Startups and Venture Investments News — Monday, 24 November 2025: Record AI Rounds, Return of Mega Funds, Revival of the IPO Market, M&A Consolidation, Global Expansion of the Venture Market, Renaissance of Crypto Startups, and a Wave of New "Unicorns"
By the end of November 2025, the global venture capital market has shown sustained growth following a downturn. Investors worldwide are once again actively investing in tech startups: record deals are being made, companies’ plans for IPOs are becoming relevant again, and the largest funds are triumphantly returning to the market with significant investments. Governments in various countries are increasing support for innovation and stimulating private capital inflows, which, coupled with a revival of the stock markets, is fueling venture activity. As a result, substantial financial resources are flowing into the startup ecosystem, although investors remain cautious and selective, preferring startups with sustainable business models and proven economics.
A rise is observed in virtually all regions. According to recent data, in the third quarter of 2025, the global volume of venture investments amounted to approximately $97 billion – an increase of 38% compared to last year and slightly above the previous quarter's result. This figure represents a record quarterly volume since 2021 and marks the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The primary driver of this leap has been mega rounds in the field of artificial intelligence (AI), though funding increases are noted at all stages. Venture activity is growing almost everywhere: the US maintains its leading position (particularly in the rapidly developing AI segment), investments in the Middle East have surged year-on-year, and for the first time in a decade, Germany has outstripped the UK in total venture financing in Europe. Asia shows uneven dynamics: India, Southeast Asia, and Gulf countries are attracting record capital flows amid relatively declining activity in China. The startup scenes in Russia and the CIS countries are also trying to keep pace, launching new funds and programs to develop local ecosystems. A new global venture boom is emerging, although market participants continue to act cautiously and selectively.
Below are the key events and trends defining the venture market landscape as of 24 November 2025:
- The return of mega funds and large investors. Leading venture players are forming record-sized funds and increasing investments, refilling the market with capital and reigniting risk appetite.
- Record investment rounds in AI and a new wave of "unicorns". Unprecedented capital influx into AI startups is driving company valuations to unseen heights, fostering the emergence of many new "unicorns".
- Revitalization of the IPO market. Successful public offerings by tech companies and new placement applications indicate that the long-awaited "window" for public placements has reopened.
- Diversification of sector focus. Venture capital is flowing not only into AI but also into fintech, biotech, climate technologies, space and defense projects, as well as other sectors of the economy.
- A wave of consolidation and major M&A deals. Large mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and accelerated growth of 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—forming their own technology clusters.
- A renaissance of interest in crypto startups. After a prolonged "crypto winter", the blockchain project sector is reviving, re-attracting significant venture investments against the backdrop of a growing crypto market.
- Local focus: Russia and CIS countries. New funds and initiatives for the development of local startup ecosystems are emerging in the region, drawing investor attention despite geopolitical restrictions.
Return of Mega Funds: Big Money Back in the Market
The biggest investment funds and institutional players are confidently returning to the venture arena, signaling a new surge in risk appetite. Following a downturn in VC fundraising during 2022-2024, leading firms are renewing capital attraction and announcing mega-sized funds. The Japanese conglomerate SoftBank, having overcome recent challenges, announced the launch of its Vision Fund III, with a volume of approximately $40 billion, focused on advanced technologies (AI, robotics, and more). In the US, venture firm Andreessen Horowitz plans a record fund of about $20 billion, focusing on late-stage AI startups. Concurrently, sovereign wealth funds from the Gulf countries are significantly expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide and launching large-scale programs to develop their own tech hubs. Dozens of new venture funds are appearing across all key regions, attracting substantial 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 most promising deals, simultaneously instilling confidence in the industry regarding future capital flows.
Record Investments in AI and a New Wave of "Unicorns"
The artificial intelligence sector remains the primary driver of the current venture boom, demonstrating unprecedented levels of funding. Since the beginning of 2025, AI startups have collectively raised over $160 billion in the US alone (around 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 combined valuation of the ten largest AI startups (including leaders such as OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The incredible influx of capital into AI is accompanied by the emergence of many new "unicorns". In October 2025 alone, approximately 20 new startups with valuations over $1 billion emerged globally—the largest monthly addition to the unicorn club in recent years. Investors are keenly supporting projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge areas. Furthermore, new mega funding rounds are reported almost weekly: for instance, in November, the American company Lambda (cloud infrastructure for AI) raised about $1.5 billion, market prediction platform Kalshi secured $1 billion, and developer of multimodal AI systems Luma AI closed a round at $900 million. Such scales of venture financing have not been seen since the peak of 2021. Although this rapid growth inspires optimism regarding the potential of the technologies, some experts warn of signs of overheating in certain niches. This prompts investors to be more considerate of valuations and to choose truly quality projects.
IPO Market Recovers: 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, a revival of IPOs as a desired exit mechanism for venture investors has been observed. In Asia, Hong Kong has set off a new wave of IPOs: in recent months, several large tech companies have gone public, collectively raising billions of dollars. For example, Chinese battery manufacturer CATL successfully executed an offering, raising around $5 billion and proving that investors in the region are once again ready to actively participate in IPOs. 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. Soon after, the designers' platform Figma conducted an IPO, attracting around $1.2 billion at a valuation of about $20 billion; its shares also confidently increased in the initial trading days. In the second half of 2025, other well-known startups, including payment giant Stripe and several highly valued tech companies, are preparing for their public market debut.
Even the crypto industry is eager to take advantage of the revival: fintech company Circle successfully went public last summer (its market cap at IPO was about $7 billion, and subsequently, its shares rose significantly), while crypto exchange Bullish submitted an application for listing in the US with a targeted valuation of around $4 billion. The return of activity in the public offerings market is extremely important for the entire venture ecosystem: successful exits through IPOs allow funds to lock in profits and channel the released capital into new projects, supporting further growth in the industry.
Diversification of Investments: Not Just AI
In 2025, venture investments are covering an increasingly broad range of sectors and are no longer limited to artificial intelligence alone. Following the downturn of previous years, related sectors are noticeably reviving, making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently broadening its horizons, investing in diverse areas:
- Fintech: After a pause during 2022-2023, financial technologies are again attracting significant funding rounds not only in the US but also in Europe and developing markets, fueling the growth of new digital services.
- Climate Technologies: Projects in clean energy, climate tech, and agro-tech are receiving record investment amid the global trend toward sustainability and decarbonization.
- Biotech and Healthcare: New developments in pharmaceuticals, genetics, and digital health are again attracting capital as the industry valuations recover after a recent downturn.
- Defense and Space Projects: Amid heightened security concerns, investors are increasingly financing defense technologies and cybersecurity. Simultaneously, interest in space startups is growing—from satellite services to projects aimed at space exploration.
The expansion of sector focus reflects the maturity of the venture market: investors are diversifying their portfolios, and funds are directed toward various innovative fields, reducing the ecosystem’s dependence on a single dominant direction.
Wave of Consolidation and M&A: Consolidation of Players
High valuations of startups and fierce competition for markets are driving a new wave of consolidation. Large mergers and acquisitions are once again coming to the forefront, reshaping the balance of power within the industry. Tech giants are eager to acquire key innovations and talent, embarking on a path of active acquisitions. A notable example is the agreement by Google to acquire Israeli cybersecurity startup Wiz for about $32 billion, a record sum for the tech sector in Israel. Such mega-deals demonstrate corporations’ readiness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and major venture deals indicates maturation within the market. Established startups are merging with each other or becoming targets for acquisitions by corporates, while venture funds are gaining the opportunity for much-anticipated profitable exits. Consolidation accelerates the growth of the most promising companies and concurrently “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 geographic regions, forming its own centers of technological development around the world. The Middle East stands out particularly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented sums to create local tech hubs of global caliber. In recent years, the volume of venture investments in the Middle East has multiplied, leading to the emergence of new large funds and mega-projects (such as the futuristic tech mega-city NEOM in Saudi Arabia). A significant influx of capital is also being observed in South Asia: India and Southeast Asian countries are setting new records for attracting venture investments, partly compensating for the relative cooling of the Chinese market. At the same time, the startup ecosystems in Africa and Latin America are strengthening, where new technology clusters are forming due to rising funding levels. Thus, venture capital is becoming increasingly global: in addition to traditional centers 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 restrictions, Russia and neighboring countries are witnessing a revival of startup activity in 2025. Several new venture funds have emerged in the past year (with a total capital of about 10-15 billion rubles), and government structures and corporations have launched programs to support technology startups. Although the total volume of venture investments in the region remains modest by global standards and serious barriers persist (high rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual formation of its own venture infrastructure is already creating a foundation for the future—by the time external conditions improve and global investors can return to the market more actively. The local focus on developing the startup ecosystem in Russia and the CIS is intended to ensure technological sovereignty and prepare the ground for the growth of the next generation of entrepreneurs.
Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the market for blockchain startups is noticeably reviving. In the fall of 2025, funding for crypto projects reached its peak in the last few years. New significant rounds are taking place in the segments of Web3 infrastructure and decentralized finance (DeFi), and venture capital is again flowing into promising blockchain platforms. The rise of the crypto market also has played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological threshold of $100,000, which has increased investor enthusiasm for the sector. Venture funds, previously very cautious with 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. Of course, the experiences of previous years have taught investors to be cautious—volatility and regulatory risks still persist. However, a restrained optimism has emerged in the market: participants are increasing their presence in the crypto sector, striving not to miss 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 strengthened in the venture capital industry. Successful IPOs and multi-billion funding rounds indicate that the long downturn period is behind, and the startup ecosystem is experiencing a new upturn. Nevertheless, investors have not lost vigilance: funding is increasingly concentrating on startups with a sustainable business model, proven economics, and real profitability prospects. Significant capital injections into AI and other promising directions inspire confidence in continued market growth, but players are keen to avoid repeating the mistakes of past bubbles, taking a more rigorous approach to project valuations and quality.
Hence, 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 forming the basis for another wave of innovation. However, the discipline and calculation of investors will determine the nature of this growth. Despite the increased appetite for risky investments, the focus remains on the quality growth of startups and the long-term sustainability of the market.
