Startup and Venture Investment News — Monday, November 24, 2025: Record AI Rounds, Return of Mega Funds, IPO Market Rejuvenation, M&A Consolidation, Global Venture Market Expansion, Renaissance of Crypto Startups, and a Wave of New "Unicorns"
By the end of November 2025, the global venture capital market demonstrates robust growth following a downturn period. Investors worldwide are actively re-engaging with tech startups, executing record deals, rekindling plans for IPOs, and the largest funds are triumphantly returning to the market with substantial investments. Governments across various nations are increasing support for innovation and stimulating the influx of private capital, which, alongside the revitalization of stock markets, is fuelling venture activity. Consequently, significant financial resources are entering the startup ecosystem, although investors remain cautious and selective, favouring startups with sustainable business models and proven economics.
A rise is observed in nearly all regions. According to the latest data, global venture investments in the third quarter of 2025 totaled approximately $97 billion — this is a 38% increase compared to the previous year and slightly above the results of the previous quarter. This figure marks a record quarterly volume since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. The main driver behind this surge is the mega rounds in artificial intelligence (AI), although funding increases are noted across all stages. Venture activity is growing almost everywhere: the USA maintains its leading position (with the AI segment experiencing particularly rapid growth), the Middle East has seen investment volumes increase significantly over the year, while Germany has surpassed the UK for the first time in a decade in total venture financing. Asia shows uneven dynamics: India, Southeast Asia, and Gulf countries are attracting record inflows of capital amid a relative decline in activity in China. The startup scenes in Russia and CIS countries are also keen to keep pace, launching new funds and programs to develop local ecosystems. A new global venture boom is taking shape, even as market participants continue to act with caution and selectivity.
Below are key events and trends defining the venture market landscape as of November 24, 2025:
- The return of mega funds and large investors. Leading venture players are forming record-sized funds and increasing investments, re-filling the market with capital and reigniting risk appetite.
- Record investment rounds in AI and a new wave of "unicorns." Unprecedented capital inflows into AI startups are driving company valuations to unprecedented heights, facilitating the emergence of numerous new unicorns.
- Revival of the IPO market. Successful public stock market debuts by tech companies and new filing applications indicate that the long-awaited "window" for public offerings has once again opened.
- Diversification of sector focus. Venture capital is directed not only towards AI but also towards fintech, biotech, climate technologies, space, and defense projects, as well as other sectors of the economy.
- A wave of consolidation and large M&A deals. Large mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and accelerated growth for startups.
- 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 — creating their own tech clusters.
- A renaissance of interest in crypto startups. Following an extended "crypto winter," the blockchain project sector is revitalizing, once again attracting significant venture investments amid a growing crypto market.
- Local focus: Russia and CIS countries. The region is witnessing new funds and initiatives for developing local startup ecosystems, attracting investors' attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back on the Market
The largest investment funds and institutional players are confidently re-entering the venture arena, signalling a new spike in risk appetite. After a decline in VC fundraising in 2022–2024, leading firms are resuming capital acquisition and announcing mega funds. The Japanese conglomerate SoftBank, overcoming recent challenges, announced the launch of the Vision Fund III worth approximately $40 billion, focused on advanced technologies (AI, robotics, etc.). In the USA, venture firm Andreessen Horowitz plans a record fund of ~$20 billion, betting on investments in late-stage AI startups. Simultaneously, sovereign funds from Gulf countries are notably expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups globally and launching massive programs to develop their own tech hubs. Dozens of new venture funds are emerging across all key regions, attracting significant institutional capital for investments in high-tech projects. The influx of this "big money" is saturating the market with liquidity and intensifying competition for the most promising deals, while also instilling confidence in the industry about the continued flow of capital.
Record Investments in AI and a New Wave of "Unicorns"
The artificial intelligence sector remains the main driver of the current venture upswing, showcasing unprecedented funding levels. Since the beginning of 2025, AI startups have collectively raised over $160 billion just in the USA (approximately two-thirds of all venture investments in the country), and by the end of the year, global investments in AI companies are expected to exceed $200 billion — an unprecedented level for the industry. The cumulative valuation of the ten largest AI startups (including leaders like OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The tremendous influx of capital into AI is accompanied by the emergence of numerous new "unicorns." In October 2025 alone, around 20 new startups with valuations above $1 billion joined the unicorn club — marking the highest monthly addition of such companies in recent years. Investors are keen to back projects in areas involving generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields. Notably, almost weekly announcements of new mega funding rounds are emerging: for example, in November, American company Lambda (providing cloud infrastructure for AI) raised about $1.5 billion, market prediction platform Kalshi garnered $1 billion, and multimodal AI systems developer Luma AI closed a round of $900 million. Such levels of venture funding have not been seen since the 2021 peak. While this rapid growth inspires optimism about the technology's potential, some experts are cautioning against signs of overheating in certain niches. This is prompting investors to be more discerning in their evaluations and to seek truly quality projects.
The IPO Market Comes Alive: 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 pause, the resurgence of IPOs as a sought-after exit mechanism for venture investors has become evident. In Asia, Hong Kong ignited the new wave of IPOs: several major tech companies have gone public in recent months, collectively attracting billions in investments. For instance, Chinese battery manufacturer CATL successfully conducted a public offering, raising around $5 billion and proving that investors in the region are again eager to participate in IPOs. The scenario is also improving in the USA and Europe: American fintech unicorn Chime recently debuted on the stock market, with its shares surging approximately 30% on the first trading day. Shortly thereafter, designer platform Figma conducted an IPO, raising about $1.2 billion at a valuation of around $20 billion; its stock also maintained an upward trend in the early trading days. Other well-known startups, including payment giant Stripe, are preparing to go public in the second half of 2025.
Even the crypto industry is keen to leverage the revitalization: fintech company Circle successfully went public in the summer (its market capitalization at the IPO was around $7 billion, with shares subsequently rising significantly), while crypto exchange Bullish filed for listing in the USA targeting a valuation of about $4 billion. The return of activity in the public offerings market is crucial for the entire venture ecosystem: successful exits via IPO allow funds to realize profits and reinvest freed-up capital into new projects, supporting continued growth in the sector.
Diversification of Investments: Not Just AI
In 2025, venture investments are expanding to encompass a broader range of sectors and are no longer limited to just artificial intelligence. After a downturn in previous years, adjacent sectors are noticeably revitalising, making the startup ecosystem more balanced and reducing the risks of overheating in particular niches. Venture capital is confidently broadening its horizon, investing in a variety of directions:
- Fintech: After a lull in 2022–2023, financial technologies are once again attracting large funding rounds not only in the USA but also in Europe and emerging markets, fuelling 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 again attracting capital as industry valuations recover from recent slumps.
- Defense and Space Projects: Amid heightened security concerns, investors are more actively funding defense technologies and cybersecurity. At the same time, interest in space startups is growing — from satellite services to space exploration projects.
This expansion of sector focus illustrates the maturity of the venture market: investors are diversifying their portfolios, directing funds into a variety of innovative fields, and lessening the ecosystem's dependency on a single predominant direction.
A Wave of Consolidation and M&A: Bigger Players on the Scene
High valuations of startups and fierce competition for markets are driving a new wave of consolidation. Major mergers and acquisitions are again taking center stage, reshaping the power dynamics within the industry. Tech giants are eager to acquire key innovations and talent, embarking on active acquisition paths. A notable example is Google’s agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion — a record amount for the Israeli tech sector. Such mega-deals demonstrate corporations' willingness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and significant venture deals indicates market maturation. Mature startups are merging with one another or becoming targets for acquisitions by corporations, while venture funds are gaining opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and simultaneously "cleanses" the ecosystem of weaker players, making the market healthier.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new geographical regions, forming their own centers of technological advancement around the world. The Middle East stands out prominently: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented sums into creating world-class local tech hubs. In recent years, the volume of venture investments in the Middle East has increased several times, leading to the emergence of new large funds and mega-projects (e.g., the futuristic technology megacity NEOM in Saudi Arabia). A significant influx of capital is also observed in South Asia: India and Southeast Asian countries are setting new records for attracting venture investments, partially offsetting the relative cooling of the market in China. Concurrently, the startup ecosystems in Africa and Latin America are gaining strength, where new technological clusters are forming thanks to increasing financing. Thus, venture capital is becoming increasingly global: beyond traditional hubs like Silicon Valley, New York, or London, new growth points for startups are solidifying on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, Russia and neighbouring countries are witnessing a revival of startup activity in 2025. Over the past year, several new venture funds have emerged (with a combined capital of approximately 10–15 billion rubles), and governmental bodies and corporations have launched programs to support tech startups. Although the total volume of venture investments in the region remains modest by global standards and significant barriers exist (high interest rates, sanctions, etc.), the most promising local projects continue to attract financing. The gradual formation of a local venture infrastructure is already creating a foundation for the future — for the time when external conditions improve and global investors can return to the market more vigorously. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and prepare the groundwork for the growth of the next generation of entrepreneurs.
A Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the market for blockchain startups is noticeably revitalizing. By autumn 2025, funding for crypto projects had reached a peak not seen in recent years. New large rounds are occurring in the Web3 infrastructure and decentralized finance (DeFi) sectors, as venture capital once again flows into promising blockchain platforms. The surge in the cryptocurrency market played a role: the flagship cryptocurrency Bitcoin surpassed the psychological threshold of $100,000, fuelling investor enthusiasm about the sector. Venture funds, which had previously exercised great caution towards crypto assets, are gradually resuming investments in projects at the intersection of technology and finance, and new specialized funds and incubators for Web3 startups are emerging. Naturally, the lessons from past years have taught investors to be cautious — volatility and regulatory risks remain present. However, there is now a measured optimism in the market: participants are increasing their presence in the crypto sector, striving not to miss the potential growth opportunities of a new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have consolidated in the venture capital industry. Successful IPOs and multibillion-dollar funding rounds indicate that the prolonged downturn period is behind, and the startup ecosystem is experiencing a new upswing. Nevertheless, investors remain vigilant: funding is increasingly focusing on startups with sustainable business models, proven economics, and realistic paths to profitability. Large capital inflows into AI and other promising sectors inspire confidence in the market’s continued growth, yet players are striving not to repeat the mistakes of past bubbles, approaching valuations and project quality with greater scrutiny.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of large investors, the emergence of new unicorns, and successful exits through IPOs are laying the groundwork for the next wave of innovation. However, the discipline and prudence of investors will determine the nature of this growth. Despite the increased appetite for risk-taking investments, the focus remains on the quality growth of startups and the long-term sustainability of the market.
