Startup and Venture Investment News — Monday, November 24, 2025: Record AI Rounds, Return of Mega Funds, IPO Market Revival, M&A Consolidation, Global Venture Market Expansion, Renaissance of Crypto Startups, and a Wave of New "Unicorns"
By the end of November 2025, the global venture capital market is showing strong growth after a period of decline. Investors around the world are once again actively investing in technology startups: record deals are being made, companies are revisiting IPO plans, and the largest funds are triumphantly returning to the market with substantial investments. Governments in various countries are increasing support for innovation and stimulating private capital attraction, which, together with a revival in stock markets, is boosting venture activity. As a result, significant financial resources are flowing into the startup ecosystem, although investors remain cautious and selective, favoring startups with sustainable business models and proven economics.
The rise is evident across nearly all regions. According to the latest data, in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion—38% higher than a year ago and slightly above the previous quarter's result. This figure marks the highest quarterly volume since 2021 and the fourth consecutive quarter of growth after the "venture winter" of 2022-2023. The primary driver of this surge has been mega rounds in the artificial intelligence (AI) sector; however, increased funding is being seen at all stages. Venture activity is rising almost universally: the United States maintains its leading position (with the AI segment particularly booming), investment volumes in the Middle East have multiplied over the year, and Germany has surpassed the UK in total venture funding for the first time in a decade. Asia has shown uneven dynamics: India, Southeast Asia, and the Gulf States are attracting record flows of capital against a backdrop of relative decline in activity in China. The startup scenes in Russia and the CIS countries are also striving to keep pace despite external constraints, with new funds and programs being launched to develop local ecosystems. A new global venture boom is taking shape, although market participants continue to act cautiously and selectively.
Below are the key events and trends shaping the venture market landscape as of November 24, 2025:
- Return of mega funds and large investors. Leading venture players are forming record-sized funds and increasing investments, refilling the market with capital and rekindling risk appetite.
- Record rounds of investment in AI and a new wave of "unicorns." Unprecedented capital infusions into AI startups are driving company valuations to unseen heights, facilitating the emergence of numerous new "unicorns."
- Revival of the IPO market. Successful tech companies are going public, and new filings for listings show that the long-awaited "window" for public offerings has reopened.
- Diversification of industry focus. Venture capital is being directed not only to AI but also to fintech, biotech, climate technologies, space and defense projects, and other sectors of the economy.
- Wave of consolidation and large M&A deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and accelerated growth for 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 technological clusters.
- Renaissance of interest in crypto startups. After a prolonged "crypto winter," the blockchain project sector is reviving, again attracting significant venture investment amid rising crypto market activity.
- Local focus: Russia and CIS countries. New funds and initiatives are emerging in the region to develop local startup ecosystems, capturing investor attention despite geopolitical constraints.
Return of Mega Funds: Big Money Back on the Market
The largest investment funds and institutional players are confidently returning to the venture arena, signaling a new surge in risk appetite. Following a decline in VC fundraising in 2022-2024, leading firms are resuming capital attraction and announcing mega-sized funds. The Japanese conglomerate SoftBank, overcoming past difficulties, announced the launch of its Vision Fund III with a volume of around $40 billion, focused on advanced technologies (AI, robotics, etc.). In the U.S., venture firm Andreessen Horowitz is planning a record fund of approximately $20 billion, betting on investments in late-stage AI startups. At the same time, sovereign funds from 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 emerging in 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, instilling confidence in the industry regarding further capital flows.
Record Investments in AI and a New Wave of "Unicorns"
The artificial intelligence sector remains the main driver of the current venture boom, demonstrating unprecedented financing volumes. Since the beginning of 2025, AI startups have collectively attracted 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 companies are expected to exceed $200 billion—an unprecedented level for the industry. The combined valuation of the ten largest AI startups (including leaders like OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The remarkable influx of capital into AI is accompanied by the emergence of numerous new "unicorns." Just in October 2025, around 20 new startups with valuations exceeding $1 billion were born globally—the highest monthly addition to the unicorn club in recent years. Investors are eagerly supporting projects in areas like generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields. Moreover, nearly every week reports emerge of new mega-funding rounds: for example, in November, U.S. company Lambda (cloud infrastructure for AI) raised about $1.5 billion, market prediction platform Kalshi raised $1 billion, and multimodal AI systems developer Luma AI closed a round at $900 million. Such levels of venture funding have not been seen since the peak of 2021. Although this rapid growth inspires optimism regarding the potential of technologies, some experts warn of signs of overheating in certain niches. This prompts investors to be more discerning about valuations and to choose truly high-quality projects.
IPO Market Revives: New Wave of Public Offerings
The global IPO market is starting to emerge from a prolonged lull and is gaining momentum. After nearly two years of pause, the resurrection of IPOs as a desirable exit mechanism for venture investors is becoming evident. In Asia, Hong Kong has sparked a new wave of IPOs: several major tech companies have gone public there in recent months, collectively raising billions of dollars. For example, Chinese battery manufacturer CATL successfully conducted a listing, raising around $5 billion and demonstrating that investors in the region are once again ready to actively participate in IPOs. 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 approximately 30% in the first day of trading. Soon after, the design platform Figma held an IPO, raising about $1.2 billion at a valuation of around $20 billion; its shares also climbed steadily in the first days of trading. In the second half of 2025, other well-known startups are preparing to go public, including payment giant Stripe and several highly valued tech companies.
Even the crypto industry is looking to take advantage of the revival: fintech company Circle successfully went public in the summer (its valuation at IPO was around $7 billion, and subsequently, shares surged), while crypto exchange Bullish has filed for a listing in the U.S. with a target valuation of around $4 billion. The resurgence of activity in the public offerings market is crucial for the entire venture ecosystem: successful exits via IPOs allow funds to lock in profits and redirect freed-up capital into new projects, supporting the sector's continued growth.
Diversification of Investments: Not Just AI
In 2025, venture investments are covering an increasingly broad range of industries and are no longer limited to artificial intelligence alone. Following the downturn of previous years, adjacent sectors are noticeably reviving, leading to a more balanced startup ecosystem and reducing the risk of overheating in specific niches. Venture capital confidently expands its horizon, investing in diverse areas:
- Fintech: After a pause in 2022-2023, financial technologies are once again attracting large funding rounds not only in the U.S. but also in Europe and emerging markets, fueling the growth of new digital services.
- Climate Technologies: Projects in clean energy, climate tech, and agtech are receiving record investments amidst the global trend towards sustainable development and decarbonization.
- Biotech and Healthcare: New developments in pharmaceuticals, genetics, and digital health are once again attracting capital as industry valuations recover after the recent downturn.
- Defense and Space Projects: Amid heightened focus on security, investors are increasingly funding defense technologies and cybersecurity. Concurrently, interest in space startups is growing—from satellite services to space exploration projects.
The expansion of industry focus reflects the maturing venture market: investors are diversifying their portfolios, and funds are being directed towards a wide variety of 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. Major mergers and acquisitions are again coming to the forefront, reshaping the balance of power in the industry. Tech giants are eager to secure key innovations and talents, venturing into active acquisitions. A notable example is Google agreeing to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, a record amount for the Israeli tech sector. Such mega-deals demonstrate corporations' readiness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and large venture deals indicates market maturation. Mature startups are merging with each other or becoming targets for acquisitions by corporations, while venture funds are gaining opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies while "cleansing" 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 their own centers of technological development around the world. The Middle East stands out significantly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented resources into creating local tech hubs of global stature. Over the past couple of years, the volume of venture investments in the Middle East has grown several times, leading to the emergence of new large funds and mega-projects (such as the futuristic technology megacity 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, partially compensating for the relative cooling of the Chinese market. Meanwhile, the startup ecosystems in Africa and Latin America are gaining strength, where new technological clusters are forming thanks to increased financing. Thus, venture capital is becoming more global: beyond traditional centers like Silicon Valley, New York, or London, new points of startup growth are solidifying on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, Russia and neighboring countries are witnessing a revival in startup activity in 2025. Over the past year, several new venture funds have emerged (with a combined capital of around 10-15 billion rubles), and government entities and corporations have launched programs to support technological startups. Although the total volume of venture investments in the region is still modest by global standards and significant barriers remain (high interest rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual establishment of a startup infrastructure is creating a foundation for the future—by the time external conditions improve and global investors can more actively return to the market. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and prepare the ground for the next generation of entrepreneurs.
Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is noticeable reviving. By fall 2025, funding for crypto projects reached its peak in recent years. New large rounds are taking place in the Web3 infrastructure and decentralized finance (DeFi) segments, and venture capital is once again flowing into promising blockchain platforms. The rise of the crypto market has also played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological threshold of $100,000, strengthening investor enthusiasm for the sector. Venture funds, previously very cautious with cryptoassets, are gradually resuming investments in projects at the intersection of technology and finance, while new specialized funds and incubators for Web3 startups are emerging. Of course, the experiences of past years have taught investors caution—volatility and regulatory risks have not disappeared. However, there is now a measured optimism 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 firmly taken hold in the venture capital industry. Successful IPOs and multi-billion rounds of funding show that the period of prolonged decline is behind us, and the startup ecosystem is experiencing a new upturn. Nevertheless, investors are remaining vigilant: funding is increasingly concentrating on startups with sustainable business models, proven economics, and real prospects for profitability. Large capital infusions into AI and other promising directions instill confidence in further market growth, but players are striving to avoid the mistakes of previous bubbles, taking a more stringent approach to valuation and project quality.
Thus, the startup ecosystem is entering a new development cycle, becoming 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, discipline and prudence in investment strategies will define the nature of this growth. Despite the increased appetite for risky investments, the focus remains on quality growth of startups and the long-term sustainability of the market.
