Global Startup and Venture Capital News for November 29, 2025: The Return of Megafunds, Record Investments in AI, a Wave of New “Unicorns,” Revitalization of the IPO Market, Surge in M&A Deals and Formation of New Tech Hubs Worldwide. An Overview for Venture Investors and Funds.
As of the end of November 2025, the global venture capital market is confidently emerging from the prolonged downturn of recent years. According to industry analysts, the total volume of venture investments in the third quarter of 2025 reached approximately $97 billion—almost 40% higher than the previous year and the best quarterly result since 2021. The protracted "venture winter" of 2022–2023 is now behind us; the influx of private capital into tech startups is noticeably accelerating. Large funding rounds and the launch of new megafunds signal a return of risk appetite among investors, although they still prefer selective and cautious investment strategies.
Venture capital activity is rising in nearly all regions around the world. The United States maintains its leading position (particularly amid explosive growth in the AI sector). Investment volumes in the Middle East have increased manifold over the year, while in Europe, Germany has surpassed the UK in total venture capital for the first time in a decade. Asia exhibits uneven dynamics: India, Southeast Asian countries, and Gulf states are drawing record flows of capital against a backdrop of declining activity in China. New tech hubs are forming in Africa and Latin America. The startup ecosystems in Russia and the CIS countries strive to keep pace despite external constraints. Overall, the global picture indicates the emergence of a new venture capital boom, although investors continue to bet on the most promising and resilient projects.
Below are key events and trends shaping the venture market landscape as of November 29, 2025:
- The return of megafunds and large capital. Leading venture players are establishing record funds and are once again actively injecting significant capital into the market, fueling the ecosystem with liquidity and heating up the risk appetite.
- Record AI funding rounds and a new wave of “unicorns.” Unprecedented investments are inflating startup valuations to unseen heights, particularly in the artificial intelligence segment, leading to the emergence of numerous new companies valued over $1 billion.
- Revitalization of the IPO market. Successful public offerings of tech “unicorns” and new listing applications signify that the long-awaited “window” for public exits has reopened.
- Diversification of sector focus. Venture capital is flowing into not only AI but also fintech, biotech, climate technologies, space, defense, and other projects, broadening market horizons.
- A wave of consolidation and M&A deals. Major mergers, acquisitions, and partnerships are reshaping the industry's landscape, creating new opportunities for exits and scaling businesses.
- 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 new tech hubs.
- Renewed interest in crypto startups. Following a prolonged “crypto winter,” blockchain projects are once again attracting significant funding and attention from venture funds and corporations.
The Return of Megafunds: Big Money Back in the Market
The largest investment funds and players are triumphantly returning to the venture stage—a clear sign of a new surge in risk appetite. After a downturn period from 2022 to 2024, leading firms are once again actively raising capital and launching funds of record size.
Japan's SoftBank has announced the launch of Vision Fund III, amounting to about $40 billion, focused on advanced technologies (AI, robotics, etc.). In the US, Andreessen Horowitz is forming a fund of approximately $20 billion to finance late-stage AI startups. Simultaneously, sovereign funds from the Gulf region are increasing their presence in the tech sector: investors from the Middle East are pouring billions into promising startups worldwide and launching ambitious projects to create their own tech hubs. New venture funds are emerging in all regions, attracting significant institutional capital into high-tech projects. This influx of "big money" fills the market with liquidity, enhancing competition for the most promising deals and instilling confidence in further capital inflows.
Record Investments in AI: A Wave of New “Unicorns”
The artificial intelligence sector remains the primary driving force behind the current venture capital upturn, showcasing unprecedented levels of funding. Since the beginning of 2025, AI startups in the USA alone have raised over $160 billion (approximately two-thirds of all venture funding in the country), and by year-end, global investments in AI are expected to exceed $200 billion—a previously unseen level. The combined valuation of the top ten AI companies has approached an astronomical $1 trillion. The massive influx of capital into AI has coincided with the emergence of numerous new "unicorns": only in October 2025 did around 20 startups globally surpass a valuation of $1 billion for the first time—a record monthly addition to the unicorn club. Investors are eagerly funding projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge areas.
Nearly every week, new megara funding rounds are announced. For example, in November, the US cloud AI infrastructure provider Lambda raised ~$1.5 billion, the predictive market platform Kalshi secured $1 billion, and the multimodal AI systems developer Luma AI attracted $900 million. Although such rapid growth inspires optimism about the potential of technologies, experts warn of signs of overheating in certain niches. This pushes investors to carefully evaluate valuations and select truly high-quality projects.
IPO Market Revives: A New Wave of Public Offerings
The global IPO market is gradually emerging from a long lull and gaining momentum. After nearly two years of pause, public offerings are once again a sought-after exit strategy for venture funds. In Asia, Hong Kong has sparked a new IPO wave: several large tech companies have gone public there in recent months, collectively raising billions in investment. For example, China's CATL raised around $5 billion during its listing, confirming investor interest in IPOs in the region.
Situations in the US and Europe are also improving: American fintech “unicorn” Chime recently made its stock market debut, with shares rising approximately 30% on the first day. Shortly thereafter, the design platform Figma conducted an IPO, raising around $1.2 billion at an estimated valuation of ~$20 billion. The crypto sector 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 the cryptocurrency exchange Bullish has submitted a listing application in the USA with a target valuation of ~$4 billion. The revival of IPOs is crucial for the venture ecosystem: successful listings allow funds to recoup their investments and validate the viability of financed business models, restoring liquidity to the market and strengthening investor confidence.
Diversification of Sector Focus: Expanding Horizons
In 2025, venture investments encompass a much broader range of sectors and are no longer limited to artificial intelligence alone. Following the downturn in 2024, a revitalization has occurred in fintech: new fintech startups are again obtaining large rounds of funding, particularly in payment systems and decentralized finance (DeFi). For example, the American fintech decacorn Ramp raised $300 million at an estimated valuation of ~$32 billion (already its fourth funding round in 2025), indicating a resurgence of investor interest in financial technologies. Rapid growth is also observed in climate (“green”) technologies—in response to the global demand for sustainable development, investors are eagerly financing projects in renewable energy and reducing carbon footprints.
Investors are also returning to biotech and medtech: major players (especially in Europe) are establishing specialized funds to support pharmaceutical and medical startups. Space and defense technologies are also taking center stage—the geopolitical landscape and the successes of private space companies are driving investments in satellite constellations, rocket building, unmanned systems, and military AI. The sector focus of venture capital has significantly broadened, enhancing market resilience: even if the hype surrounding AI eventually subsides, other sectors are poised to pick up the baton of innovation.
A Wave of Consolidation and M&A: The Industry is Shifting
High startup valuations and intense market competition are provoking a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the power dynamics in the industry. Tech giants are eager to acquire leading-edge developments and talent, actively purchasing promising companies. A notable example is Google's agreement to acquire the Israeli cyber startup Wiz for approximately $32 billion, marking a record for the Israeli tech sector. Such megadeals demonstrate corporations' willingness to invest in innovation to strengthen their positions.
Overall, the surge in M&A activity signals market maturation. Mature startups are merging with one another or becoming acquisition targets, while venture funds seize opportunities 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.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new regions, forming their own tech hubs worldwide. The Middle East stands out particularly: sovereign funds from Gulf countries are directing unprecedented amounts of capital into tech companies while simultaneously developing ambitious megaprojects like Saudi Arabia's NEOM city of the future. In South Asia, India and Southeast Asian nations are attracting record capital inflows, while in Europe, the balance of power is shifting—Germany has surpassed the UK in venture investments for the first time in a decade.
In Africa and Latin America, new startup ecosystems are forming as global investors turn their attention to these promising markets. Local entrepreneurs—from Nigeria to Brazil—are gaining access to capital for growth, creating regional innovation centers. Such global expansion of venture capital reduces reliance on traditional tech centers and fosters innovation everywhere, laying the groundwork for the emergence of the next generation of startups in various corners of the planet.
Renewed Interest in Crypto Startups: The Market Awakens after a “Crypto Winter”
Following a prolonged “crypto winter,” the blockchain startup market has noticeably revived. In the fall, the volume of funding for crypto projects reached a maximum in recent years. Major funding rounds are occurring in Web3 infrastructure and decentralized finance, and venture capital is once again flowing into promising blockchain platforms. The rise in the cryptocurrency market has also played a role: Bitcoin has surpassed the $100,000 mark, reigniting investor enthusiasm. Venture funds, which had remained sidelines for a long time, are gradually returning to the crypto sector; new specialized funds and incubators for Web3 projects are emerging.
Of course, volatility and regulatory risks remain, but there is cautious optimism: market participants are eager not to miss the new wave of growth. Cumulative investments in crypto startups in 2025 have already exceeded $20 billion—more than double that of 2024—and may reach $25 billion by the end of the year. All of this indicates a renaissance in the industry: after the market was cleared of speculation, the focus has shifted to real use-case scenarios for blockchain, once again attracting “smart” money.
Cautious Optimism and Sustainable Growth
By the end of 2025, the venture capital industry is characterized by cautious optimism. Successful IPOs and large funding rounds indicate that the downturn is behind us, and the startup ecosystem is experiencing a new upswing. However, investors continue to act prudently: capital is increasingly flowing to startups with sustainable business models, proven economics, and real profit potential.
Large infusions into AI and other sectors inspire confidence in further market growth, but participants are keen to avoid repeating the mistakes of past “bubbles,” carefully selecting projects and soberly assessing their potential. The return of major investors, the emergence of new “unicorns,” and successful public offerings have laid the foundation for another cycle of innovations, but discipline and calculation from investors will determine the nature of this growth. Despite the heightened risk appetite, the focus remains on quality growth for startups and the long-term sustainability of the market.
