Startup and Venture Capital News for Thursday, November 27, 2025: AI Rounds, Mega Funds, and Tech Market Trends. Analytical Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is confidently emerging from the prolonged downturn of the past few years. Analysts estimate that the total volume of venture investments in the third quarter of 2025 reached ~$97 billion—38% higher than the previous year and the best quarterly result since 2021. The "venture winter" of 2022–2023 is behind us, and the inflow of private capital into tech startups is accelerating. Large funding rounds and the emergence of new mega funds signal a return of risk appetite, although investors remain selective and cautious.
Venture activity is increasing in almost all regions of the world. The United States maintains its leadership, particularly against the backdrop of the booming AI sector. Investments in the Middle East have risen exponentially over the past year, while in Europe, Germany has outstripped the UK in total venture capital for the first time in a decade. In Asia, the picture is mixed: India, Southeast Asia, and Gulf countries are attracting record capital flows amidst a relative decline in China. New tech hubs are forming 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 landscape indicates the emergence of a new venture boom, although investors continue to focus on the most promising and resilient projects.
Below are the key events and trends shaping the venture market as of November 27, 2025:
- The return of mega funds and large investors.
- Record AI rounds and a new wave of unicorns.
- Revival of the IPO market.
- Diversification of industry focus in venture capital.
- A wave of consolidation and M&A deals.
- Renewed interest in crypto startups.
The Return of Mega Funds: Big Money Back on the Market
The largest investment funds and players are confidently returning to the venture arena, demonstrating a new surge in risk appetite. After a downturn period in 2022–2024, leading firms are resuming capital raising and announcing record-scale funds. Japanese SoftBank has announced the launch of the Vision Fund III, amounting to ~$40 billion, focused on advanced technologies (AI, robotics, etc.). In the US, venture firm Andreessen Horowitz plans a fund of around $20 billion for investments in late-stage AI startups. At the same time, sovereign funds from the Gulf are expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide and launching programs 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 infusing the market with liquidity and intensifying competition for the most promising deals, while also instilling confidence in the continued inflow of capital.
Record Investments in AI: A New Wave of Unicorns
The artificial intelligence sector remains the main driver of the current venture surge, demonstrating record levels of funding. Since the beginning of 2025, AI startups have collectively raised over $160 billion in the US alone (about 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. 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, around 20 startups with valuations above $1 billion appeared globally—the largest monthly addition to the unicorn club. Investors are eagerly financing projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields. Almost every week, a new mega round is announced: for instance, in November, American cloud AI infrastructure company Lambda raised ~$1.5 billion, predictive market platform Kalshi—$1 billion, and multimodal systems developer Luma AI secured $900 million. While the rapid growth instills optimism regarding the potential of technologies, experts warn of signs of overheating in certain niches. This compels investors to be more discerning about valuations and to select truly high-quality projects.
IPO Market Revived: 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 silence, 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: in recent months, several major technology companies have gone public, collectively raising billions of dollars in investments. For instance, Chinese company CATL raised approximately $5 billion, confirming investor interest in IPOs in the region. In the US and Europe, the situation is also improving: American fintech unicorn Chime recently debuted on the stock exchange, with its shares rising about 30% on the first day of trading. Shortly thereafter, the platform Figma held its IPO, raising about $1.2 billion at a valuation of ~$20 billion.
The crypto industry is also trying to capitalize on the revival: fintech company Circle successfully went public in the summer (with a market capitalization of around $7 billion), and cryptocurrency exchange Bullish has filed for a listing in the US with a target valuation of ~$4 billion. The revival of IPOs is crucial for the venture ecosystem: successful public exits allow funds to recoup invested capital and validate the viability of financed business models, restoring liquidity to the market and strengthening investor confidence.
Diversification of Sectors: Investment Horizons Expanding
In 2025, venture investments are encompassing a much broader range of sectors and are no longer solely focused on AI. After last year’s downturn, a revival has occurred in fintech: new fintech startups are securing substantial rounds, particularly in payment systems and decentralized finance (DeFi). American fintech decacorn Ramp raised $300 million at a valuation of ~$32 billion (its fourth round in 2025), indicating a resurgence of investor interest in fintech. There is also significant growth in climate ("green") technologies in response to the global demand for sustainable development: investors are financing projects in renewable energy and carbon reduction.
Interest is returning to biotechnology and medtech as well: large funds (especially in Europe) are creating specialized instruments to support pharmaceutical and medical startups. Space and defense technologies are also coming to the forefront—the geopolitical situation and the successes of private space companies are stimulating investments in satellite constellations, rocket building, unmanned systems, and military AI. The industry focus of venture capital has significantly broadened, enhancing market resilience: even if the hype around AI diminishes, other sectors are prepared to carry the baton of innovation.
A Wave of Consolidation and M&A: Industry Changing Shape
High valuations of startups and fierce competition in the markets are provoking a new wave of consolidation. Major merger and acquisition deals are once again coming to the forefront, reshaping the balance of power in 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' willingness to invest in innovation to strengthen their positions. Overall, the spike in M&A activity and large deals signals the maturing of the market. Mature startups are either merging with each other or becoming targets for acquisitions, while venture funds have the opportunity for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and simultaneously "cleanses" the ecosystem of weaker players, revitalizing the market.
Renewed Interest in Crypto Startups: The Market Awakens After the "Crypto Winter"
After a prolonged "crypto winter," the blockchain startup market has noticeably revived. In the autumn, the volume of funding for crypto projects reached its highest point in recent years. Large funding rounds are taking place in Web3 infrastructure and decentralized finance (DeFi), and venture capital is flowing back into promising blockchain platforms. The growth of the cryptocurrency market has also played a role: Bitcoin exceeded $100,000, enhancing investor enthusiasm. Venture funds that had long stayed on the sidelines are gradually returning to the crypto sector; new specialized funds and incubators for Web3 startups are emerging. Of course, volatility and regulatory risks remain, but cautious optimism is becoming apparent: participants are keen to catch the new wave of growth. Cumulative investments in crypto startups in 2025 have already surpassed $20 billion—more than double that of 2024—and could reach $25 billion by the end of the year. This signals a renaissance in the industry: after the market cleaned itself of speculation, the focus has shifted to real use cases of blockchain, attracting "smart" money.
Conclusion: Cautious Optimism and Sustainable Growth
By the end of 2025, there is a sense of cautious optimism prevailing in the venture capital industry. Successful IPOs and large funding rounds indicate that the downturn period is behind us and the startup ecosystem is experiencing a new upturn. However, investors remain cautious: capital is increasingly going to startups with sustainable business models, proven economics, and real profit prospects. The massive inflows into AI and other sectors instill confidence in further market growth, but players are keen not to repeat the mistakes of past "bubbles," carefully selecting projects and realistically assessing their potential. The return of major investors, the emergence of new unicorns, and successful IPOs have laid the foundation for another cycle of innovation, but the discipline and calculated approach of investors will determine the nature of this growth. Despite an increased appetite for risk, the focus remains on the quality growth of startups and the long-term sustainability of the market.
