Startup and Venture Capital News Overview for Friday, November 28, 2025: Mega Rounds, New Unicorns, Global Trends, and Key Market Events
By 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—an increase of nearly 40% compared to the previous year—and was the best quarterly result since 2021. The protracted "venture winter" of 2022-2023 is behind us, and the influx of private capital into tech startups is significantly accelerating. Large funding rounds and the launch of new mega funds signal a return of risk appetite among investors, although they still prefer to invest selectively and cautiously.
Venture activity is increasing across nearly all regions globally. The United States maintains its leadership, especially amid the booming AI sector. Investment volumes in the Middle East have multiplied over the year, while in Europe, Germany has, for the first time in a decade, outpaced the United Kingdom in total venture capital. In Asia, the landscape is uneven: India, Southeast Asia, and Gulf states are attracting record capital flows, while China is experiencing a relative downturn. New tech hubs are emerging in Africa and Latin America. Startup ecosystems in Russia and the CIS are striving to keep pace, despite external limitations. Overall, the global picture 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 defining the venture market landscape as of November 28, 2025:
- Return of Mega Funds and Large Capital. Leading venture players are forming record funds and are once again actively injecting substantial funds into the market, filling the ecosystem with capital and reigniting risk appetite.
- Record AI Rounds and a New Wave of Unicorns. Unprecedented investments are inflating startup valuations to unseen heights, particularly in the artificial intelligence segment, resulting in a flurry of new companies valued over $1 billion.
- Revival of the IPO Market. Successful IPOs of tech unicorns and new listing applications indicate that the long-awaited "window" for exits has reopened.
- Diversification of Sector Focus. Venture capital is being directed not only towards AI but also into fintech, climate technologies, biotech, space, and defense projects, thereby broadening market horizons.
- Wave of Consolidation and M&A Deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new exit and scaling opportunities for 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. After a prolonged "crypto winter," blockchain projects are once again attracting significant funding and attention from venture funds and corporations.
Return of Mega Funds: Big Money Back in the Market
The largest investment funds and players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. After a downturn in 2022-2024, leading firms are resuming capital raising activities and announcing record-scale funds.
Japan’s SoftBank has announced the launch of the Vision Fund III with an estimated size of ~$40 billion, focusing on advanced technologies (AI, robotics, etc.). In the U.S., venture firm Andreessen Horowitz plans a fund of approximately $20 billion for late-stage AI startups. Concurrently, sovereign funds from Gulf states are expanding their presence in the tech sector: Middle Eastern investors are pouring billions of dollars into promising startups worldwide and initiating ambitious projects to develop their own tech hubs. New venture funds are emerging in all regions, drawing 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 most promising deals, while instilling confidence in the continued capital influx.
Record Investments in AI: A Wave of New Unicorns
The artificial intelligence sector remains the primary driver of the current venture upswing, demonstrating record levels of funding. Since the beginning of 2025, AI startups have collectively raised over $160 billion just in the U.S. (about two-thirds of all venture investments in the country), and by the end of the year, 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 colossal influx of capital into AI is accompanied by the emergence of numerous new unicorns: in October 2025 alone, around 20 startups worldwide crossed the $1 billion valuation threshold for the first time—a record monthly addition to the unicorn club. Investors are eagerly financing projects in generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields.
Nearly every week sees the announcement of a new mega round. For example, in November, American cloud AI infrastructure company Lambda raised ~$1.5 billion, the predictive markets platform Kalshi secured $1 billion, and multimodal systems developer Luma AI received $900 million. While such explosive growth inspires optimism regarding the potential of these technologies, experts warn of signs of overheating in certain niches. This prompts investors to take a closer look at valuations and select truly quality projects.
IPO Market Revives: 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 inactivity, public listings are once again becoming a sought-after exit mechanism for venture funds. In Asia, Hong Kong has spearheaded a new wave of IPOs: several large tech companies have debuted on the stock exchange in recent months, collectively raising billions of dollars. For instance, Chinese company CATL raised around $5 billion, confirming investor interest in IPOs in the region.
The situation is also improving in the U.S. and Europe: American fintech unicorn Chime recently debuted on the stock market, with its shares rising about 30% on the first trading day. Shortly thereafter, Figma held its IPO, raising about $1.2 billion at an estimated valuation of ~$20 billion. The crypto industry is also keen to capitalize on the revival: fintech company Circle successfully went public in the summer (market capitalization of about $7 billion), while crypto exchange Bullish filed for a listing in the U.S. 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 confirm the viability of funded business models, restoring liquidity to the market and strengthening investor confidence.
Diversification of Sector Focus: Expanding Horizons
In 2025, venture investments are covering a much broader range of industries and are no longer limited to just artificial intelligence. Following last year’s downturn, a resurgence has occurred in fintech: new fintech startups are securing significant funding rounds, especially in payment systems and decentralized finance (DeFi). The American fintech decacorn Ramp, for example, raised $300 million at an estimated valuation of ~$32 billion (this marks the company’s fourth round in 2025), indicating a renewed interest from investors in financial technologies. There is also a booming growth in climate ("green") technologies in response to the global demand for sustainable development: investors are financing projects in renewable energy and carbon footprint reduction.
Interest is also returning to biotechnology and medtech: large funds (particularly in Europe) are crafting specialized instruments to support pharmaceutical and medical startups. Space and defense technologies are also coming to the fore—geopolitical situations and the successes of private space companies are boosting investments in satellite constellations, rocket construction, unmanned systems, and military AI. The sector focus of venture capital has significantly broadened, enhancing market resilience: even if the excitement around AI fades over time, other sectors are ready to take up the baton of innovation.
Wave of Consolidation and M&A: The Industry is Changing Shape
High startup valuations and fierce competition in the markets are provoking a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the balance of power in the industry. Technology giants are eager to acquire cutting-edge developments and talent, actively buying up promising companies. A notable example is Google’s agreement to acquire Israeli cybersecurity startup Wiz for about $32 billion, setting a record for the tech sector in Israel. Such megadeals demonstrate corporations’ willingness to invest in innovation to strengthen their positions.
Overall, the surge in M&A activity and major deals signals market maturation. Mature startups are merging with each other or becoming acquisition targets, while venture funds have a chance for much-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and simultaneously "cleans" 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 technology hubs around the world. The Middle East stands out particularly: sovereign funds from Gulf states are directing unprecedented volumes of capital into tech companies while simultaneously developing ambitious megaprojects (e.g., the city of the future NEOM in Saudi Arabia). 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.
New startup ecosystems are forming in Africa and Latin America as global investors turn their attention to these promising markets. Local entrepreneurs in countries from Nigeria to Brazil are gaining access to capital for growth, creating regional innovation centers. This global expansion of venture capital reduces reliance on traditional tech centers and stimulates innovation worldwide, laying the groundwork for the emergence of the next generation of startups in diverse corners of the globe.
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 fall, the volume of financing for crypto projects reached a peak not seen 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 growth of the cryptocurrency market has also played its role: Bitcoin has surpassed the $100,000 mark, further fueling investor enthusiasm. Venture funds, which have 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 a cautious optimism is evident: market participants strive to capitalize on the new wave of growth. Cumulative investments in crypto startups in 2025 have already exceeded $20 billion—more than double the figure in 2024—and may reach $25 billion by year’s end. This signals a renaissance in the industry: after cleaning the market of speculation, the focus has shifted to real use cases of blockchain, attracting "smart" money.
Cautious Optimism and Sustainable Growth
By the end of 2025, cautious optimism prevails in the venture capital industry. Successful IPOs and large funding rounds demonstrate that the downturn is a thing of the past and the startup ecosystem is experiencing a new upswing. However, investors remain prudent: capital is increasingly going to startups with sustainable business models, proven economics, and real prospects for profitability.
The significant investments in AI and other fields instill confidence in the market's continued growth, but players are keen to avoid repeating the mistakes of past "bubbles," carefully selecting projects and realistically assessing their potential. The return of large investors, the emergence of new unicorns, and successful public exits have laid the groundwork for a new wave of innovation, but discipline and prudence among investors will shape the nature of this growth. Despite the increased risk appetite, the focus remains on quality growth for startups and the long-term sustainability of the market.
