Latest News on Startups and Venture Investments for Friday, November 21, 2025: The Return of Mega Funds, Major AI Rounds, Resurgence of IPOs, a Wave of M&A, Rising Interest in Crypto Startups, and New "Unicorns". A Detailed Overview for Venture Investors and Funds.
By the end of November 2025, the global venture market is confidently continuing its recovery after the downturn of recent years. According to industry analysts, the total volume of venture investments in the third quarter of 2025 reached approximately $97 billion – nearly 40% more than a year earlier, marking the best quarter since 2021. The "venture winter" of 2022–2023 is behind us, with an accelerated influx of private capital into technology startups. Significant funding rounds and the launch of new mega funds indicate a return of investor appetite for risk, although investing remains selective and cautious.
A surge in venture activity is noted across all regions. The US continues to lead (particularly in the artificial intelligence segment), investment volumes in the Middle East have doubled over the year, Germany has for the first time surpassed the UK in the number of deals in Europe, and growth in India and Southeast Asia offsets the slowdown in China. Tech hubs are also forming in Africa and Latin America; startup ecosystems in Russia and the CIS are striving to keep pace despite external constraints. Overall, the global market is gaining strength, although investors are still selective, primarily funding the most promising and resilient projects.
- The Return of Mega Funds and Large Investors. Leading venture players are raising record capital and once again flooding the market with investments, igniting risk appetite.
- Record AI Rounds and a New Generation of Unicorns. Mega funding rounds in artificial intelligence are driving up startup valuations and giving birth to a wave of new companies valued over $1 billion.
- The Resurgence of the IPO Market. Successful tech company public offerings and new listing plans confirm that the long-awaited exit "window" has reopened.
- Diversification of Sectors. Venture capital is flowing not only into AI but also into fintech, green technologies, biotech, defense projects, and other sectors – the investment focus is expanding.
- A Wave of Consolidation and M&A. Major mergers and acquisitions are reshaping the industry landscape, creating opportunities for profitable exits and accelerated company growth.
- A Return of Interest in Crypto Startups. Following a prolonged "crypto winter", blockchain projects are again receiving substantial funding and investor attention.
- Local Focus: Russia and the CIS. New funds and initiatives for the development of local startups are emerging in the region, attracting investor interest despite external constraints.
The Return of Mega Funds: Big Money Back in the Market
The largest investment funds and institutional players are re-entering the venture arena, signaling a renewed appetite for risk. Following a decline in VC fundraising from 2022 to 2024, leading firms are resuming capital raising and launching mega funds, demonstrating faith in market potential. For instance, the Japanese conglomerate SoftBank is forming its Vision Fund III with approximately $40 billion, while the US-based Andreessen Horowitz is raising a record fund of about $20 billion, focused on late-stage investments in AI startups.
Sovereign wealth funds from Gulf countries are also becoming active, pouring billions of dollars into tech projects and developing state mega-programs to support the startup sector – tech hubs of global caliber are emerging in the Middle East. Simultaneously, numerous new venture funds are being created worldwide, attracting significant institutional capital for investments in high-tech sectors. Prominent Silicon Valley firms have also amassed dry powder; in the US alone, funds have accumulated hundreds of billions of dollars in uncommitted capital, ready to invest as confidence returns to the market. The influx of this "big money" is filling the startup ecosystem with liquidity, supporting the growth of promising company valuations. The return of mega funds and large investors not only intensifies competition for the best deals but also instills confidence in the industry for future capital inflows.
Record Investments in AI: A New Wave of Unicorns
The artificial intelligence sector is the main driver of the current venture boom, demonstrating unprecedented levels of funding. Nearly half of all venture investments in 2025 are going to AI startups, with global investments in AI expected to exceed $200 billion by the end of the year. Investors are eager to secure leadership positions in this segment, directing colossal sums into the most promising projects. For example, the California-based startup OpenAI has raised approximately $13 billion in total, while the French company Mistral AI secured around €1.7 billion (about $2 billion) – both mega rounds have sharply increased company valuations, highlighting the frenzy surrounding AI startups.
The current investment boom is giving rise to a new generation of unicorns – companies valued over $1 billion. Recently, the number of such startups has been rapidly increasing again. In just October 2025, around 20 new unicorns emerged globally, setting a record monthly figure for the past three years. Despite experts' warnings about potential market overheating, investor appetite for AI startups has not yet waned.
The IPO Market is Reviving: An Opportunity Window for Exits
Amid rising valuations and capital inflows, tech companies are again actively preparing for public market entries. After nearly two years of inactivity, a new wave of IPOs is on the horizon. In Asia, this wave was initiated by Hong Kong: in recent months, several major tech companies have gone public, collectively raising billions of dollars. For instance, the Chinese battery giant CATL successfully listed its shares, raising around $5 billion, demonstrating that investors in the region are once again ready to actively participate in IPOs.
The situation is also improving in the US and Europe. The American fintech unicorn Chime recently debuted on the stock exchange, with its shares soaring by about 30% on the first trading day. Shortly after, the design platform Figma went public, raising approximately $1.2 billion at a valuation of around $15–20 billion; its stock also saw a confident rise in the initial days. In the second half of 2025, other well-known startups, including the payments service Stripe and several other high-valued companies, are preparing to go public.
Even the crypto industry is striving to capitalize on the revival: for example, the fintech company Circle successfully conducted an IPO last summer (its shares subsequently soared), and the 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 offering market is crucial for the entire venture ecosystem: successful exits allow funds to lock in profitable returns and redirect freed-up capital into new projects, supporting further industry growth.
Diversification of Sectors: Expanding Investment Horizons
In 2025, venture investments are covering a much broader range of sectors and are no longer concentrated solely on artificial intelligence. Following last year's decline, fintech is notably reviving: significant funding rounds are taking place not only in the US but also in Europe and emerging markets, fueling the growth of promising financial services. At the same time, there is a growing interest in climate technologies and "green" energy – these areas are attracting record investments amid the global trend of sustainability.
Investor appetite for biotechnology is also returning: the emergence of new drug developments and medical online platforms is again attracting capital as industry valuations recover. Moreover, heightened attention to security is prompting investors to actively support defense technology projects. Thus, the sectoral focus of venture capital is expanding, making the entire startup ecosystem more resilient and reducing the risk of overheating in individual segments.
A Wave of Consolidation and M&A Transactions
High valuations for startups and fierce competition for markets have led to a new wave of mergers and acquisitions. Major tech corporations are once again engaging in active deal-making, reshaping the balance of power in the industry. For instance, Google has agreed to acquire Israeli cybersecurity startup Wiz for approximately $32 billion – a record sum for the Israeli tech sector.
Such mega deals reflect the tech giants' desire to secure key technologies and talent. Overall, the current activity in acquisitions and major venture deals indicates market maturation. Mature startups are merging with each other or becoming acquisition targets for corporations, while venture investors are finally getting the chance for long-awaited profitable exits. The wave of consolidation accelerates company growth and revitalizes the ecosystem, cleansing it of weaker players.
A Return of Interest in Crypto Startups
After a prolonged "crypto winter", the blockchain startup market is notably reviving. In autumn 2025, funding for crypto projects reached peaks not seen in recent years. New large rounds are occurring in the Web3 infrastructure and decentralized finance sectors, and capital is again flowing into promising blockchain platforms. The rising cryptocurrency market has played a role: Bitcoin has surpassed the psychological threshold of $100,000, stimulating investors' enthusiasm for the sector.
Venture funds, previously cautious about crypto assets, are resuming investments in projects at the intersection of technology and finance. There are also new initiatives emerging: for instance, funds focused on crypto startups and incubators for Web3 projects are being launched. Although the events of recent years have taught investors caution (volatility and regulatory risks remain), they are gradually increasing their presence in the crypto sector, trying not to miss potential growth opportunities from new technological platforms.
The Local Market: Russia and the CIS
In Russia and neighboring countries, several new venture funds have emerged in the past year, and governmental structures and corporations have launched programs to support technology startups. Despite a relatively modest total volume of investments and persistent barriers (high interest rates, sanctions, etc.), the most promising projects continue to attract funding. The gradual formation of a domestic venture infrastructure is already creating a foundation for the future – by the time external conditions improve and global investors can return to the region more actively.
Conclusion: Cautious Optimism
The prevailing sentiment in the venture capital industry is one of moderate optimism. The rapid growth of startup valuations (especially in the AI segment) partly resembles the dot-com boom era and raises concerns about potential market overheating. However, the current frenzy is simultaneously channeling colossal resources and talent into new technologies, laying the groundwork for future innovative breakthroughs. By the end of 2025, the startup market has undeniably revitalized: record levels of funding are being recorded, new IPOs are looming on the horizon, and funds have accumulated unprecedented reserves of capital.
Investors are now notably more discerning, preferring to invest primarily in projects with sustainable business models and real growth potential. The key question is whether high expectations from the AI boom will be justified and if other sectors can match its attractiveness for capital. So far, the appetite for innovation remains high, and the market is looking to the future with cautious optimism.
