Startup and Venture Capital News Overview for Friday, 28 November 2025: Mega Rounds, New Unicorns, Global Trends, and Key Market Events.
As November 2025 draws to a close, the global venture capital market is confidently emerging from the prolonged downturn of recent years. According to industry analysts, the total volume of venture investments in the third quarter of 2025 reached approximately $97 billion — nearly 40% higher than the previous year, marking the best quarterly performance since 2021. The extended "venture winter" of 2022–2023 is firmly behind us, with a noticeable acceleration in the influx of private capital into technology startups. The occurrence of large funding rounds and the launch of new mega-funds signal a resurgence in investor appetite for risk, although they continue to invest selectively and cautiously.
Venture activity is rising across nearly all regions of the world. The United States maintains its leadership position, particularly in light of the explosive growth in the AI sector. Investment volumes in the Middle East have grown exponentially over the past year, while in Europe, Germany has, for the first time in a decade, surpassed the United Kingdom in total venture capital. The picture in Asia is uneven: India, Southeast Asia, and Gulf states are attracting record capital flows amidst a relative decline in China. New tech hubs are forming in Africa and Latin America. Startup ecosystems in Russia and the CIS are striving to keep pace despite external constraints. Overall, the global landscape indicates the onset of a new venture boom, although investors remain focused on the most promising and resilient projects.
Below are the key events and trends shaping the venture market as of 28 November 2025:
- The Return of Mega-Funds and Large Capital. Leading venture players are forming record funds and are once again actively infusing substantial amounts of capital into the market, rejuvenating the ecosystem and rekindling risk appetite.
- Record AI Funding Rounds and a New Wave of Unicorns. Unprecedented investments are catapulting startup valuations to unprecedented heights, particularly in the artificial intelligence segment, leading to the emergence of numerous new companies valued at over $1 billion.
- Revitalisation of the IPO Market. Successful exits of tech unicorns to the public markets and new listing applications indicate that the long-awaited “window” for exits has reopened.
- Diversification of Sector Focus. Venture capital is now directed not only towards AI but also towards fintech, climate technologies, biotech, and space and defence projects, broadening the market horizons.
- 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 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 new technological hubs.
- Renewed Interest in Crypto Startups. Following a long "crypto winter," blockchain projects are once again attracting significant funding and attention from venture funds and corporations.
The Return of Mega-Funds: Big Money is Back in the Market
The largest investment funds and players are triumphantly returning to the venture arena, signifying a new surge in risk appetite. After a downturn in 2022–2024, leading firms are resuming capital attraction and announcing record-scale funds.
Japan's SoftBank has announced the launch of Vision Fund III, with a size of approximately $40 billion, focused on advanced technologies (AI, robotics, etc.). In the United States, venture firm Andreessen Horowitz is planning a fund of around $20 billion for investment in late-stage AI startups. Concurrently, sovereign funds from Gulf countries are expanding their presence in the tech sector: Middle Eastern investors are pouring billions of dollars into promising startups around the world and initiating ambitious projects to develop their own tech hubs. New venture funds are emerging across all regions, attracting significant institutional capital for investments in high-tech projects. The influx of this "big money" is filling the market with liquidity and enhancing competition for the most promising deals, while simultaneously instilling confidence in further capital inflow.
Record Investments in AI: A Wave of New Unicorns
The artificial intelligence sector remains the primary driver of the current venture upturn, showcasing record financing volumes. Since the beginning of 2025, AI startups have collectively attracted over $160 billion in the United States alone (approximately two-thirds of all venture investments in the country), and by year’s end, global investments in AI are projected to exceed $200 billion — an unprecedented level. The combined valuation of the ten largest AI companies has approached an astronomical $1 trillion. The colossal influx of capital into AI is accompanied by the emergence of numerous new unicorns: in October 2025 alone, around 20 startups globally surpassed a valuation of $1 billion for the first time — a record month for the unicorn club. Investors eagerly finance projects in areas such as generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields.
Nearly every week sees announcements of new mega rounds. For example, in November, the U.S. cloud AI infrastructure company Lambda raised approximately $1.5 billion, predictive market platform Kalshi secured $1 billion, and multimodal systems developer Luma AI obtained $900 million. While such explosive growth inspires optimism regarding the potential of technologies, experts warn of signs of overheating in specific niches. This compels investors to approach valuations with greater scrutiny and to select only truly quality projects.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is gradually emerging from a protracted lull and is gaining momentum. After almost two years of inactivity, public offerings are once again becoming a sought-after exit mechanism for venture funds. In Asia, the new IPO wave was initiated by Hong Kong: several large tech companies have gone public there in recent months, collectively raising billions of dollars in investments. For instance, China's CATL raised about $5 billion, reaffirming investor interest in IPOs in the region.
The situation is also improving in the U.S. and Europe: the American fintech unicorn Chime recently made its stock market debut, with shares rising approximately 30% on the first day of trading. Shortly thereafter, the platform Figma conducted an IPO, raising about $1.2 billion at a valuation of approximately $20 billion. The crypto industry is also eager to capitalise on the revival: fintech company Circle successfully went public in the summer (with a market capitalisation of around $7 billion), while crypto exchange Bullish has filed for a listing in the U.S. with a target valuation of approximately $4 billion. The resurgence of IPOs is critically important for the venture ecosystem: successful public listings allow funds to recoup invested capital and validate the viability of funded business models, returning liquidity to the market and reinforcing investor confidence.
Diversification of Sector Focus: Horizons are Expanding
In 2025, venture investments are encompassing a much broader range of industries and are no longer limited to just artificial intelligence. Following last year's downturn, there has been a revival in fintech: new fintech startups are receiving large funding rounds, particularly in payment systems and decentralised finance (DeFi). American fintech decacorn Ramp, for instance, raised $300 million at a valuation of approximately $32 billion (marking the fourth round for the company in 2025), indicating a return of investor interest in financial technologies. There is also significant growth in climate ("green") technologies in response to the global demand for sustainable development: investors are financing projects focused on renewable energy and carbon footprint reduction.
Interest is also returning to biotechnology and medtech: large funds (especially in Europe) are forming specialised instruments to support pharmaceutical and medical startups. Space and defence technologies are also coming to the forefront — the geopolitical situation and the successes of private space companies are driving investments in satellite constellations, rocket construction, drone systems, and military AI. The sector focus of venture capital has significantly broadened, enhancing market resilience: even if the excitement around AI subsides over time, other sectors are poised to carry the torch of innovation.
A Wave of Consolidation and M&A: The Industry is Changing Shape
High valuations of startups and intense market competition are prompting a new wave of consolidation. Major mergers and acquisitions are once again coming to the forefront, reshaping the power dynamics within the industry. Tech giants are eager to acquire cutting-edge developments and talent, actively purchasing promising companies. A notable example is Google's agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, setting a record for the Israeli tech sector. Such mega-deals demonstrate corporations' readiness to invest in innovation to strengthen their positions.
Overall, the surge in M&A activity and large deals signals market maturation. Mature startups are merging with one another or becoming acquisition targets, while venture funds gain the opportunity for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and simultaneously "cleanses" the ecosystem of weaker players, improving market health.
Global Expansion of Venture Capital: New Technological Hubs
The investment boom is spreading to new regions, creating new technological hubs across the globe. The Middle East stands out particularly: sovereign funds from Gulf countries are directing unprecedented amounts of capital into technology companies while simultaneously developing ambitious mega-projects (such as the future city NEOM in Saudi Arabia). In South Asia, India and Southeast Asian states are attracting record capital inflows, while in Europe, the balance of power is changing — Germany has overtaken the UK in venture investments for the first time in a decade.
In Africa and Latin America, new startup ecosystems are forming, as global investors are turning their attention to these promising markets. Local entrepreneurs in countries from Nigeria to Brazil are gaining access to capital for growth, establishing regional innovation centres. Such global expansion of venture capital reduces dependence on traditional tech hubs and stimulates innovation worldwide, laying the groundwork for the next generation of startups in diverse corners of the globe.
Renewed Interest in Crypto Startups: The Market Awakens After the "Crypto Winter"
Following a prolonged "crypto winter," the blockchain startup market has seen a noticeable revival. In the autumn, the volume of funding for crypto projects reached its highest level in recent years. Major funding rounds are occurring in Web3 infrastructure and decentralised finance, with venture capital flowing once more into promising blockchain platforms. The rise of the cryptocurrency market has also played a role: Bitcoin has surpassed the $100,000 mark, bolstering investor enthusiasm. Venture funds that had long kept their distance are gradually returning to the crypto sector; new specialised funds and incubators for Web3 startups are emerging.
Of course, volatility and regulatory risks remain, but there is a cautious optimism emerging: market participants are keen to seize upon this new wave of growth. Total investments in crypto startups in 2025 have already exceeded $20 billion — more than double that of 2024 — and could reach $25 billion by year-end. This demonstrates a renaissance in the sector: after a cleansing of the market from speculation, the focus has shifted to real use cases of blockchain, attracting "smart" money.
Cautious Optimism and Sustainable Growth
As 2025 draws to a close, cautious optimism pervades the venture capital industry. Successful IPOs and large rounds of funding demonstrate that the period of decline is behind us, and the startup ecosystem is experiencing a new upturn. However, investors continue to exercise caution: capital is increasingly being directed towards startups with sustainable business models, tested economics, and real profit potential.
Significant inflows into AI and other sectors instil confidence in the continued growth of the market, yet players are eager to avoid the mistakes of past "bubbles" by meticulously selecting projects and soberly assessing their potential. The return of large investors, the emergence of new unicorns, and successful public exits have laid the groundwork for the next cycle of innovation; however, the discipline and prudence of investors will shape the character of this growth. Despite the increased appetite for risk, the focus remains on the quality growth of startups and the long-term sustainability of the market.
