Global Startup and Venture Investment News for 30 November 2025: The Return of Mega Funds, Record Investments in AI, and a Wave of New Unicorns, Revitalisation of the IPO Market, Surge in M&A Deals, Formation of New Technology Hubs, and the Renaissance of Crypto Startups. An Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is confidently recovering from a protracted downturn over the past few years. According to industry analysts, the aggregate 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 result since 2021. The prolonged 'venture winter' of 2022–2023 is behind us, and the influx of private capital into technology startups is noticeably accelerating. Large funding rounds and the launch of new mega funds signal a return of investors' appetite for risk, although they still prefer to invest selectively and cautiously.
Venture activity is rising across almost all regions of the world. The USA maintains its leading position (especially amidst the booming growth of the artificial intelligence sector). Investment volumes in the Middle East have increased dramatically over the year, while Germany has surpassed the UK in total venture capital for the first time in a decade. Asia exhibits uneven dynamics: India, Southeast Asian nations, and Gulf States are attracting record flows of capital, while activity in China has relatively declined. New technology hubs are emerging in Africa and Latin America. The startup ecosystems in Russia and the CIS countries are striving to keep pace despite external restrictions. Overall, the global picture indicates the birth of a new venture capital boom, although investors continue to bet on the most promising and resilient projects.
- The return of mega funds and large capital. Leading venture players are creating record funds and are once again actively injecting significant capital into the market, filling the ecosystem with liquidity and stoking risk appetite.
- Record AI rounds and a new wave of unicorns. Unprecedented investments are driving startup valuations to unseen 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 public listings of tech unicorns 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 into AI but also into fintech, biotech, climate, space, defence, and other projects, broadening market horizons.
- A wave of consolidation and M&A transactions. Significant mergers, acquisitions, and 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 technology hubs.
- Renewed interest in crypto startups. After a lengthy 'crypto winter', blockchain projects are once again attracting substantial funding and attention from venture funds and corporations.
- Local focus: Russia and the CIS countries. Despite restrictions, new funds and initiatives are emerging to develop local startup ecosystems, drawing investor interest to the region.
The Return of Mega Funds: Big Money is Back in the Market
The largest investment funds and players are triumphantly returning to the venture scene—a clear sign of a renewed appetite for risk. Following a downturn in 2022–2024, leading firms are again actively attracting capital and launching record-sized funds. Japan's SoftBank, having navigated a few challenging years, has announced the launch of Vision Fund III with a volume of around $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the USA, Andreessen Horowitz is forming a fund of approximately $20 billion to finance late-stage AI startups. Meanwhile, sovereign wealth funds from the Gulf States are expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide while developing ambitious megaprojects.
New venture funds are emerging in all regions, attracting significant institutional capital into high-tech projects. This influx of 'big money' is filling the market with liquidity and intensifying competition for the most promising deals, simultaneously instilling confidence in a further influx of capital into the startup ecosystem.
Record Investments in AI: A Wave of New Unicorns
The artificial intelligence sector remains the primary driver of the current venture capital upswing, showcasing record funding levels. Since the beginning of 2025, AI startups in the USA alone have raised over $160 billion (approximately two-thirds of all venture investments in the country), and by the end of the year, global investments in AI are projected to exceed $200 billion—an unprecedented level for the industry. The total valuation of the ten largest AI companies (including OpenAI, Anthropic, xAI, among others) has approached an astronomical $1 trillion. The massive influx of capital into AI has contributed to the emergence of many new unicorns: just in October 2025, around 20 startups worldwide achieved valuations exceeding $1 billion for the first time—a record monthly addition to the unicorn club. Investors are eagerly financing projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge sectors.
Almost every week, new mega rounds are announced. For instance, in November, American cloud AI infrastructure provider Lambda raised approximately $1.5 billion, predictive market platform Kalshi received $1 billion, and multimodal systems developer Luma AI attracted $900 million. While such rapid growth inspires optimism regarding the potential of technologies, experts warn of signs of overheating in certain niches. This prompts investors to take a more discerning approach to valuations and select truly high-quality projects.
The IPO Market is Reviving: A New Wave of Public Offerings
The global IPO market is gradually emerging from a prolonged lull and gaining momentum. After nearly two years of pause, public listings are once again becoming a sought-after exit strategy for venture funds. In Asia, Hong Kong has led the new IPO wave: in recent months, several major tech companies have gone public, collectively raising billions of dollars. For example, Chinese company CATL attracted around $5 billion during its listing, reaffirming investor interest in IPOs in the region.
The situation is also improving in the USA and Europe: American fintech unicorn Chime recently debuted on the stock exchange, with its shares rising approximately 30% on the first day. Shortly after, design platform Figma conducted its IPO, raising around $1.2 billion at a valuation of approximately $20 billion. The crypto industry is also trying to capitalise on the revival: fintech company Circle successfully went public over the summer (market capitalisation around $7 billion), and crypto exchange Bullish has filed for a listing in the USA with a target valuation of approximately $4 billion. The revival of IPOs is crucial for the venture ecosystem: successful public exits allow funds to recoup invested capital and affirm the viability of funded business models, returning liquidity to the market and strengthening investor confidence.
Diversification of Investments: Horizons are Expanding
In 2025, venture investments are encompassing a much broader range of sectors and are no longer limited to artificial intelligence alone. After the downturn in 2024, a new resurgence occurred in fintech: fintech startups are once again attracting large rounds, particularly in payment systems and decentralised finance (DeFi). For instance, American fintech decacorn Ramp raised $300 million at a valuation of approximately $32 billion (this is already the fourth round for the company in 2025), reflecting renewed investor interest in financial technologies. There is also rapid growth in climate ('green') technologies—as a response to the global demand for sustainable development, investors are eagerly funding projects in renewable energy and carbon footprint reduction.
Investors are also returning to biotech and medtech: major players (particularly in Europe) are establishing specialised funds to support pharmaceutical and medical startups. Space and defence technologies are gaining prominence as well—the geopolitical climate and the successes of private space companies are stimulating investments in satellite constellations, rocket manufacturing, unmanned systems, and military AI. The sector focus of venture capital has significantly broadened, increasing market resilience: even if the hype surrounding AI diminishes over time, other sectors are poised to sustain the momentum of innovation.
A Wave of Consolidation and M&A: The Industry is Changing Shape
High valuations of startups and intense competition in the market are provoking a new wave of consolidation. Major mergers and acquisitions are once again taking centre stage, reshaping the power dynamics in the industry. Tech giants are eager to acquire cutting-edge developments and talent, leading them to actively acquire promising companies. A notable example is Google agreeing to acquire Israeli cyber startup Wiz for approximately $32 billion, which sets a record for the tech sector in Israel. Such mega-deals demonstrate corporations’ readiness to invest in innovation to strengthen their positions.
Overall, the surge of activity in M&A signals market maturation. Established startups are merging with each other or becoming acquisition targets, while venture funds are gaining opportunities for much-awaited profitable exits. The consolidation accelerates the growth of the most promising companies while simultaneously 'cleansing' the ecosystem of weaker players, thereby improving the market health.
Global Expansion of Venture Capital: New Technology Hubs
The investment boom is extending to new regions, forming their own technology hubs worldwide. The Middle East stands out in particular: sovereign funds from the Gulf States are directing unprecedented amounts of capital into tech companies while simultaneously developing ambitious megaprojects (such as Saudi Arabia's NEOM city of the future). In South Asia, India and Southeast Asian nations are capturing record capital influxes, while in Europe, the dynamics are shifting—Germany has outpaced the UK in venture investments, which has occurred for the first time in a decade.
New startup ecosystems are forming in Africa and Latin America as global investors are taking notice of these promising markets. Local entrepreneurs—from Nigeria to Brazil—are gaining access to capital for growth, establishing regional centres of innovation. This global expansion of venture capital reduces dependence on traditional tech centres and stimulates innovation everywhere, laying the groundwork for the emergence of the next generation of startups in various 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 noticeably revived. In autumn, the volume of funding for crypto projects reached a peak not seen in recent years. Major rounds are occurring in Web3 infrastructure and decentralised finance, with venture capital flowing back into promising blockchain platforms. The growth of the cryptocurrency market also played a role: Bitcoin surpassed the historic mark of $100,000 in early November, fuelling investor enthusiasm (though the price subsequently corrected below this level). Venture funds that had long been on the sidelines are gradually returning to the crypto sector; new specialised funds and incubators for Web3 projects are emerging.
Of course, volatility and regulatory risks persist, but there is a noticeable cautious optimism: market participants are eager not to miss out on a new growth wave. Total investments in crypto startups in 2025 have already exceeded $20 billion—more than double that of 2024—and may reach $25 billion by the end of the year. All this indicates a kind of renaissance for the industry: after the 'cleansing' of the market from excessive speculation, the focus has shifted to real use cases for blockchain, attracting 'smart' money once again.
Local Focus: Russia and CIS Countries
Despite external restrictions, active efforts are being made in Russia and neighbouring countries to develop local startup ecosystems. Governmental and private institutions are launching new funds and programmes aimed at supporting early-stage tech projects. For example, the authorities in St. Petersburg discussed the creation of a city venture fund in November to finance promising high-tech companies—similar to the Republic of Tatarstan, where a fund of 15 billion rubles is already in operation. Furthermore, large corporations and banks in the region are increasingly taking on the roles of investors and mentors for startups, developing corporate accelerators and their own venture divisions.
In addition to government initiatives, there is a noticeable revival in the entrepreneurial community. International technology forums and summits (such as the recent Moscow AI Journey 2025) are raising awareness of local innovations and building bridges between Russian developers and global investors. All these changes demonstrate that even under sanctions, the local venture scene continues to adapt and evolve. For investors, the region offers new growth points—with a calculated approach to risks—as a potentially promising market for venture investments.
Moderate Optimism and Sustainable Growth
By the end of 2025, moderately optimistic sentiments have solidified within the venture capital industry. Successful IPOs and multibillion-dollar funding rounds indicate that the downturn period is behind us, and the startup ecosystem is experiencing a new surge. However, investors continue to exercise caution: capital is increasingly flowing to startups with sustainable business models, proven economics, and real profit prospects.
Large infusions of funds into AI and other areas instil confidence in the market’s continued growth, but participants seek not to repeat the mistakes of past 'bubbles', diligently selecting projects and soberly assessing their potential. The return of major investors, the emergence of new unicorns, and successful exits have laid the groundwork for another wave of innovation, although discipline and deliberation among investors will define the character of this growth. Despite an increased appetite for risk, the focus remains on the qualitative growth of startups and the long-term sustainability of the market.
