Latest Startup and Venture Capital News for Sunday, November 23, 2025: The Return of Mega Funds, Record AI Rounds, Resurgence of the IPO Market, Global Market Expansion, M&A Deal Consolidation, Renaissance of Crypto Startups, and Emergence of New Unicorns. An In-Depth Review for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is showing resilient growth after a period of decline. Investors worldwide are once again actively financing technology startups: record deals are being made, companies are planning IPOs again, and the largest funds are triumphantly returning to the market with substantial investments. Governments across various countries are strengthening their support for innovation and attracting private capital, spurred on by the revival of stock markets, which in turn is boosting venture activity. As a result, significant funds are flowing into the startup ecosystem, although investors continue to be selective, preferring high-quality business models.
Recent data confirms the upswing: in the third quarter of 2025, global venture capital investment hit approximately $97 billion—a 38% increase from the previous year and the best quarterly figure since 2021. This marks the fourth consecutive quarter of growth following the venture capital "winter" of 2022–2023. The primary drivers of this surge have been mega rounds in the artificial intelligence (AI) sector, but increases in funding have been noted across all stages. Venture activity is growing in virtually every region: the US continues to lead (especially in the rapidly advancing AI segment), while investment volumes in the Middle East have multiplied over the past year. In Europe, Germany has overtaken the UK in total venture capital for the first time in a decade. In Asia, a lack of uniformity is observed: India, Southeast Asia, and Gulf States are attracting record flows of capital amid a relative dip in activity in China. The startup scenes in Russia and the CIS are also striving not to lag behind, launching new funds and projects to develop the local market. A new global venture boom is emerging, although market participants remain cautious and selective.
Below are the key events and trends shaping the venture capital landscape as of November 23, 2025:
- The return of mega funds and large investors. Leading venture players are forming record funds and ramping up investments, refilling the market with capital while rekindling risk appetite.
- Record rounds in the AI sector and a new wave of unicorns. Unprecedented investments in AI startups are driving company valuations to unseen heights, facilitating the emergence of many new unicorns.
- Revival of the IPO market. Successful public offerings by technology companies and new listing applications indicate that the long-awaited "window" for public exits has reopened.
- Diversification of sector focus. Venture capital is increasingly directed not only towards AI but also into fintech, biotech, climate tech, space, defense projects, and other sectors of the economy.
- A wave of consolidation and M&A deals. Large 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 their own tech clusters.
- A renaissance of interest in crypto startups. After a prolonged "crypto winter," the blockchain project sector is revitalizing, again attracting significant venture investments amid the crypto market’s growth.
- Local focus: Russia and CIS countries. New funds and initiatives for developing local startup ecosystems are appearing in the region, capturing investor attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back in the Market
Major investment funds and institutional players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. Following a slump in VC fundraising in 2022–2024, leading firms are resuming capital raising and launching mega funds, demonstrating confidence in market potential. Japanese conglomerate SoftBank, which experienced challenges in recent years, announced the launch of the $40 billion Vision Fund III, focused on cutting-edge technologies (AI, robotics, etc.). In the US, Andreessen Horowitz is putting together a record venture fund—approximately $20 billion—with an emphasis on late-stage AI startups. Simultaneously, sovereign funds from Gulf countries are significantly increasing their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups around the world while developing extensive programs to support their startup ecosystems. In all regions, dozens of new venture funds are being established, attracting significant institutional capital for investments in high-tech projects. The influx of this "big money" is filling the market with liquidity and intensifying competition for the best deals, while simultaneously instilling confidence in the industry regarding future capital inflows.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the primary driver of the current venture upturn, showcasing unprecedented volumes of funding. Since the beginning of 2025, AI startups in the US alone have raised over $160 billion (approximately two-thirds of all venture investments in the country), and analysts estimate that by the end of the year, global investments in AI companies will exceed $200 billion—an unprecedented level for the industry. The collective valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of numerous new unicorns. In October 2025 alone, about 20 new startups with valuations above $1 billion surfaced globally—this marks the most substantial monthly addition to the "unicorn club" in several years. While experts caution about the risks of market overheating, investor appetite for AI startups remains robust.
The IPO Market Revives: A New Wave of Public Listings
The global IPO market is emerging from a prolonged lull and gaining momentum. After nearly two years of stagnation, a revival of IPOs as a desirable exit route for venture investors is underway. In Asia, Hong Kong has launched a new wave of IPOs: over recent months, several large tech firms have gone public, collectively attracting billions in investments. For example, Chinese battery manufacturer CATL successfully launched its shares, raising about $5 billion, demonstrating that investors in the region are once again eager to engage in IPOs. In the US and Europe, the situation is likewise improving: American fintech unicorn Chime recently debuted on the stock market, seeing its shares rise approximately 30% on the first trading day. Shortly thereafter, design platform Figma held its IPO, raising around $1.2 billion at a valuation of approximately $15–20 billion; its shares also rose confidently in the initial days. In the second half of 2025, other well-known startups—including payment service Stripe and several high-valued tech firms—are gearing up for their public market debut.
Even the crypto industry is trying to capitalize on the revival: fintech company Circle successfully conducted its IPO in the summer (with a market capitalization at launch of about $7 billion, followed by a substantial increase in share value), while crypto exchange Bullish has filed for a listing in the US with a target valuation of about $4 billion. The return of activity in the public listing market is crucial for the entire venture ecosystem: successful exits through IPOs enable funds to lock in profits and redirect freed-up capital into new projects, supporting continued growth in the sector.
Diversification of Investments: Beyond AI
In 2025, venture investments are covering an increasingly broader range of sectors and are no longer limited to just artificial intelligence. After last year's downturn, several related sectors are visibly recovering, which is making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently expanding its horizons, investing in various directions:
- Fintech: After a pause in 2022-2023, financial technologies are once again attracting significant rounds of funding, not only in the US but also in Europe and emerging markets, fueling growth in promising financial services.
- Climate and Green Technologies: Projects focusing on clean energy, climate tech, and agtech are receiving record investments amidst a global trend towards sustainability and decarbonization.
- Biotechnology and Healthcare: New developments in pharmaceuticals, genetics, and medical online platforms are once again attracting capital as valuations recover in the sector after previous downturns.
- Defense and Space Projects: Increased attention to security issues is prompting investors to finance defense technologies and cybersecurity more actively. Concurrently, interest in space startups is growing—from satellite services to space exploration projects.
The broadening sector focus for venture capital reflects market maturation: investors are diversifying their portfolios, and funds are being directed into a variety of innovative areas, thereby reducing market dependence on a single sector.
A Wave of Consolidation and M&A: Stronger Players Emerge
High valuations for startups and intense competition for markets are driving a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the balance of power in the industry. Tech giants are keen to acquire key innovations and talent, embarking on a path of active acquisitions. A notable example is Google’s agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, a record sum for the Israeli tech sector. Such mega-deals indicate corporations' willingness to invest in cutting-edge developments to strengthen their positions. Overall, current activity in M&A and large venture deals indicates market maturity. Established startups are merging with one another or becoming targets for acquisition by corporations, while venture funds are gaining opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and "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 its own centers for technological development worldwide. The Middle East stands out particularly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented amounts in creating world-class local tech hubs. Over the past couple of years, venture investments in the Middle East have increased manifold, leading to the emergence of new large funds and mega-projects (such as the NEOM tech city in Saudi Arabia). An active influx of capital is also seen in South Asia: India and Southeast Asian nations are setting new records for attracting investments, compensating for the relative cooling of the Chinese market. At the same time, the startup ecosystems in Africa and Latin America are gaining strength, where new technology clusters are forming due to increased funding. Thus, venture capital is becoming increasingly global: alongside traditional centers like Silicon Valley, New York, or London, new growth points for startups are strengthening on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, 2025 has seen a revival of startup activity in Russia and neighboring countries. Over the past year, several new venture funds have emerged (with a total capital of about 10–15 billion rubles), and government structures and large 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 (high interest rates, sanctions, etc.) persist, the most promising local projects continue to attract financing. The gradual formation of a dedicated venture infrastructure is already creating a foundation for the future—by the time external conditions improve and global investors can return more actively to the market. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and prepare the ground for the next generation of entrepreneurs' growth.
A Renaissance of Interest in Crypto Startups
Following a protracted "crypto winter," the blockchain startup market is noticeably reviving. In the autumn of 2025, financing for crypto projects reached its highest levels in recent years. New significant rounds are taking place in the Web3 infrastructure and decentralized finance (DeFi) segments, with capital flowing back into promising blockchain platforms. This has been supported by the rising crypto market: the flagship cryptocurrency Bitcoin has crossed the psychological $100,000 mark, rekindling investor enthusiasm for the sector. Venture funds, previously very cautious about crypto assets, are gradually resuming investments in projects at the intersection of technology and finance. New initiatives targeting crypto startups are emerging: the launch of specialized funds and incubators for Web3 projects. Of course, the experiences of recent years have taught investors to remain vigilant—volatility and regulatory risks still persist. However, a cautious optimism has formed in the market: participants are increasing their presence in the crypto sector, seeking not to miss out on the growth potential of the new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have established themselves in the venture capital industry. Successful IPOs and multi-billion dollar funding rounds indicate that the prolonged downturn is in the past, and the startup ecosystem is experiencing a new upswing. Nevertheless, investors remain vigilant: funding is concentrated on startups with sustainable business models, proven economics, and real profit potential. Large capital influxes into AI and other promising sectors instill confidence in the market's continued growth, but players are trying not to repeat the mistakes of past bubbles, approaching valuations and project quality more rigorously.
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 foundation for another wave of innovation. However, the discipline and calculation of investors will determine the character of this growth. Despite the increased appetite for risk investments, a key benchmark remains the quality growth of startups and the long-term sustainability of the market.
