Startup and Venture Investment News — Monday, December 1, 2025: Mega-funds Return, Record AI Rounds

Current Startup and Venture Capital News as of December 1, 2025: Mega Funds, Record AI Rounds, Deals, IPOs, Global Tech Market Trends.

The venture capital market is experiencing a new surge: major funds and strategic investors are actively returning, shaping the investment landscape for 2026. The focus is on large-scale rounds in artificial intelligence and the revival of the IPO market. At the same time, capital is being distributed across various sectors—from classic fintech and biotech projects to clean energy and space startups—while venture expansion reaches new regions. Below are the key trends and events shaping the investment climate at the beginning of December 2025.

The Return of Mega Funds and Large Capital. Investment giants are forming record funds and pouring tens of billions into startups, enhancing their risk appetites.
Record AI Rounds and a Wave of New Unicorns. Unprecedented investments in artificial intelligence are soaring startup valuations to new heights, resulting in the emergence of hundreds of new unicorn companies.
Revival of the IPO Market. After a prolonged lull, public offerings have resumed: successful tech company launches are attracting billions, paving the way for exits for investors.
Diversification of Investments Across Sectors. Venture capital is moving beyond AI: fintech and biotech are being revived, investments in energy, climate tech, space tech, defense, and other innovative niches are increasing.
Consolidation and M&A. Mergers and acquisitions are ramping up—large corporations and funds are acquiring promising startups and creating joint projects, providing new exit pathways.
Global Expansion. The investment boom is reaching new markets: Asia, the Middle East, Africa, and Latin America are demonstrating record growth rates in startup financing.
Renewed Interest in Crypto Startups. After regulatory clarity, blockchain projects are again attracting substantial investments: fintech participants in the crypto sector are preparing for IPOs and large funding rounds.
Local Focus: Russia and the CIS. Despite restrictions, new funds and startup support programs have emerged here. While the market volumes are still small, investments in AI and industrial technologies continue to grow.

The Return of Mega Funds: Major Players Ready for Action

The largest investors are making a comeback on the venture scene with record funds. After a "long pause," Japan's SoftBank has announced the launch of Vision Fund III with approximately $40 billion for advanced technologies (AI, robotics, etc.). Silicon Valley responded with similar momentum: Andreessen Horowitz is forming a new fund of $10 billion (of which about $6 billion will go to late-stage investments, and $1.5 billion each for AI applications and AI infrastructure), while Sequoia Capital is launching approximately $950 million in early-stage funds (seed and Series A). Sovereign funds from the Gulf (Mubadala, PIF, etc.) and major corporations are also actively funneling billions into promising startups worldwide. This influx of "big money" is filling the ecosystem with liquidity, allowing risky projects to attract gigantic rounds and instilling confidence in continued growth.

SoftBank (Vision Fund III) – approximately $40 billion for AI and robotics.
Andreessen Horowitz – $10 billion fund (growth and AI sectors).
Sequoia Capital – approximately $750 million (Series A) + $200 million (seed) for the earliest projects.
Sovereign funds (PIF, Mubadala) – tens of billions for global VC projects.

Record AI Rounds and New Unicorns

The artificial intelligence sector remains the main driver of the venture boom. By the end of Q3 2025, global VC financing reached approximately $97 billion (up 38% year-on-year), with about 46% ($~45 billion) captured by AI startups. Leading projects with foundation models include U.S.-based Anthropic and xAI, attracting $13 billion and $5.3 billion respectively, bringing their company valuations close to hundreds of billions. Large rounds continue weekly: in France, Mistral AI raised €1.7 billion (valuation ~$11.7 billion) in September, the American service Cursor (Anysphere) raised $2.3 billion at a valuation of ~$29.3 billion in November, while the healthcare startup Hippocratic AI secured $126 million. In total, over the last few months, dozens of projects have surpassed the "unicorn" threshold. Investors are carefully monitoring various AI directions (generative AI, autonomous systems, neural networks) while simultaneously assessing overheating risks, focusing on the quality of teams and real commercialization.

Anthropic (USA) – $13 billion (Series F)
xAI (USA) – $5.3 billion (Series A)
Mistral AI (France) – €1.7 billion (Series C)
Cursor / Anysphere (USA) – $2.3 billion (Series B)
Hippocratic AI (USA) – $126 million (Series C)
Others: Reflection.ai and Polymarket (around $2 billion each), Crusoe ($1.4 billion), Base Power ($1 billion), Luma AI ($0.9 billion).

Revival of the IPO Market: A New Wave of Public Offerings

After a summer lull, the market for public offerings has become active again. In Asia, this wave has spread to Hong Kong and Singapore: several large tech companies have gone public, collectively attracting billions of dollars. For instance, the Chinese battery manufacturer CATL raised about $5 billion in its Hong Kong IPO, confirming investor interest in Asian IPOs. In the U.S., the pace is also picking up: fintech unicorn Chime recently debuted on the stock exchange, with its shares rising approximately 30% on the first day. This was followed by design platform Figma, which raised approximately $1.2 billion. Crypto is also keeping pace: the company Circle (crypto payments) went public on Nasdaq (IPO ~$1 billion, market cap ~$7 billion), while crypto exchange Bullish has filed for listing with a valuation of ~$4 billion. And although certain offerings (e.g., Navan's in October) faced difficulties (with shares dropping 20% upon opening), the overall revival of IPOs instills optimism: successful exits allow funds to realize profits and reinvest capital into the venture investment market.

CATL (China) – ~$5 billion in IPO in Hong Kong.
Chime (USA, fintech) – successful IPO, +30% increase on the first day.
Figma (USA) – ~$1.2 billion in IPO (valuation ~$20 billion).
Circle (USA, crypto fintech) – ~$1 billion IPO (stablecoin platform).
Bullish (USA, cryptocurrency exchange) – IPO application with a valuation of ~$4 billion.
Navan (USA, travel) – $0.9 billion in IPO (shares fell -20% from the offering price).

Diversification of Investments: Horizons Expanding

Beyond AI, venture capital is increasingly directed towards other industries. Fintech projects (new payment systems, blockchain in finance), biotechnology (medicine, genetics, diagnostics), clean energy, and climate solutions are experiencing a resurgence. For example, renewable energy startups have received significant investments: AI data centers Crusoe and Base Power attracted approximately $1.4 billion and $1 billion, respectively. Against this backdrop, demand for startups in biotech and climate tech is growing: projects in sustainable energy, smart cities, and agri-tech regularly secure funding. Additionally, defense and national projects (AI for security, robotics) are becoming part of the portfolios of large funds. This breadth of focus reduces risks and opens up additional investment niches for investors.

Fintech and DeFi – revival of startups in payments, lending, and financial technologies.
Biotechnology and health – projects in medicine, genetics, and telemedicine.
Climate and clean energy – startups in renewable sources, energy efficiency, agri-tech.
Space and aerospace technologies – private space projects, satellite systems.
Defense and security – AI systems for the military, national infrastructure, "security technologies."

Consolidation and M&A: Companies Merging

There is a noticeable increase in mergers and acquisitions within the technology sector. Large corporations and funds are frequently acquiring promising startups to expand their competencies (through corporate M&A and venture accelerators). This creates new exits for investors: by selling companies to strategic buyers, funds can realize profits and reinject liquidity into the ecosystem. Simultaneously, large joint projects are emerging between startups and industry leaders (e.g., fintech alliances and joint AI labs). As a result, the market is not only being reshaped by new rounds but also through tighter integration of the technologies of major players and startups.

Global Expansion: New Hubs and Regions

The investment boom is making its way to new markets. The Asian sector is growing steadily: Indian startups attracted around $1.7 billion in investments just in November (up 3× year-on-year), while Chinese companies raised $3.9 billion in October (+200% yoy). Africa continues to develop rapidly: $2.65 billion in venture capital during the first half of 2025 (+56% year-on-year), primarily in fintech and mobile technologies. Latin America is also gaining momentum: its largest market, Brazil, attracted $692 million in Q3 2025 (+47% yoy) thanks to active deals in fintech and healthcare. Additionally, interest is rising in Southeast Asia (Singapore, Indonesia) and the Middle East (Dubai, Saudi Arabia): new tech clusters are emerging there, attracting global VC funds.

Asia: India ~$1.7 billion (November, +200% yoy); China ~$3.9 billion (October, +200%).
Africa: $2.65 billion (January–October 2025, +56%); leaders – Kenya, Nigeria, Ghana.
Latin America: $692 million in Q3 2025 (+47% yoy); drivers – fintech and healthcare.
Middle East: billion-dollar funds (UAE, Saudi Arabia) investing in global VC projects.
Southeast Asia and the Asia-Pacific region – rapidly growing startup ecosystems and new accelerators.

Renewed Interest in Crypto Startups

Crypto projects are once again capturing the attention of venture investors. According to Carta, blockchain startups raised $904 million in the first half of 2025—this is a 47% increase compared to the same period in 2024. This surge is linked to clearer regulations (the GENIUS Act and other laws), which have alleviated many of investors' concerns. Against this backdrop, exits are becoming active: in the summer, payment company Circle held an IPO worth $1 billion, and in September, IPOs of blockchain lender Figure ($787.5 million) and cryptocurrency exchange Gemini ($425 million) took place. Validators and DeFi projects are also preparing for new rounds, considering the favorable market sentiment and the demands of financial regulators. All this indicates a return of significant capital to the Web3 ecosystem.

$904 million – investments in crypto companies in H1 2025 (up +47% from 2024).
Crypto companies IPOs: Circle ($1 billion), Figure ($787.5 million), Gemini ($425 million).
New regulations: the GENIUS Act and other legislative measures aimed at supporting the crypto industry.
Blockchain startups in adjacent areas (NFT, Web3 SaaS, DeFi) are preparing for high-profile rounds.

Local Overview: Russia and the CIS

Amid the global boom, the market in Russia and CIS countries remains small and not entirely open. According to ComNews, from January to September 2025, Russian tech companies raised only $125.5 million (up +30% year-on-year). Key niches are IndustrialTech (around $29.7 million), Healthcare ($19.2 million), and FinTech ($18.3 million). Notably, AI companies lead in volume: they accounted for $60.4 million in investments (32 deals). In the CIS, a similar picture emerges: small rounds are taking place in Kazakhstan, Belarus, and Uzbekistan, often with the involvement of local funds. New government programs and accelerators (FRII, RVK, Skolkovo, etc.) are appearing, but major international investors remain on the sidelines. Overall, the region is anticipating an influx of private capital and a loosening of barriers—this is key for scaling local startups in the coming years.

Russia: $125.5 million in 9 months of 2025 (+30% from 2024); 103 deals during the period.
Main sectors: IndustrialTech ($29.7M), Healthcare ($19.2M), FinTech ($18.3M).
AI and Machine Learning: $60.4 million in investments (32 deals) — leading by deal volume.
CIS: Kazakhstan, Uzbekistan, Belarus — active "early" deals ($1–5 million) with state funds involved.
New initiatives: Russian incubators and government funds (FRII, RVK, etc.) are gradually expanding their support for startups.