coming to life, attracting increasing capital and forming new growth points outside traditional tech hubs. Meanwhile, Russian startups are trying to keep pace with global trends—new funds and support programmes for tech businesses are emerging in the region, despite external constraints.
Below are the key trends and events in the venture market as of 28 September 2025:
- The return of mega-funds and large investors. Leading venture players are forming record-breaking funds and increasing investments, once again filling the market with capital and reigniting risk appetite.
- Record funding rounds and a new wave of "unicorns." Extremely large deals are driving startup valuations to unprecedented heights, especially in the segments of artificial intelligence and robotics.
- The revival of the IPO market. A series of successful listings of high-tech companies signals an "opportunity window" for exits and a return of liquidity to the venture market.
- A wave of consolidation and M&A deals. Large mergers, acquisitions, and strategic investments are reshaping the industry landscape, creating new exit opportunities and accelerating company growth.
- Industry focus diversification. Venture capital is directed not only to AI but also to fintech, green technologies, biotech, defence projects, and crypto startups, broadening the market horizons.
- The revival of the crypto industry. A rally in the digital asset market has reignited investor interest in blockchain projects, leading to new significant funding rounds and the first public offerings in the crypto sector.
- A boom in investments in defence and space. Geopolitical factors are stimulating the influx of capital into defence-tech and aerospace projects, making these areas a new priority for venture funds.
- Local initiatives in Russia and the CIS. New funds and measures to support startups are being launched in the region, with local projects attracting foreign capital, gradually integrating into global trends.
The Return of Mega-Funds: Large Capital Back in the Market
The largest investment structures are once again entering the venture arena, signalling a new surge in risk appetite. The Japanese conglomerate SoftBank, after a prolonged pause, announced the launch of Vision Fund III with a volume of about $40 billion, targeting advanced technologies (primarily developments in artificial intelligence and robotics). Sovereign funds from Gulf countries have also become more active: oil dollars are being directed towards technological initiatives and national mega-projects, forming their own tech hubs in the Middle East. Concurrently, dozens of new venture funds are being established worldwide, attracting significant institutional capital for investments in high-tech sectors.
- Veritas Capital Fund IX – $14.4 billion. The American fund, focused on technological and defence companies, closed a new fund at a record amount, demonstrating a high level of trust from major institutional investors.
- Great Hill Partners IX – $7 billion. One of the largest growth funds, focusing on technology companies, raised significantly more funds than initially planned, greatly exceeding its original capital target.
Notably, the prestigious firm Andreessen Horowitz aims to establish its own "mega-fund" of approximately $20 billion, fully dedicated to investments in AI companies. If successful, this would be the largest fund in the firm's history. The significant influx of capital from such mega-funds is leading to an increase in the volume of uninvested funds ("dry powder") in the market. In the US alone, venture funds have now accumulated over $300 billion, ready for investment as confidence returns. The excess of capital intensifies competition for the best startups, supporting high valuations for promising companies. The presence of large institutional players also reinforces the belief that investment inflows into the industry will continue.
Mega-Rounds in AI: A New Wave of "Unicorns"
The field of artificial intelligence remains the primary driver of the venture upturn in 2025, demonstrating record funding volumes. Investors are eager to establish their presence among the leaders of a new technological cycle, directing vast sums into the most promising AI projects. In recent weeks, several unprecedented deals have confirmed this trend:
- OpenAI (USA) – $8.3 billion. The developer of advanced AI technologies secured one of the largest funding rounds in history, raising its valuation to approximately $300 billion. Alongside Microsoft, the company is establishing a separate division for future IPOs to accelerate the commercialisation of its products.
- Mistral AI (France) – €1.7 billion. The generative AI startup received record funding in Europe, lifting its valuation to €11.7 billion. The leading investor was Dutch corporation ASML, emphasizing Europe’s commitment to developing its own AI infrastructure.
- PsiQuantum (USA) – $1 billion. The quantum startup attracted the largest investment in its segment, with a valuation of around $7 billion, confirming investors’ readiness to finance high-tech projects beyond classic applied AI.
- Figure AI (USA) – over $1 billion. The developer of humanoid robots secured over $1 billion in Series C funding with a valuation of about $39 billion, marking an unprecedented level for a robotics startup.
Such mega-rounds are forming a generation of new "unicorns" and bringing the emergence of future technology leaders closer. Despite warnings of a potential market overheating, investor appetite for advanced projects remains high. Moreover, funding is flowing not only to applied AI products but also to infrastructure solutions—specialised chips, cloud platforms, and data storage systems that are neccessary for scaling AI ecosystems.
IPO Market Revives: The Window for Exits is Open
After the downturn of 2022–2023, the IPO market is showing signs of life once again. Successful public listings of several high-tech companies indicate that investors are again willing to purchase shares in rapidly growing startups at high valuations. This new wave of stock market debuts strengthens venture funds’ confidence in profitable exit opportunities. Since the beginning of the year, over 220 IPOs have been held on American exchanges, which is approximately 85% more than during the same period in 2024. Among the most notable recent listings:
- Chime. The large American fintech unicorn (online bank) debuted on Nasdaq in June; its stock price soared by 30% on its first trading day, confirming high investor demand for promising fintech companies.
- Klarna. The Swedish fintech giant successfully debuted on the New York Stock Exchange, becoming one of the first European "unicorns" to list in the US after a prolonged hiatus. Klarna's shares were sold above the initial price range.
The success of these IPOs signifies the return of liquidity to the venture market. Following these initial "pioneers," other large startups are preparing for their market debut—from the American payment service Stripe (which, according to media reports, has already filed a confidential IPO application) to highly valued AI companies like Databricks. The renewal of IPO activity is critically important for the entire ecosystem: successful exits enable investors to realise profits and channel released resources into new projects, thereby fuelling the next growth cycle.
A Wave of Mergers and Acquisitions (M&A)
High valuations of startups and fierce competition for new markets are triggering a new wave of consolidation. Large tech corporations are willing to spend billions on strategic acquisitions to strengthen their positions and gain access to cutting-edge developments. A series of high-profile M&A transactions in recent months confirms this trend:
- Google → Wiz — ~$32 billion. Alphabet (Google) is acquiring the Israeli cloud cybersecurity startup, aiming to bolster its data protection and cloud service offerings. This record amount for the Israeli tech industry demonstrates the readiness of tech giants to pay hefty sums for key cybersecurity developments.
- SoftBank → Ampere — ~$6.5 billion. The Japanese investment holding is purchasing the American ARM server processor developer Ampere Computing to position itself as a leader in chips for cloud and corporate data centres. This deal could become one of the largest of the year in the semiconductor industry.
- Nvidia → OpenAI — up to $100 billion. The chip manufacturer is prepared to invest up to $100 billion in OpenAI as part of a strategic partnership. Nvidia is expected to acquire a non-controlling stake in OpenAI while providing the startup with advanced graphics processors to scale new AI models.
The activation of acquisitions is changing the balance of power in the industry. Mature startups are either merging with each other or becoming targets for corporations. For venture investors, this opens opportunities for long-awaited exits through the sale of portfolio companies to strategic players. Concurrently, consolidation eliminates redundant competitors from the market and allows resources to be focused on the most promising directions. It is expected that the trend towards consolidation will continue in the coming quarters, especially in segments with overheated competition or requiring significant resources for scaling.
Diversification: Fintech, Biotech and Green Projects
In 2025, venture investments are no longer exclusively concentrated on AI—capital is actively flowing into other sectors as well. Following last year’s downturn, fintech is once again gaining momentum: large financial technology startups are attracting significant funds and renewing partnerships with banks. Simultaneously, interest in environmental and climate technologies is rising—from renewable energy and energy storage systems to electric vehicles and carbon footprint reduction technologies. Gradually, appetite for biotechnology is also returning: the emergence of new pharmaceuticals and digital medical services is once again attracting capital as company valuations in this sector begin to recover. Recent examples of major deals outside the AI domain confirm the breadth of the venture market:
- Kriya Therapeutics – $320 million. The American biotechnology startup, specialising in gene therapy, secured $320 million in its Series D funding round.
- Odyssey Therapeutics – $213 million. The biopharmaceutical company developing new therapies for severe diseases raised $213 million in its Series D round.
- Nitricity – $50 million. The Californian eco-startup received $50 million to develop zero-emission fertiliser production technology.
The expansion of industry focus is making the startup ecosystem more resilient, reducing the risk of overheating in specific niches. Investors are consciously seeking new growth points beyond the hyper-popular AI, contributing to the emergence of promising companies across various fields.
The Revival of the Crypto Industry
The digital asset market is experiencing a new boom in the second half of 2025, rekindling venture capital interest in crypto startups. Bitcoin has already surpassed the historic milestone of $120,000, reaching an all-time high, followed closely by a rapid increase in the valuations of leading altcoins. Just a year ago, the blockchain sector was grappling with a crisis of trust and stringent regulatory pressure; however, the current rally has profoundly changed investor sentiment. Large funds that previously paused investments in crypto projects are once again entering this market. Significant funding rounds are being recorded, and some players are even going public. For instance:
- Circle. The fintech company behind one of the leading stablecoins (USDC) successfully conducted an IPO, becoming one of the first major "crypto-friendly" firms to list.
- Gemini. The cryptocurrency exchange is close to going public and recently raised $50 million from Nasdaq Ventures ahead of a potential IPO.
- BlackRock. The investment giant has launched an exchange-traded fund (ETF) linked to Bitcoin, marking a significant signal of institutional recognition of crypto assets.
All these events demonstrate that the blockchain industry is once again viewed by investors as a promising growth area.
Defence Technologies and Space at the Forefront
The geopolitical tensions of recent years have led to an unprecedented increase in investments in the defence and aerospace sectors. Investments in defence-tech startups have surged: significant rounds (for example, ~$2.5 billion raised by the American developer of autonomous systems Anduril) showcase the readiness of venture capital to finance security projects. Investors (and sometimes government bodies) are actively supporting developments in drones, cybersecurity, military AI systems, as well as new space programmes and satellite platforms.
The fields of defence and space are rapidly becoming a new priority for venture funds. Several unicorns have emerged in the aerospace technology sector in the US, and European defence startups have seen a significant influx of funds in light of changing geopolitics. For example:
- Apex – $200 million. The Californian producer of standardised satellite platforms secured $200 million in its Series D round to accelerate the mass production of spacecraft in response to rising demand.
Overall, investments in these strategic sectors promise not only commercial profitability but also enhanced security, making them attractive even to relatively conservative investors.
Russia and the CIS: Local Trends Amidst the Global Market
The Russian venture market, having gone through several challenging years, is gradually adapting to new conditions and striving to develop alongside global trends. In 2025, new sources of capital and initiatives to support the technology business have emerged in the region:
- New Funds. A private fund, Nova VC (volume around 10 billion rubles), has started operating in Russia to invest in technology companies, and an industry venture fund "New Chemical Industry" (~5 billion rubles) has been established in Tatarstan to finance regional innovative projects.
- State Support. Authorities are discussing a separate law on venture investments. Among the stated goals is to stimulate innovation and increase research and development (R&D) spending to 2% of GDP by 2030 (almost doubling from current levels).
- International Success. Despite sanctions barriers, teams from CIS countries continue to attract financing abroad. For example, the machine learning service Vocal Image, founded by individuals from Belarus and operating in Estonia, raised ~$3.6 million from a French venture fund. This case confirms that promising projects from the region can find support on the global stage.
Although aggregate volumes of venture investments in Russia and the CIS still lag behind those of global leaders, all necessary elements of the ecosystem are being formed in the region: local funds, accelerators, government programmes, and international partnerships. These efforts are creating a foundation for the emergence of their own "unicorns" and deeper integration of regional startups into the global technological agenda.
