Startup and Venture Capital 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 shows steady growth following a period of decline. Investors worldwide are actively investing in technology startups again: record-breaking deals are being made, companies are considering IPOs once more, and major funds are triumphantly returning to the market with large-scale investments. Governments across various countries are increasing support for innovation and stimulating private capital attraction, which, along with the resurgence of stock markets, is boosting venture activity. As a result, substantial financial resources are flowing into the startup ecosystem, although investors remain cautious and selective, favoring startups with sustainable business models and proven economics.
The upswing is observed across nearly all regions. According to recent data, global venture capital investment reached approximately $97 billion in Q3 2025—up 38% year-on-year and slightly higher than the previous quarter. This figure marks the highest quarterly volume since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The primary driver of this surge is mega rounds in the field of artificial intelligence (AI), although funding increases are noted at all stages. Venture activity is rising almost everywhere: the US maintains its leading position (with a particularly rapid development of the AI segment), Middle Eastern investment volumes have surged several times over the year, and Germany has outstripped the UK in total venture financing for the first time in a decade. Asia shows uneven dynamics: India, Southeast Asia, and Gulf countries are attracting record capital flows amidst a relative downturn in China. The startup scenes in Russia and the CIS countries also aim to keep pace despite external constraints, launching new funds and programs 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 on November 24, 2025:
- The return of mega funds and large investors. Leading venture players are forming record-sized funds and increasing investments, once again flooding the market with capital and rekindling risk appetite.
- Record investment rounds in AI and a new wave of "unicorns." Unprecedented inflows of capital into AI startups are driving company valuations to unseen heights, fostering the emergence of many new "unicorns."
- Revival of the IPO market. Successful IPOs of tech companies and new offerings indicate 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 tech, space, and defense projects, among other sectors of the economy.
- A wave of consolidation and significant M&A deals. Large mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and accelerated startup growth.
- 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 tech clusters.
- Renaissance of interest in crypto startups. After a prolonged "crypto winter," the blockchain project sector is reviving, once again attracting substantial venture investment against the backdrop of a rising crypto market.
- Local focus: Russia and CIS countries. New funds and initiatives are emerging in the region to develop local startup ecosystems, attracting investor attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back on the Market
Major investment funds and institutional players are confidently returning to the venture arena, signaling a renewed appetite for risk. Following the decline in VC fundraising from 2022 to 2024, leading firms are resuming capital attraction and announcing mega-sized funds. Japan's SoftBank conglomerate, overcoming recent challenges, has announced the launch of its Vision Fund III with approximately $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the US, venture firm Andreessen Horowitz plans a record fund of around $20 billion, betting on investments in later-stage AI startups. At the same time, sovereign funds from Gulf countries are notably increasing 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 across all key regions, attracting significant 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 future capital inflows.
Record Investments in AI and a New Wave of "Unicorns"
The artificial intelligence sector remains the main driver of the current venture upturn, demonstrating unprecedented funding volumes. Since the beginning of 2025, AI startups have collectively raised over $160 billion just in the US (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. This astounding influx of capital into AI accompanies the emergence of many new "unicorns." Just in October 2025, around 20 new startups with valuations exceeding $1 billion were created globally—marking the highest monthly influx of unicorns in recent years. Investors are eager to support projects in generative AI, AI infrastructure, autonomous systems, and other advanced areas. Furthermore, nearly every week, reports emerge of new mega funding rounds: for instance, in November, American company Lambda (cloud infrastructure for AI) raised around $1.5 billion, market prediction platform Kalshi secured $1 billion, and multimodal AI system developer Luma AI closed a round at $900 million. Such levels of venture financing 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 adopt more careful evaluations and select truly quality projects.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is beginning to emerge from an extended lull and is gaining momentum. Following nearly two years of inactivity, a revival of the IPO as a desired exit mechanism for venture investors is underway. In Asia, Hong Kong has set off the new wave of IPOs: several major tech companies have gone public in recent months, collectively attracting billions of dollars in investments. For example, Chinese battery manufacturer CATL successfully conducted an offering, raising around $5 billion and proving that investors in the region are once again willing to actively participate in IPOs. The situation is also improving in the US and Europe: American fintech "unicorn" Chime recently debuted on the stock market, with its shares rising approximately 30% on the first day of trading. Shortly after, the design platform Figma executed an IPO, raising about $1.2 billion at a valuation of around $20 billion; its shares also experienced a strong upward trend in the initial days of trading. In the second half of 2025, other well-known startups, including payment giant Stripe and several highly valued tech companies, are preparing for public market entry.
Even the crypto industry is seeking to capitalize on the revival: fintech company Circle successfully went public last summer (with a market cap of around $7 billion at IPO, and its shares subsequently rose significantly), while cryptocurrency exchange Bullish has filed for a listing in the US with a targeted valuation of approximately $4 billion. The return of activity in the public offering market is crucial for the entire venture ecosystem: successful exits through IPOs allow funds to realize profits and redirect released capital into new projects, supporting further growth of the industry.
Diversification of Investments: Not Just AI
In 2025, venture investments are encompassing an increasingly broad range of sectors and are no longer confined to artificial intelligence alone. After the downturn of recent years, related sectors are noticeably reviving, making the startup ecosystem more balanced and reducing the risk of overheating in certain niches. Venture capital is confidently expanding its horizon, investing in diverse directions:
- Fintech: After a hiatus in 2022-2023, financial technologies are again attracting large funding rounds not only in the US but also in Europe and emerging markets, fueling the growth of new digital services.
- Climate Tech: Projects in clean energy, climate tech, and agri-tech are receiving record investments riding the global trend of sustainable development and decarbonization.
- Biotech and Healthcare: New developments in pharmaceuticals, genetics, and digital health are once again drawing capital as the industry valuations rebound after recent declines.
- Defense and Space Projects: Amid increased attention to security, investors are more actively funding defense technologies and cybersecurity. Concurrently, interest in space startups is growing—from satellite services to projects for space exploration.
The broadening sector focus reflects the maturity of the venture market: investors are diversifying their portfolios, directing resources into various innovative areas and reducing the ecosystem's dependence on a single dominant direction.
Wave of Consolidation and M&A: Consolidation of Players
High startup valuations and intense competition for markets are fueling a new wave of consolidation. Large mergers and acquisitions are again coming to the forefront, reshaping the industry landscape. Tech giants are keen to acquire key innovations and talent, entering a path of active acquisitions. A notable example is Google's agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, setting a record amount for the Israeli tech sector. Such mega deals showcase corporations' readiness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and significant venture deals indicates the market's maturation. Mature startups are either merging with each other or becoming targets for acquisition by corporations, while venture funds gain opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies while simultaneously "cleansing" the ecosystem of weaker players, enhancing the market's health.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new geographic regions, forming their own centers of tech development worldwide. The Middle East stands out particularly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented amounts to create world-class local tech hubs. Over the past couple of years, venture investment in the Middle East has increased several times, leading to the emergence of new large funds and mega-projects (for example, the futuristic technology megacity NEOM in Saudi Arabia). A significant influx of capital is also 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. Concurrently, the startup ecosystems in Africa and Latin America are gaining strength, where new tech clusters are forming thanks to increasing financing. Thus, venture capital is becoming increasingly global: alongside traditional centers like Silicon Valley, New York, or London, new growth points for startups are strengthening on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, there is a revival of startup activity in Russia and neighboring countries in 2025. Over the past year, several new venture funds have emerged (with a total capital of around 10-15 billion rubles), and government structures and corporations have launched programs to support tech startups. Although the overall volume of venture investment in the region remains modest by global standards, and serious barriers persist (high rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual formation of its own venture infrastructure is already creating a foundation for the future—by the time external conditions improve and global investors can return to the market more actively. The local focus on developing the startup ecosystem in Russia and the CIS is designed to ensure technological sovereignty and prepare the ground for the growth of the next generation of entrepreneurs.
Renaissance of Interest in Crypto Startups
After a prolonged "crypto winter," the market for blockchain startups is noticeably reviving. In autumn 2025, financing for crypto projects reached its highest level in recent years. New large rounds are occurring in the Web3 infrastructure and decentralized finance (DeFi) segments, and venture capital is once again flowing into promising blockchain platforms. The rising crypto market has played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological mark of $100,000, boosting investor enthusiasm for the sector. Venture funds, which were previously cautious about crypto assets, are gradually resuming investments in projects at the intersection of technology and finance, with new specialized funds and incubators for Web3 startups emerging. Of course, past experiences have taught investors caution—the volatility and regulatory risks have not disappeared. However, there is currently a sense of restrained optimism in the market: participants are increasing their presence in the crypto sector, seeking to capitalize on the potential growth of a new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have consolidated in the venture capital industry. Successful IPOs and multi-billion dollar funding rounds indicate that the long period of decline is behind us, and the startup ecosystem is experiencing a new upturn. Nevertheless, investors remain vigilant: funding is increasingly concentrated on startups with sustainable business models, proven economics, and real profitability prospects. Significant capital injections into AI and other promising areas inspire confidence in further market growth, but players aim to avoid repeating the mistakes of past bubbles, approaching project evaluation and quality more scrupulously.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of major investors, the emergence of new unicorns, and successful exits through IPOs are forming the foundation for another wave of innovation. However, the discipline and calculated nature of investors will shape the character of this growth. Despite the increased appetite for risk investments, the focus remains on the quality growth of startups and the long-term sustainability of the market.
