Startup and Venture Capital News — Monday, July 28, 2025: Venture Boom, Record Deals, and a Surge in IPOs

The end of July 2025 marks a positive trend in the global startup ecosystem and the venture capital market. After an extended downturn, investors worldwide are once again actively funding technology companies: record deals are being made for capital raising, and startups' plans to go public have returned to the agenda. Major corporations have resumed large-scale venture investments, and governments across various countries are increasing their support for innovation, eager not to lag in the global technology race. The first half of 2025 has become the most productive since 2021 in terms of venture investments, which reinforces optimism in the market. Venture deals span all regions—from Silicon Valley and Europe to Asia, the Middle East, Africa, and Latin America. Even local markets, such as the CIS countries, are trying to ride the new wave of growth despite external constraints.

Below are the key events and trends shaping the current venture market agenda as of July 28, 2025:

• Revival of the IPO Market. New public listings and applications from technological "unicorns" confirm that the long-awaited "window" for exits is once again open.
• Record Funding Rounds and New Unicorns. Unprecedented investments are raising startup valuations to multi-billion-dollar levels, particularly in the field of artificial intelligence.
• Return of Large Investors and Mega-Funds. Leading players are launching record venture funds and increasing investments, once again filling the market with "big money" and enhancing risk appetite.
• Sector Diversification of Investments. Capital is being directed not only to AI but also to fintech, climate projects, biotechnology, defense developments, and even the crypto sector, broadening market horizons.
• Consolidation and M&A Deals. A wave of major mergers and acquisitions is reshaping the industry landscape, creating new opportunities for exits and consolidating market players.
• Global Expansion of Venture Capital. The investment boom is covering new markets—from the Gulf States and Southeast Asia to Africa and Latin America—creating their own technological ecosystems.
• Local Focus (Russia and CIS). Despite constraints, new funds and successful cases are emerging in the region, drawing investor attention to the local market against global trends.

The IPO Market is Reviving: An Open Window of Opportunities

The initial public offering market has confidently revived after a long hiatus, once again providing startups with chances for successful exits. As of the end of July, approximately 200 IPOs have been conducted on the U.S. stock market since the beginning of 2025—about 80% more than in the same period last year. Successful debuts from several tech companies inspire entrepreneurs and investors alike. For instance, the IPOs of fintech giant Circle (operator of the USDC stablecoin) and the neobank Chime were phenomenally successful: their stocks soared in price on the first days of trading, indicating high demand from public investors. These high-profile IPOs confirmed the market's renewed interest in technological listings.

Riding the wave of favorable conditions, several major startups are planning to go public in the upcoming quarters. Confidential IPO applications have already been submitted by the U.S. transportation service Via, as well as by several crypto companies—including the Gemini exchange by the Winklevoss brothers and the custodial service BitGo. There are rumors that the crypto exchange Kraken is also considering a public listing amid the cryptocurrency market's new record growth. Among the tech unicorns preparing for an IPO is the well-known developer of design software Figma, which aims for a valuation of approximately $15–16 billion at its stock offering, possibly occurring this fall (if its acquisition by Adobe doesn't finalize). Hardware and chip companies are also appearing on the public market's horizon: for example, the startup Ambiq Micro (USA, a manufacturer of energy-efficient microchips) announced plans to raise about $85 million through an IPO. Even in emerging markets, exits are being planned: the Indian online retailer Meesho and several Israeli tech companies are eyeing the stock market. Analysts note that this newly opened "window of opportunities" for IPOs may persist if the success of the initial offerings is maintained and the macroeconomic environment remains stable.

Mega-Rounds and New Unicorns: Investments Hit Records

The artificial intelligence sector in 2025 has become a major magnet for venture capital, setting new records for funding amounts. Just in the first half of the year, unprecedented rounds have occurred, raising the bar for investment generosity to a new level. Among the largest deals this year:

• SoftBank & OpenAI: A consortium of investors led by SoftBank invested approximately $40 billion in AI developer OpenAI. This marks the largest private funding ever in the history of the tech sector, cementing OpenAI’s status as a leader in the global AI boom.
• Meta & Scale AI: Corporation Meta invested $14.3 billion in California-based startup Scale AI (a data platform for AI), the largest corporate investment of the year aimed at equipping Meta with advanced tools for its AI projects.
• Thinking Machines Lab: A new project by former OpenAI CTO Mira Murati attracted record-breaking $2 billion in seed investments at an evaluation of about $12 billion. This unprecedented funding round at an early stage catapulted the startup into the ranks of the most valuable young companies.
• Safe Superintelligence: A company founded by OpenAI co-founder Ilya Sutskever received $2 billion for developments in "safe" artificial intelligence. This funding reflects the market's desire to support projects aimed at controlling advanced AI technologies.
• Anduril Industries: The American defense technology startup Anduril closed a series G round of $2.5 billion, doubling its valuation to approximately $30 billion. This deal underscored the attractiveness of the intersection of AI and defense for investors and became one of the largest deals in military technology.

Almost every week, new mega-rounds are announced, raising the valuations of prospective companies to unprecedented heights. Dozens of new unicorns (startups valued at over $1 billion) emerged in just the first six months of 2025, and some have quickly grown to "decacorn" status (valuation > $10 billion). According to industry analysts, in the second quarter of 2025, up to half of all venture funding globally was directed toward AI projects. However, investor excitement is not limited solely to AI: record capital inflows are also being recorded in other segments, signaling a return of trust in promising technologies overall.

The Return of Mega-Funds: Large Money Back in the Market

The largest investment players are triumphantly returning to the venture scene, signaling a new rise in risk appetite. The Japanese conglomerate SoftBank, having experienced a period of quiet, is once again betting on large investments: Masayoshi Son has officially spoken about forming Vision Fund III, amounting to about $40–50 billion, focused on advanced technologies (primarily in the areas of AI and robotics). Major sovereign funds from the Middle East have also become active—investing billions of dollars into technology projects and launching state mega-programs to develop the startup sector, creating their own tech hubs in the region.

Simultaneously, new venture funds are being established worldwide—both independent and corporate—attracting substantial institutional capital into high-tech sectors. Renowned Silicon Valley firms are also increasing their presence: for instance, venture giant Andreessen Horowitz (a16z) is raising a record fund of approximately $20 billion for investments in late-stage U.S. AI startups. According to industry research, funds in the U.S. currently hold unprecedented reserves of uninvested capital (over $300 billion in "dry powder"), ready for investments as confidence returns to the market. Such streams of "big money" are filling the ecosystem with liquidity, providing fuel for new rounds and supporting the growth of valuations of promising companies.

The return of mega-funds and large institutional investors strengthens competition for the best deals and instills confidence in the industry regarding further capital influx. It is noted that about ten top funds have raised over half of all new capital attracted to the venture industry in the first half of the year. For example, the Founders Fund successfully closed new funds totaling $4.6 billion—this is more than the combined amounts raised by dozens of smaller teams. In general, the global volume of venture fundraising is currently about a third lower than last year's level, as institutional LPs are more cautious in investing in this asset class following weak performances in recent years. The average time to raise a new fund has increased to about 15 months, and many new fund managers are struggling to find financing. Nevertheless, market leaders easily close their mega-funds, and the ecosystem continues to be enriched with new players featuring unconventional strategies. Large corporations are forming corporate venture subsidiaries (for example, the chipmaker Analog Devices has launched the AD Ventures fund to invest in robotics, climate, and medtech projects; Google is forming a new $200 million fund exclusively for AI through Gradient Ventures). Sovereign investors are also becoming more active: governments from the Middle East, Asia, and even Europe are increasingly financing startups directly or through joint funds. Government initiatives—such as the European Scaleup Europe program (a ~€10 billion fund to support rapidly growing tech companies) or specialized funds in India—are injecting additional capital into the industry. Thus, alongside the consolidation of venture funds, new money from corporate and governmental sources flows into the system. All of this opens up more opportunities for startups to attract investment, although competition among investors for quality projects is also increasing.

Diversification of Investments: Fintech, Climate, Biotech, and Other Sectors on the Rise

In 2025, venture investments are being distributed across an increasingly broad range of industries, moving beyond the dominant AI direction. After the downturn of the previous year, there is a noticeable revival in adjacent sectors—investors are once again actively funding projects in finance, climate technologies, biomedicine, defense, and other fields. Below are key directions where venture activity is currently on the rise:

• Fintech: Big deals in financial technology are returning. For example, the New York alternative investment platform iCapital attracted $820 million from a consortium of investors, valuing the company at around $7.5 billion—this is a signal that interest in the fintech sector has resumed.
• Climate and Energy: Venture funds are eagerly financing "green" technologies—ranging from renewable energy and electromobility to innovative nuclear energy. For instance, Swiss startup Climeworks raised $162 million to develop a technology for direct CO₂ capture from the atmosphere (bringing its total funding to over $1 billion). In the field of nuclear fusion, European companies set a new funding record (approximately €290 million in the first half of 2025), while the American project Commonwealth Fusion Systems attracted about $1 billion.
• Biotech and Medtech: Large funding rounds are taking place in biotech and medical startups. Platforms for drug discovery using AI, genetic technologies, and other medical-tech projects are gathering significant capital once again. For example, the Greek project Centivax attracted €132 million for the development of a universal vaccine, while U.S. biomedical company Altos Labs continues to secure hundreds of millions for research in life extension.
• Defense Technologies: Investments in startups related to defense and security are growing amidst global geopolitical tensions. Projects in areas such as drones, cybersecurity, space systems, and other related fields are receiving support from both government funds and private investors seeking to strengthen their countries' technological sovereignty.
• Crypto Industry: After a deep correction in 2022–2023, the crypto market is experiencing a new revival. The overall market capitalization of digital assets surpassed $4 trillion, and the flagship Bitcoin has reached a historic high of over $120,000. Against this backdrop, venture deals in the blockchain sector are resuming (though selectively)—primarily focused on investments in infrastructure solutions and financial applications related to cryptocurrencies. Regulatory optimism is also increasing: in the U.S., the adoption of stablecoin legislation has boosted investor confidence in the industry's long-term prospects.

Consolidation and M&A Deals: Consolidation of Players

High company valuations and stiff competition for markets are pushing the startup ecosystem toward consolidation. Major mergers and acquisitions are once again coming to the forefront, reshaping the power dynamics in the industry. In Southeast Asia, a potential mega-deal is under discussion: the ride-hailing leader Grab has resumed talks to merge with the Indonesian holding company GoTo. The merger of these businesses could create a regional giant dominating the transport, e-commerce, and fintech sectors, and become one of the largest deals in emerging markets.

Simultaneously, global corporations and late-stage investors are ramping up strategic acquisitions in the AI and fintech segments, seeking to quickly gain access to new technologies and talents. In developed economies, record levels of exits are being established: for instance, Google announced the acquisition of cybersecurity cloud startup Wiz for $32 billion—an unprecedented amount for a company from a venture portfolio. The company OpenAI, in turn, spent $6.5 billion to purchase the project Io Products (a joint AI startup by the legendary designer Jony Ive), marking one of the largest deals in the artificial intelligence sector. Additionally, large tech firms are making multi-billion dollar acquisitions to expand their offerings: for example, ServiceNow announced the acquisition of AI platform Moveworks for approximately $2.85 billion, and fintech giant Xero is acquiring payment service Melio for around $2.5 billion. Almost every week brings news of a new strategic purchase—especially in the areas of AI, security, and fintech.

The current wave of acquisitions provides venture funds with much-anticipated exit opportunities, while startups have a chance to collaborate to scale their businesses and enter international markets. Notably, some regulatory barriers are easing: for example, in the U.S., the rhetoric of antitrust authorities has softened, making it easier to close large tech deals. The revival of the M&A market restores investor confidence in the belief that a successful startup can yield significant profits through a strategic sale.

Global Expansion of Venture Capital: New Markets and Regions

The venture boom of 2025 is acquiring genuinely global proportions, reaching markets that were recently on the periphery of the tech scene. Countries in the Middle East are demonstrating record investment activity: supported by government initiatives, new funds and tech hubs are being created, and an increasing number of regional projects are receiving financing. Gulf States are launching mega-projects to diversify their economies through high technologies, while local venture funds are acting as leading investors both in the domestic market and abroad.

In Southeast Asia, a surge in tech entrepreneurship continues. New unicorns are emerging: companies in e-commerce, fintech, and logistics are achieving valuations above $1 billion amid the booming digital economy and a broad user base. India and Indonesia are also experiencing a rise in venture activity: the number of major late rounds and planned IPOs is growing, reflecting the dynamics of these fast-developing markets. In recent weeks, several Indian startups have closed funding rounds garnering tens and hundreds of millions of dollars, while a range of successful companies announced intentions to go public. Africa is also witnessing an unprecedented influx of venture investments, accelerating the development of local startup ecosystems. From Nigerian fintech projects to Kenyan agritech startups—more teams on the continent are attracting international capital for their growth. Latin America is not lagging behind either: in countries like Brazil and Mexico, the number of venture deals is increasing, and new unicorns are appearing as global investors seek opportunities in this region.

Such geographical expansion of venture capital is intensifying the competition for the best projects worldwide. Large investment funds are now closely monitoring promising startups from Singapore and Dubai to Nairobi and São Paulo, striving not to miss the next "diamond" of the global tech scene. As a result, venture activity is becoming increasingly distributed: innovations and capital are intersecting at new growth points, forming a truly global startup market.

Russia and CIS: Local Focus Amid Global Trends

In Russia and neighboring countries, active steps are being taken to develop their own startup ecosystems in line with global trends. At the Saint Petersburg International Economic Forum (SPIEF-2025), a new venture fund was announced with the participation of PSB Bank, targeting approximately 12 billion rubles for investments in dual-use projects—from drones and artificial intelligence to robotics. PSB Bank is acting as the anchor investor, also attracting private capital; even under sanctions, the market is seeking ways to finance priority technologies and cultivate its own unicorns. Concurrently, a specialized fund of several billion rubles is being discussed in Russia with the involvement of the Unmanned Systems Center—to support companies in the drone and AI sectors.

At the same time, some regional startups are reaching new heights. For example, the Krasnodar foodtech project Qummy raised 440 million rubles at a valuation of around 2.4 billion rubles, preparing for an IPO—this case demonstrates the seriousness of ambitions in the regions. In Kazakhstan, the state fund Qazaqstan Venture Group was established with a volume of $1 billion to support AI startups. Additionally, in July 2025, the President of the Russian Federation signed a decree that effectively simplified the rules for foreign investors: they are once again allowed to acquire shares of Russian companies and freely withdraw funds. This step is designed to invigorate international investments in the economy by easing previous restrictions.

Notably, individuals from the region are already achieving global success. For instance, the AI startup Perplexity (based in the USA and founded by a Belarusian entrepreneur) recently raised an additional $100 million, bringing its valuation to approximately $18 billion. Another notable example is the Dubai project Xpanceo, co-founded by a Russian and a Ukrainian: it secured $250 million in a series A round at a valuation of around $1.35 billion for the development of smart AR lenses. These cases confirm that innovations rooted in CIS countries can compete on the frontlines of the global tech arena.

While the scale of the venture market in the region currently lags behind global levels, a crucial foundation for future growth is being established. Investors are shifting their focus to more mature projects with proven business models, while the state is expanding support through the development of IT education and a network of accelerators. Local startups are striving to enter global value chains, leveraging strong competencies in high-tech niches (AI, Big Data, etc.). All of this instills hope that in the coming years, the region will be able to cultivate its own international champions.

Conclusions: Cautious Optimism

By the end of July 2025, sentiments in the venture market remain cautiously optimistic. Record deals and successful IPOs strengthen the confidence that the bottom of the recent downturn has been breached; however, past experiences hold investors back from excessive euphoria. Currently, they are evaluating the quality of startup growth and their capacity to build sustainable businesses much more carefully, favoring companies with validated business models and profitability near break-even. Significant capital inflows into the sectors of AI, fintech, and cybersecurity enhance belief in the sector's further development, but venture funds are devoting increased attention to risk diversification and a balanced investment approach.

Depending on the macroeconomic situation, the startup market may maintain a high growth rate in the second half of the year. For this to occur, a combination of local potential (for instance, talents and projects from CIS countries) with a footprint in global markets is crucial. Overall, the news on startups and venture investments as of July 28, 2025, reflects a renewed interest in innovation, underpinned by a pragmatic approach to financing. Venture investors and entrepreneurs are demonstrating a willingness to collaborate: the former are ready to provide capital to promising projects, while the latter are showing real progress in technology development. The current situation allows for cautious optimism regarding the future, with expectations for new technological breakthroughs.