Global Startup and Venture Investment News for 9 November 2025: Record Investments in Artificial Intelligence, IPO Comeback, Mega Rounds, M&A and New Funds. A Detailed Overview for Venture Investors and Funds.
As of early November 2025, the global venture capital market is showing a confident upswing after several years of decline. Investors worldwide are once again actively funding technology startups: record deals are being made, companies are revisiting plans for IPOs, and the largest funds are triumphantly entering the market with substantial investments. Governments across various countries are intensifying their support for innovation, striving not to fall behind in the global technology race. As a result, private capital is once again flowing into startup ecosystems, providing young companies with the resources for accelerated growth.
Recent data confirms this revival: in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion, up about 38% from the previous year and slightly exceeding the figure for the previous quarter. This is the best quarterly result since 2021 and marks the fourth consecutive quarter in which investment volume has exceeded $90 billion. Following the "venture winter" of 2022–2023, startup funding has been steadily increasing for four consecutive reporting periods, reflecting a return of investor confidence. The main contribution to this growth came from mega rounds in the artificial intelligence (AI) sector; however, growth is being observed across all stages: investments in late-stage startups are increasing particularly rapidly. About two-thirds of all venture investments in the last quarter went to companies in the US, but there is also noticeable activity in Europe, Asia, the Middle East, and other regions, underscoring the global nature of the upswing.
Venture activity is growing in virtually every corner of the world. The US remains the leader (especially with the booming AI segment), while investments in the Middle East have nearly doubled over the year. In Europe, for the first time in a decade, Germany has surpassed the UK in total venture capital. In Latin America, Mexico has outpaced Brazil in securing funds. India, Southeast Asian countries, and the Gulf States are attracting record flows of venture capital amidst a relative decline in activity in China. The startup scenes in Russia and neighbouring countries are also striving to keep pace: new funds and initiatives aimed at developing local ecosystems are emerging in the region, despite external constraints. Overall, the market is experiencing a global venture boom, although investors remain selective and somewhat cautious in their project choices.
Below are key events and trends shaping the current agenda of the venture market as of 9 November 2025:
- The Return of Mega Funds and Major Investors. Leading venture players are forming record funds and actively investing in startups again, flooding the market with capital and increasing risk appetite.
- Record Investments in AI and a New Wave of Unicorns. Massive funding rounds are pushing startup valuations to unprecedented heights, especially in the AI sector, leading to a surge in new unicorns.
- The Resurrection of the IPO Market. Successful public listings of tech companies and new listing plans indicate that the long-awaited "window" for exits has reopened for venture investors.
- Diversification of Sector Focus. Venture capital investments are targeting not only the AI sector but also fintech, climate projects, biotechnology, space and defense developments, indicating a broadening of investment horizons.
- A Wave of Consolidation and M&A. Large mergers, acquisitions, and strategic deals are reshaping the industry landscape, creating new opportunities for exits and accelerated company growth.
- The Return of Interest in Crypto Startups. After a prolonged "crypto winter," blockchain projects are once again attracting significant funds and attention from both venture capital firms and large corporations.
- Local Focus: Russia and the CIS. New funds and programmes are being launched in the region to develop local startup ecosystems, gradually attracting investor attention despite sanctions and other restrictions.
The Return of Mega Funds: Big Money Back in the Market
Major investment funds and institutional players are confidently returning to the venture arena, signalling a renewed appetite for risk. After a downturn in venture fundraising during 2022–2024, leading VC firms are resuming capital raising and launching new mega funds, demonstrating faith in market prospects. For instance, Japanese conglomerate SoftBank has established its third Vision Fund, worth around $40 billion, focusing on cutting-edge technologies (with an emphasis on AI and robotics) after a lengthy hiatus. In October, American firm Sequoia Capital announced the creation of two new funds totalling $950 million (including approximately $750 million for late-stage investments and $200 million for seed projects). Sovereign funds from Gulf countries have also become activated, directing billions of dollars into innovative companies worldwide. The emergence of such mega structures indicates that startups will soon have even more opportunities to secure funding, and large investors are amassing substantial "war chests" of capital in anticipation of a new wave of technological growth.
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 volumes of funding. Since the start of 2025, AI startups in the US have collectively raised over $160 billion, which accounts for about two-thirds of all venture capital investments in the country. Analysts estimate that by the end of the year, global investments in AI companies could exceed $200 billion—a previously unachievable milestone for the industry. The combined valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. Investors explain the frenzy around AI by the technology's potential to radically enhance efficiency across various industries, opening up new multi-trillion dollar markets—from software automation to personal virtual assistants. Despite concerns over overheating and discussions of a potential bubble, venture funds continue to invest heavily in AI startups, fearing they might miss the next technological revolution.
The influx of capital into AI is accompanied by the emergence of numerous new unicorns and a high concentration of investments. Most funds are directed towards a narrow circle of industry leaders that receive the largest rounds. Approximately 70% of all venture investments in American startups recently went to just a handful of the most sought-after companies. For example, in September, French generative AI developer Mistral AI raised approximately $2 billion, setting a record for the European market. An even more impressive instance is the American company OpenAI, which secured a single tranche of $13 billion in funding—an unprecedented amount that sets a new benchmark for the industry. Such gigantic deals inflate company valuations to staggering heights. Nevertheless, the overall venture market benefits from this uptick: capital and talent are concentrating around promising directions, potentially leading to groundbreaking innovations in the future, even if some generously funded projects do not meet expectations.
In recent weeks, several startups have announced large-scale investments, confirming the return of "big cheques" to the market. Notable examples include:
– Harvey (USA) — raised $150 million at a valuation of approximately $8 billion for developing a legal AI platform (lead investor: Andreessen Horowitz).
– Synthesia (UK) — $200 million at a valuation of $4 billion to scale its AI-generated video service (the round was led by GV — the venture arm of Alphabet).
– Fireworks AI (USA) — $250 million in a Series C round (valuation of around $4 billion) to develop an AI platform in genomics and healthcare.
– Legora (Sweden) — $150 million (valuation of $1.8 billion) for developing legal software with AI elements; the startup was founded in 2023 and has already entered the ranks of new unicorns.
– Armis (USA) — $435 million in a pre-IPO round at a valuation of $6.1 billion to bolster its IoT cybersecurity platform (the round was led by Goldman Sachs with participation from CapitalG).
The Resurrection of the IPO Market and Exit Prospects
Against the backdrop of rising valuations and capital inflows, technology companies are once again eyeing public markets. After a period of silence over the last two years, an IPO revival is emerging as a long-awaited exit route for venture investors. Earlier in 2025, some large unicorn startups, such as the stablecoin issuer Circle, successfully went public with a valuation of around $7 billion, while the cryptocurrency exchange Bullish raised approximately $1.1 billion through its offering, reaching a market capitalization of around $5–6 billion. These debuts demonstrated renewed market appetite for new public listings, particularly in the fintech and cryptocurrency segments.
Now, major players are eager to take advantage of the newly opened "window" of opportunity. Insider reports indicate that the creator of ChatGPT, OpenAI, is considering an IPO as early as 2026, with a potential valuation of up to $1 trillion — an unprecedented level for the tech sector. In the blockchain industry, wallet developer ConsenSys has hired banks JPMorgan and Goldman Sachs to prepare for an IPO scheduled for 2026. If it proceeds, this would be the first public listing of such a large company from the Ethereum ecosystem, marking a significant milestone for the entire crypto sector.
Improved market conditions and the gradual clarification of regulatory requirements are also adding confidence to startups planning to list. Regulators in the US are beginning to alleviate uncertainty: for instance, the SEC recently settled claims against ConsenSys regarding its crypto services, removing one of the obstacles to an IPO. As a result, the largest private companies are once again viewing the public market as a viable opportunity to raise capital and provide liquidity to investors. Experts predict that the number of significant technological IPOs will increase over the next couple of years as the "window" for exits remains open and market multipliers favour high valuations.
Beyond AI: Healthcare, Climate and Space
Despite the dominance of artificial intelligence, significant funds are also being directed to other high-tech sectors. For example, healthcare and biotechnology attracted around $15–16 billion in venture capital in the third quarter of 2025 — ranking third after AI and IT infrastructure. The synergy between technology and medicine is evident in rounds like the aforementioned Fireworks AI, which received $250 million to develop an AI platform for genomic medicine (combining advancements in AI and healthcare).
Venture funds are actively supporting climate projects as well. For example, the Australian startup Uluu raised 16 million Australian dollars for developing biodegradable plastic from algae, while Indian electric vehicle component manufacturer Tsuyo Manufacturing secured 40 million rupees for expanding production. While the scale of these deals is incomparable to the massive rounds in AI, they reflect sustained investor interest in environmental sustainability and "green" technologies.
Increased attention is also being directed towards space, defence, and other hardtech sectors. In Europe, the segment of private space companies is rapidly growing: for example, Bulgarian satellite startup EnduroSat raised $104 million (with participation from funds like Google Ventures, Lux Capital, and others) to scale production of small satellites — responding to global demand for affordable communications in space. Overall, deeptech sectors are experiencing an upswing: in 2025, major funding rounds were secured by manufacturers of robotics, semiconductor components, and quantum computing systems, collectively raising billions of dollars. While these sectors currently lag behind the phenomenon of AI in terms of investment volume, the distribution of venture capital is becoming increasingly diverse — spanning medicine, climate solutions, space, and defence technologies. A broad front of innovations is supported by investments, reducing the risks of overheating in one or two niches and fostering balanced technological progress.
Consolidation and M&A: Mega Deals Altering the Landscape
High valuations of startups and intense competition are stimulating a new wave of consolidation in the industry. Large mergers and acquisitions are once again coming to the fore, reshaping the power dynamics in the market. Strategic M&A helps corporations and investors accelerate growth, gain access to new technologies, or enter adjacent markets, while large acquisitions provide much-needed exits for venture funds.
Recently, several notable deals have occurred that underscore the trend of aligning traditional financial institutions with the startup world. In October, the investment bank Goldman Sachs announced its acquisition of venture firm Industry Ventures for nearly $1 billion. This deal became one of the largest acquisitions in the venture sector, reflecting the growing interest of banking capital in technology and startup assets. Additionally, major tech giants are resuming their activities in the M&A market, taking advantage of relatively stable valuations: over the past year, several industry leaders have acquired promising startups, aiming to strengthen their positions in key areas (such as AI and cybersecurity).
The wave of consolidation is also impacting the crypto industry. Traditional financial corporations are showing interest in acquiring blockchain startups amid the sector's recovery. According to media reports, Mastercard is in the final stages of negotiations to acquire several crypto projects (including the infrastructure startup ZeroHash) for nearly $2 billion, indicating the serious intentions of major players to establish a foothold in the digital asset space. Overall, the uptick in mergers and acquisitions — from banks investing in venture platforms to tech mega-deals — suggests a "maturing" market. Major players are eager to enhance their presence through M&A, opening up more avenues for successful exits and integration into corporate businesses for startups.
The Return of Interest in Crypto Startups
Following an extended "crypto winter," the blockchain startup market is reviving: venture investments in the crypto industry are once again on the rise. In October 2025, funding for companies in the cryptocurrency and blockchain space saw a substantial uptick. In the first week of October alone, projects in this sector collectively attracted over $3 billion — a sharp rise compared to previous months. The American project Polymarket led the way, securing a record $2 billion in investments (valuation around $9 billion) from a consortium led by the operator of the New York Stock Exchange, ICE. This is one of the largest venture deals of the year outside the AI sector. Following closely, the prediction platform Kalshi raised $300 million (valuation around $5 billion), confirming the market's readiness to invest in new fintech solutions at the intersection of traditional markets and cryptocurrencies.
Overall, infrastructure solutions for digital assets are also beginning to receive support from venture capital. For instance, American startup Hercle, which is creating infrastructure for stablecoins, raised $60 million in funding. Activity is also notable in the consumer crypto sector: promising digital asset trading app Fomo raised $17 million in November (led by Benchmark) — a sign of the return of top investors to a space they had long been avoiding. Concurrently, leading companies in the crypto market are reaching a new level of maturity. In addition to preparing for IPOs, ConsenSys — with the involvement of major banks — is seeing increased interest from institutional investors in crypto assets. Easing regulatory uncertainty in the US (progress on stablecoin regulations, approval of bitcoin ETFs) and the participation of traditional financial giants in funding rounds instill additional confidence. The crypto startup sector, having undergone a cleansing of speculative projects, is gradually restoring trust and re-entering the focus of venture investors.
The Local Market: Russia and the CIS
Despite geopolitical constraints, Russia and neighbouring countries are making efforts to develop their own startup ecosystems. In conditions where international capital is largely inaccessible, local investors and institutions have concentrated on the domestic market. Over the past year, several new venture funds have emerged in Russia — industry reviews indicate that the number of active players has increased from approximately 35 to 43. This suggests that some of the “trapped” Russian capital is beginning to flow into the tech sector, stimulating the formation of new investment teams and strategies. Corporate funds are being established alongside large companies, and state venture funds aimed at supporting innovation are being launched in the regions.
Development institutes (such as the Skolkovo Foundation, Russian Venture Company, FRII, and others) have activated accelerators, competitions, and grant programs to compensate for the deficit of external funding. In 2025, new startup studios were launched at leading universities, as well as regional venture funds supported by local authorities. However, the overall volume of venture investments in Russia remains modest compared to global levels. Serious barriers persist: high key rates and economic stagnation hinder the attraction of private capital, while technology companies face restrictions in accessing global markets and technologies. Nevertheless, the most resilient Russian startups continue to grow, reorienting towards local niches. In the long run, the establishment of a homegrown venture market — although forced — could lay the foundation for future growth when external conditions improve.
Conclusion: Cautious Optimism
Following a year of impressive deals and the restoration of investment activity, there is a prevailing sense of cautious optimism in the venture market. On one hand, the unprecedented surge in valuations and funding volumes — particularly in the AI segment — draws parallels to the dot-com boom of two decades ago. There is a risk of overheating and the formation of a "bubble," and some investors are calling for prudence, pointing to overly inflated expectations in certain niches. On the other hand, many venture capitalists note that periods of excitement also have positive effects: they attract vast resources and talent into new industries, laying the groundwork for future technological breakthroughs. Even if some projects inevitably fail, one or two ultra-successful "hits" can compensate for dozens of failures.
As we approach 2026, investors worldwide are striving to find a balance between the desire not to miss the next revolutionary idea and a sober assessment of risks. One thing is clear: the startup market has noticeably revived after a challenging period. New records for funding volumes are being set, major IPOs are on the horizon, and venture funds are again forming large capital pools. At the same time, the approach has become more selective — capital is predominantly directed towards the most promising companies and directions. The main intrigue remains whether high expectations regarding the AI boom will be realised and whether other sectors will catch up in securing funds. For now, though, the appetite for innovation is high; both startups and investors are looking to the future with cautious yet evident enthusiasm.
