Startup and Venture Capital News for December 3, 2025: Record AI Rounds, Global Fund Activity, M&A Deals, Technology Market Trends. Analysis for Investors and Venture Funds.
By the end of 2025, the startup and venture capital market demonstrates a robust growth. According to third-quarter results, global venture investments exceed $100–120 billion, showcasing a double-digit percentage year-over-year increase. Major funds and corporations are returning to large-scale innovation financing, particularly in the fields of artificial intelligence and deep tech. New major unicorns are emerging, and promising tech companies are going public. Investors are diversifying their portfolios: in addition to IT and AI, there is a rising interest in fintech, biotech, climate technologies, and defense startups. Below, we outline key topics and examples from recent funding rounds.
- Return of Major Investors and Mega Funds
- Record Investments in AI and Emergence of New Unicorns
- Revival of the IPO Market and Startup Listings
- Sector Diversification: Fintech, Biotech, Climate and Defense
- Consolidation and M&A Deals
- Geography of Investments: Asia, Middle East, Africa
- Interest in Crypto and Blockchain Startups
- Local Context: Russia and the CIS
Return of Major Investors and Mega Funds
The largest venture and corporate investors are actively re-entering the market. SoftBank is establishing Vision Fund III with approximately $40 billion for investments in AI and robotics, while Andreessen Horowitz has closed a record fund of about $10 billion (focusing on AI infrastructure and rapidly growing companies). Sequoia Capital is preparing new seed and Series A funds totaling nearly $1 billion. Sovereign funds from the Persian Gulf (Mubadala, PIF) plan to direct multi-billion investments into promising technologies. Major tech corporations (Google, NVIDIA, Samsung, Microsoft, etc.) are expanding their venture units, attracting startups in the fields of artificial intelligence, quantum computing, and semiconductors.
- SoftBank – Vision Fund III (~$40 billion for AI and robotics)
- Andreessen Horowitz – new fund of $10 billion (AI infrastructure and scalable growth)
- Sequoia Capital – ~ $750 million for Series A + $200 million for seed funds
- Sovereign funds (Mubadala, PIF, etc.) – multi-billion investment programs
- Corporate VCs (Google, Microsoft, Samsung, etc.) – increasing venture activity
Record Investments in Artificial Intelligence and New Unicorns
The artificial intelligence sector continues to set the tone for venture investments. According to estimates from PitchBook/FT, around two-thirds of all VC investments in 2025 are directed at AI projects – approximately $160–200 billion. Generative AI and machine learning platforms regularly attract unprecedented funding rounds. For instance, AI platform developers have secured the following amounts:
- Anysphere (Cursor platform) – $2.3 billion (Series D), valuation over $29 billion
- Lila Sciences (AI for scientific research) – $350 million (Series A)
- Sesame (voice AI) – $250 million (Series B)
- Hippocratic AI (AI for medicine) – $126 million (Series C)
Among the largest deals are American companies Anthropic ($13 billion) and xAI ($10 billion) in Q3, while in Europe, French Mistral and British Nscale raised $1.5 billion each, indicating a global race for AI unicorns. As rounds scale up, the number of unicorn startups (valuations of $1 billion or more) is steadily increasing. Venture analysts note that the AI platform and tools market will continue to dominate even after the release of GPT-4, attracting a significant part of investors' capital.
Revival of the IPO Market and Prospects for Listings
After a lull, a wave of IPOs and significant exits for tech startups is re-emerging. Funds expect that by 2026, several global unicorns (particularly in fintech and biotech) will go public on exchanges in the US, Europe, or Asia. In 2025, fintech companies and biotech startups successfully listed on NASDAQ and LSE, returning capital to venture investors. M&A deals are also heating up: strategic players buy mature projects or merge with them to monetize technology. Together, these trends allow investors to anticipate exits and a partial restoration of liquidity in the market, thereby fueling interest in new funding rounds.
Sector Diversification: Fintech, Biotech, Climate and Defense
Investors are broadening their focus from pure AI to other sectors. In fintech, investments are flowing into banking service and payment automation solutions. For instance, AI platforms Model ML (Australia) and Nevis (UK) raised $75 million and $35 million, respectively, for investment banking and capital management automation. The European payment platform Sokin secured €42.9 million for global transactions. In biotech, the startup One-Carbon Therapeutics (Sweden) attracted SEK 153 million (~$16.2 million) for oncology research. Climate and sustainable technologies are becoming priorities, as investors explore projects aimed at emissions reduction, clean energy, and agrotech. In the defense tech sector, German company Quantum Systems raised €180 million for developing AI drones. Thus, venture fund portfolios today are balanced between AI and adjacent sectors – from fintech and biomedicine to eco-technologies and the defense industry.
- FinTech: Nevis ($35M, platforms for wealth management), Model ML ($75M, generative AI for investment banking), Sokin (€42.9M, payment infrastructure).
- Biotech & Health: One-Carbon Therapeutics (Sweden, SEK153M for oncology); startups in therapeutics and genomics.
- ClimateTech: clean energy, electric mobility, and carbon footprint reduction projects are receiving grants and venture rounds.
- DefenseTech: Quantum Systems (€180M) – autonomous combat drones with AI, as well as cybersecurity and drone projects.
- IndustrialTech: robotics, IoT, and manufacturing innovations are popular among industrial fund investors.
Consolidation and M&A Deals
The market is witnessing a resurgence of mergers and acquisitions (M&A). Venture funds are consolidating, and large companies are acquiring tech startups to expand their portfolios. A notable example of consolidation is the merger of American funds CerraCap Ventures and Impact VC into a new global fund, CerraCap Impact VC, creating a unified ecosystem for startups in AI, cybersecurity, and IT transformation. Analysts note that many M&A deals in AI and Web3 are being completed at significant discounts to previous valuations: in recent months, dozens of startups have been acquired for a total cost of approximately $2.3 billion, with prior round valuations nearly four times higher. This indicates a wave of market rebalancing: strategic buyers are focusing more on actual profitability and tech comparability rather than the prior hype surrounding "yet-to-be-realized" technologies.
- Merger of CerraCap Ventures + Impact VC → CerraCap Impact VC (new global VC platform).
- OpenAI acquired a stake in Thrive Holdings (Thrive Capital) to integrate its technologies into accounting and IT services for large companies.
- Many AI and Web3 startups are currently exiting through M&A at a discount (~70%) to their last valuations, reflecting the realization of overly optimistic assumptions.
- Funds and corporations are also forming joint CVC programs, seeking to scale innovations faster through the acquisition of talented teams.
Geography of Investments: Asia, Middle East and Africa
Venture capital is actively penetrating new markets. In Asia, the growth of investments is particularly noticeable in China and Southeast Asia: large technology startups there are raising rounds in the hundreds of millions of yuan and dollars. For instance, Chinese company Robot Era attracted around ¥1 billion (~$140 million) for robot development. In Southeast Asia, investors are financing fintech and insurance services – Thai online insurer Roojai raised $60 million, and Indian real estate platform SquareYards secured $35 million. In Singapore and the Philippines, deep tech projects are emerging, raising between $10–50 million.
In the Middle East, Saudi Arabia and the UAE are becoming hubs for venture capital: fintech startup Erad secured a $125 million credit line, while platform Revibe ($17 million) and housing service Mnzil ($11.7 million) received funding from international investors. Infrastructure projects (residential complexes, energy, logistics) are also being financed. In Africa, activity is growing in fintech and renewable energy: startups from Nigeria, Kenya, and South Africa are attracting capital from global funds. Thus, global venture capital is spreading far beyond the traditional capitals, with a focus on regional tech leaders.
- Asian market: Robot Era (China) raised ¥1 billion ($140 million), Roojai (Thailand) – $60 million (digital insurance), SquareYards (India) – $35 million.
- Middle East: Saudi fintech Erad – $125 million credit line, Revibe – $17 million, startup Mnzil – $11.7 million (Series A); regional infrastructure startups (Zinit, Strataphy, Buildroid AI) raised up to $8 million.
- Africa: startups in fintech, e-commerce, and clean energy are attracting foreign capital; the largest deals are occurring in South Africa and Nigeria.
Interest in Crypto and Blockchain Startups
After a prolonged correction, the cryptocurrency market is showing signs of revival, which is also reflected in venture investments in Web3. Bitcoin price remains at record levels (~$85–90k), and regulators in the US are approving new products based on crypto assets: an ETF for bitcoin and ether is expected to launch by the end of the year. On December 3, 2025, a major update, Fusaka, is planned on the Ethereum network to enhance scalability and security. The success of public offerings of crypto companies (ETFs, exchanges) is restoring investor confidence in the sector. Currently, DeFi projects, NFT infrastructure, and enterprise blockchain are receiving rounds at high valuations. Experts warn that startups need to prepare for intensified regulation, but overall interest in crypto technologies is growing.
Local Context: Russia and the CIS
The Russian startup market remains relatively small but is showing growth. According to Venture Guide and ComNews, over the first nine months of 2025, Russian technology companies attracted approximately $125.5 million in venture investments – 30% more than the previous year. However, the number of deals has dropped (103 vs 120 in 2024), and there is a shortage of large rounds. Traditionally, the leader in terms of investment volume in Russia is IndustrialTech ($29.7 million), followed by Healthcare ($19.1 million) and FinTech ($18.3 million). AI and machine learning startups attracted around $60.4 million, maintaining leadership among technologies. Against the backdrop of foreign capital outflows, state institutions are attempting to support the ecosystem: "Rostec" and the Russian Direct Investment Fund plan to increase funding – according to plans, “Rostec” will invest about 2.3 billion rubles in startups by the end of the year. However, so far, large international investors are practically absent from the Russian sector. In neighboring CIS countries (Kazakhstan, Uzbekistan, Belarus), state initiatives and small rounds ($1–5 million) continue in exchange for equity.
- Volume of investments in Russia (9 months 2025) – $125.5 million (+30% year-over-year); number of deals – 103 (−14%).
- Largest sectors by investment: IndustrialTech ($29.7 million), Healthcare ($19.1 million), FinTech ($18.3 million).
- In technology, AI/ML leads: startups in this sector received ~$60.4 million (over 30% of all investments).
- State support: “Rostec” will invest ~2.3 billion rubles in domestic innovations by the end of 2025; similar programs are being implemented by the RDIF and regional funds.
