Current Startup and Venture Capital News as of November 22, 2025: Key Deals, Major Rounds, Market Trends, and Global Developments.
By the end of November 2025, the global venture capital market is showing resilient growth after a period of decline. Investors worldwide are actively funding technology startups once again: record deals are being made, companies' IPO plans are back on the agenda, and major funds are triumphantly returning to the market with substantial investments. Governments across various countries are ramping up support for innovation and private capital attraction, which, along with a revival in stock markets, is spurring venture activity. As a result, significant funds are flowing into the startup ecosystem, although investors continue to act selectively, favoring quality business models.
The growth dynamic encompasses virtually all regions. Recent data indicates that in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion — a 38% increase compared to the previous year, slightly exceeding the results of the previous quarter. This is the best quarterly result since 2021 and marks the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The primary contributions to this growth have come from mega-rounds in the artificial intelligence (AI) sector; however, funding increases are noted across all stages. Venture activity is rising in most corners of the world: the United States remains at the forefront (with a particularly lively AI segment), investment volumes in the Middle East have increased manifold over the year, and in Europe, Germany has overtaken the United Kingdom in total venture capital for the first time in a decade. Asia exhibits heterogeneity: India, Southeast Asia, and Gulf states are attracting record capital inflows amid relative declines in activity in China. The startup ecosystems 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 uptick is forming, although market participants remain cautious and selective.
Below are key events and trends defining the venture market landscape as of November 22, 2025:
- Return of Mega Funds and Major Investors. Leading venture players are forming record funds and ramping up investments, refilling the market with capital and increasing risk appetite.
- Record Rounds in AI and New Unicorns. Unprecedented investments in AI startups are driving valuations to unseen heights, fostering the emergence of numerous new unicorns.
- Revival of the IPO Market. Successful public listings by tech companies and new applications for offerings show that the long-awaited "window" for public exits has reopened.
- Sector Focus Diversification. Venture capital is flowing not only into AI but also into fintech, biotech, climate technologies, space and defense projects, as well as crypto startups.
- Wave of Consolidation and M&A Deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new exit and scaling opportunities.
- 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.
- Local Focus: Russia and the CIS. New funds and initiatives are emerging in the region to develop local startup ecosystems, which is attracting investor attention despite geopolitical constraints.
- Renaissance of Interest in Crypto Startups. Following a prolonged "crypto winter," the blockchain sector is reviving, once again attracting significant venture investments.
Return of Mega Funds: Big Money Back on the Market
The largest investment players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. Japan's conglomerate SoftBank, having weathered several challenging years, is now experiencing a "renaissance" thanks to its focus on artificial intelligence. The company has recorded a sharp profit increase and is reorganizing its portfolio in favor of future technologies. The new Vision Fund III, with a capacity of approximately $40 billion, is concentrated on AI and robotics, providing SoftBank with substantial capital for new projects (notably, the company sold its entire stake in Nvidia for $5.8 billion to free up funds for investment in its own AI ecosystem).
At the same time, sovereign funds from Gulf countries are significantly increasing their presence in the technology sector. Middle Eastern investors are injecting billions of dollars into promising startups worldwide, while concurrently developing large tech projects domestically. These mega funds are filling the market with liquidity and are ready to support innovations with large checks, setting the tone for a new round of technological growth. The return of big money from SoftBank, Middle Eastern funds, and other market "sharks" signifies an influx of capital into the startup ecosystem and heightened competition for the most promising deals.
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 funding volumes. Since the beginning of 2025, AI startups in the U.S. have attracted over $160 billion (about 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 surpass $200 billion — an unprecedented level for the industry. The combined 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 many new unicorns. Startup valuations are soaring to new heights, particularly in the generative AI segment and AI infrastructure.
Unprecedented funding rounds are setting new records. For instance, the AI tool developer Cursor closed a round of $2.3 billion, soaring to an estimated valuation of ~$29 billion — one of the largest venture rounds in history. This case underscores the high level of investor interest in AI prospects. Practically every week, news emerges about new unicorns whose valuations exceed $1 billion due to the excitement surrounding AI developments, autonomous systems, fintech with AI elements, and other cutting-edge sectors. Although such rapid growth inspires optimism about the potential of technologies, some experts point to the first signs of overheating in certain niches, prompting investors to approach valuations more judiciously.
IPO Market Revives: New Wave of Public Offerings
The global IPO market is emerging from a lengthy lull and gaining momentum. After a two-year pause, the revival of IPOs as a long-awaited exit path for venture investors is taking shape. Earlier in 2025, several large unicorn startups successfully went public: for example, the stablecoin issuer Circle conducted an IPO at a valuation of around $7 billion, while the cryptocurrency exchange Bullish raised approximately $1.1 billion through its offering, reaching a market capitalization of around $5-6 billion. These debuts have demonstrated that there is again appetite in the market for new public offerings, especially in the fintech and digital asset segments.
Now, leading players are eager to capitalize on the open "window" of opportunities. According to insiders, the creator of ChatGPT — OpenAI — is considering the possibility of an initial public offering as early as 2026, with a potential valuation of up to $1 trillion. In the blockchain industry, the developer of the crypto wallet MetaMask, ConsenSys, has hired banks JPMorgan and Goldman Sachs to prepare for an IPO planned for 2026. If it proceeds, this would be the first public offering of such a large company from the Ethereum ecosystem — a landmark event for the entire crypto industry. Improved market conditions and clarified regulatory requirements are instilling confidence in startups planning listings. Experts predict that the number of high-profile tech IPOs will increase in the coming years as the "window" for exits remains open, and market multiples favor high valuations.
Diversification of Investments: Not Just AI
In 2025, venture investments are covering an increasingly broad range of industries and are no longer limited to just artificial intelligence. Despite AI's dominance, significant funds are also directed towards other high-tech segments. Healthcare and biotechnology, for example, attracted around $15 billion in venture capital in the third quarter of 2025, ranking third in terms of investment volume (after AI and IT infrastructure). The synergy between technology and medicine is evident in major rounds, such as the genomics project Fireworks AI, which secured $250 million for the development of its AI-healthcare platform. Investors are also showing heightened interest in climate and "green" innovations — from biodegradable materials made from algae to components for electric vehicles, although the scale of such deals currently pales in comparison to the gigantic rounds in AI.
Attention is growing towards space, defense, and other hardtech sectors. In Europe, for example, satellite startup EnduroSat attracted over $100 million (with participation from funds like Google Ventures, Lux Capital, and others) to expand production of small satellites — the demand for affordable satellite communication is driving the development of new players. Overall, deeptech sectors are experiencing a resurgence: in 2025, manufacturers of robotics, semiconductors, and quantum computing systems collectively received funding in the tens of billions of dollars. While these volumes may lag behind the AI phenomenon, venture capital is being allocated increasingly diversely. The broadening of sector focus reduces the risks of overheating in individual niches and promotes balanced technological progress.
Wave of Consolidation and M&A Deals: Larger Players Merge
High valuations of startups and intense market competition are fueling a new wave of consolidation. Major mergers and acquisitions are once again coming to the forefront, reshaping the power dynamics within the industry. Strategic M&A allows corporations and investors to accelerate growth, gain access to new technologies, or enter adjacent markets, while large acquisitions provide venture funds with the much-needed exits.
For instance, in October, investment bank Goldman Sachs announced the acquisition of the venture firm Industry Ventures for nearly $1 billion. This deal has become one of the largest acquisitions within the venture sector itself, reflecting the growing interest of banking capital in technology and startup assets. Major tech corporations are also ramping up acquisitions, capitalizing on stabilized valuations: over the last year, several industry leaders have acquired promising startups to strengthen positions in key areas (AI, cybersecurity, etc.). The wave of consolidation is also affecting the crypto industry: traditional financial companies are showing increasing interest in acquiring blockchain startups. According to media reports, Mastercard is negotiating to acquire several crypto projects (including infrastructure startup ZeroHash) for nearly $2 billion, aiming to solidify its presence in the digital assets sphere. The activation of M&A — from banks investing in venture platforms to major tech deals — indicates the "maturation" of the market and provides startups with more options for successful exits and integration into larger businesses.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new regions, creating its own tech hubs worldwide. The Middle East stands out in particular: sovereign funds from Gulf countries are directing unprecedented amounts of capital towards tech companies while simultaneously developing ambitious mega projects domestically (such as the future city NEOM in Saudi Arabia). Funding volumes for startups in the Middle East have increased manifold in recent years, reflecting the region's strategic commitment to economic diversification through innovation.
In Asia, India and Southeast Asia remain the main investment magnets, with new unicorns emerging and deal numbers increasing, while China is experiencing relative stagnation due to regulatory and economic factors. Europe continues to show high activity, with a notable shift: Germany has, for the first time in a decade, surpassed the United Kingdom in total venture capital volumes, indicating a redistribution of leadership on the European startup scene. Latin America is also accelerating — for instance, by the end of the year, Mexico outpaced Brazil in attracting venture investments, strengthening its role as a new regional leader. Even in Africa, promising ecosystems are emerging: the number of investment funds and successful tech projects is growing in Nigeria, Kenya, Egypt, and other countries, attracting the interest of international venture investors.
Thus, the geography of venture capital is rapidly expanding. Innovations are no longer concentrated solely in Silicon Valley or traditional centers — new growth points are emerging from the Middle East to Africa. The global expansion of venture investments opens up access to capital and partners for startups around the world, enabling investors to diversify their portfolios and discover opportunities in previously unexplored markets.
Local Focus: Russia and the CIS
Despite external constraints, there is a resurgence of startup activity in Russia and neighboring countries. In 2025, the Russian venture market emerged from stagnation: investment volumes in the first half of the year nearly doubled compared to the previous year, although in absolute terms, it still lags behind global leaders. New venture funds with a total volume exceeding 10 billion rubles have been announced in the country, aimed at supporting early-stage tech projects. Local startups have also begun attracting significant capital: for instance, the regional foodtech project Qummy raised approximately 440 million rubles at an estimated valuation of around 2.4 billion rubles, indicating readiness to invest in domestic companies.
Signals are emerging regarding the readiness of several large companies in the region to go public. Some corporations are considering IPOs for their tech divisions, anticipating improving conditions — for instance, the VK holding recently acknowledged the possibility of listing its IT business in the near future. Furthermore, authorities are taking steps to stimulate the industry: grant and accelerator programs are being expanded, and in some cases, requirements for foreign investors are being relaxed. Gradually, interest from overseas capital in local projects is returning, aided by the overall revival of the global market. These initiatives aim to integrate the local startup ecosystem into global trends and attract more venture investments to the region.
Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is reviving, and investors are once again turning their attention to crypto projects. In October 2025, funding for crypto startups reached its highest point in recent years: in that month alone, projects attracted several billion dollars (over $20 billion in total since the beginning of the year). Major rounds involved leading venture funds (Sequoia Capital, Andreessen Horowitz, etc.), indicative of a recovery in confidence in this sector.
The rise in digital asset prices is also fueling venture investors' interest in the blockchain realm. Bitcoin surpassed the historic threshold of $100,000 for the first time in early November, although it later corrected below this mark. Furthermore, the gradual clarification of regulation (for instance, expectations for the imminent approval of the first spot ETFs for Ether in the U.S.) is reducing uncertainty surrounding the crypto industry. As a result, blockchain projects are once again starting to attract substantial funding from both specialized funds and large corporations. A sort of "renaissance" of crypto investments is taking place after a period of decline. However, market participants are still acting cautiously: selectivity and caution in project selection remain to avoid a repeat of past overheating.
Moderate Optimism and Quality Growth
By the end of November 2025, moderately optimistic sentiments have solidified in the venture market. Successful IPOs and multi-billion rounds indicate that the long downturn is behind us. However, investors remain cautious: funding is concentrating on startups with a sustainable business model, proven economics, and profit potential. Large infusions of capital into AI and other sectors instill confidence in further market growth, but players strive to avoid repeating the errors of past "bubbles," diversifying their portfolios and raising quality standards for projects.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of major investors and successful exits create a foundation for another wave of innovation, but the discipline and calculative nature of investors will define the nature of this growth. Despite the increased appetite for risky investments, the main focus remains on the quality growth of startups and the long-term sustainability of the market.
