Detailed Review of Startups and Venture Investments as of September 15, 2025: Mega Funds, Record Rounds, IPOs, M&A, Crypto Industry, and New Unicorns. Analysis of the Global Venture Market for Investors and Funds.
By mid-September 2025, the global venture capital market is showing a robust recovery after several years of decline. Investors around the world are once again actively financing technology startups at all stages—from seed rounds to IPOs. In the first six months of 2025, the volume of venture investments in North America reached approximately $145 billion, exceeding last year's figures by 43% and setting a record since 2021. Improvements in the macroeconomic environment and increased interest in innovation have strengthened confidence in the market: deals are becoming larger and encompassing all sectors—from artificial intelligence and fintech to biotech and defense. However, the approach of investors remains selective: capital is directed towards the most promising projects to avoid overheating in specific segments.
Venture activity is on the rise across all regions. The U.S. continues to lead, accounting for about two-thirds of global investments—especially dominating in the AI sector. In the Middle East, venture funding nearly doubled over the past year due to multi-billion-dollar tech projects in the Gulf countries. In Europe, structural changes continue: Germany has outpaced the UK in total venture deal volume for the first time in a decade, although Europe’s share of global VC has slightly decreased. India and Southeast Asia maintain an investment boom, fueled by international funds, while venture activity in China remains subdued due to domestic constraints. Other markets are also gaining momentum—the startup ecosystems in Africa and Latin America are attracting increasing amounts of capital, creating new growth points beyond traditional tech hubs. Startups from Russia and the CIS are also striving to keep pace, launching new funds and support programs despite external limitations.
Below are the key events and trends shaping the venture market agenda as of September 15, 2025:
- The Return of Mega Funds and Major Investors. Leading venture players are raising record-sized funds and increasing investments, again flooding the market with capital and rekindling risk appetite.
- Record Funding Rounds and a New Wave of Unicorns. Unusually large deals are pushing startup valuations to unprecedented heights, particularly in the artificial intelligence and robotics sector.
- Revival of the IPO Market. A series of successful public offerings by tech companies signals the opening of an "exit window" and the return of liquidity to the venture market.
- A Wave of Consolidation and M&A Deals. Major mergers, acquisitions, and strategic investments are transforming the industry, creating new exit opportunities and accelerated growth for companies.
- Diversification of Sector Focus. Venture capital is flowing not only into AI but also into fintech, green projects, biotechnology, defense development, and even crypto startups, broadening the market horizons.
- Renaissance of the Crypto Industry. A rally in the digital asset market has revived investor interest in blockchain projects, leading to new large funding rounds and even public listings in the crypto sector.
- Surge in Defense and Space Investments. Geopolitical factors are driving capital into defense-tech and space projects, making these areas a new priority for venture funds.
- Local Initiatives in Russia and the CIS. New funds and legislation to support startups are emerging in the region, while local projects are beginning to attract foreign capital, integrating into global trends.
The Return of Mega Funds: Big Money Back in the Market
The largest investment players are returning to the venture stage, signaling a new surge in risk appetite. The Japanese conglomerate SoftBank has announced the launch of its Vision Fund III, with around $40 billion focused on cutting-edge technologies (particularly artificial intelligence and robotics) after a prolonged hiatus. Sovereign funds from the Gulf countries have also become more active: oil dollars are being directed into tech initiatives and state mega-projects, creating their own tech hubs in the region. Simultaneously, dozens of new venture funds are emerging globally, attracting significant institutional capital for investments in startups.
- Veritas Capital IX — $14.4 billion. The American fund specializing in technology and the defense sector raised a record amount of capital, confirming the high level of trust from major institutional investors.
- Great Hill Partners IX — $7 billion. One of the largest growth funds focused on tech companies significantly exceeded its initial target size at the closing of its new fund.
The return of such "mega funds" signals a sharp increase in the volume of available capital ("dry powder") in the market. This intensifies competition for the most promising deals and supports high valuations for rapidly growing companies. The presence of major institutional investors instills confidence in the sector regarding the continued influx of capital.
Mega Rounds in AI and a New Wave of Unicorns
The area of artificial intelligence and other advanced technologies remains the key driver of the current venture boom, demonstrating record funding volumes. Investors are keen to secure positions in the leaders of the new technology cycle, channeling colossal amounts into the most promising projects. Early September saw several large-scale deals confirming this trend:
- OpenAI (USA) — $8.3 billion. The AI technology developer raised one of the largest rounds in history at a valuation of about $300 billion; along with Microsoft, the company is spinning off its business unit, preparing it for an IPO.
- Mistral AI (France) — €1.7 billion. The generative AI startup secured record funding for Europe, increasing its valuation to €11.7 billion, with the leading investor being Dutch corporation ASML.
- PsiQuantum (USA) — $1 billion. The quantum startup attracted the largest investment in its segment at an estimated valuation of ~$7 billion, confirming investors' readiness to finance technologies beyond classical AI.
New directions of technological progress capable of attracting giant funding rounds are also emerging. For instance, Figure AI (USA), which develops humanoid robots, is reportedly negotiating a round of ~$1.5 billion with a potential valuation of around $40 billion—an unprecedented level for a robotics startup. Such mega rounds are creating a new generation of unicorns and accelerating the emergence of future technology leaders. Although experts warn of overheating risks, investors' appetite for progressive startups remains high. Moreover, funding is being allocated not only to applied AI products but also to the infrastructure for them—from specialized chips and cloud platforms to data storage solutions necessary for scaling the AI ecosystem.
IPO Market Revives: The Exit Window is Open
After a prolonged hiatus in 2022-2023, the IPO market is beginning to revive. Successful public offerings from several technology companies have demonstrated that investors are once again willing to buy shares of fast-growing startups at high valuations. The new wave of public debuts strengthens venture funds' confidence in the opportunities for profitable exits.
- Chime. The American fintech unicorn (neobank) went public on Nasdaq in June; its stock price soared by 30% on the first day of trading, confirming high investor demand for promising fintech companies.
- Klarna. The Swedish fintech giant became one of the first European unicorns to list on NYSE after a pause; its shares were sold above the initial range and surged by more than 25% in the first hours of trading.
- Via. The American developer of public transport technologies raised ~$493 million in its IPO on NYSE, achieving an estimated valuation of around $3.5 billion and demonstrating the market's readiness to invest in new segments of transport services.
The success of these IPOs indicates a return of liquidity to the venture market. Following these early "harbingers," other major startups—ranging from the American payment service Stripe to highly valued AI companies like Databricks—are preparing to go public. The revival of IPO activity is crucial for the entire ecosystem: successful exits allow venture funds to realize profits, while released funds are redirected into new projects, fueling the next growth cycle.
The Wave of Mergers and Acquisitions (M&A)
Rising startup valuations and intense competition for markets are stimulating a new wave of consolidation in the industry. Major tech companies are once again ready to spend billions on strategic acquisitions to strengthen their positions and secure cutting-edge developments. The largest M&A deals in recent months confirm this trend:
- Google → Wiz — ~$32 billion. Alphabet acquired the Israeli cloud cybersecurity startup to enhance its positions in data protection and cloud services.
- SoftBank → Ampere — ~$6.5 billion. The Japanese holding company bought the American server chip developer Ampere Computing, aiming to lead the segment of chips for cloud and enterprise data centers.
The activation of acquisition deals is altering the balance of power in the industry. Mature startups are either merging with one another or becoming targets for corporations. For venture investors, this opens up opportunities for long-awaited exits through the sale of portfolio companies to strategic players. At the same time, consolidation helps to "cleanse" the market of excess players and focus resources on the most promising directions.
Diversification: Fintech, Biotech, and Green Projects
In 2025, venture investments are no longer concentrated solely on AI—capital is actively being redirected to other sectors. After last year's downturn, fintech is making a comeback: large financial technology startups are securing significant sums and renewing partnerships with banks. Concurrently, there is increasing interest in climate and environmental projects—from renewable energy and energy storage systems to electric vehicles and technologies to reduce carbon footprints. Gradually, appetite returns to biotechnology—the emergence of new drugs and digital medical services is again attracting capital as company valuations in the sector recover.
Recent examples of major deals outside of AI confirm the breadth of the venture market. For instance, the American biotech firm Kriya Therapeutics recently raised $320 million, while its peer Odyssey Therapeutics secured $213 million (both in Series D rounds). In the "green" sector, the California startup Nitricity received $50 million for the development of zero-emission fertilizer production technology. The expansion of sector focus makes the entire startup ecosystem more resilient, reducing the risk of overheating in specific niches. Investors are actively seeking new growth points beyond the overwhelmingly popular AI, fostering the emergence of promising companies across various fields.
Renaissance of the Crypto Industry
The digital asset market is experiencing a new surge in the second half of 2025, reviving venture capital interest in crypto startups. Bitcoin has surpassed the historic threshold of $110,000, setting a new all-time high, and leading altcoins are rapidly following suit. Just a year ago, the blockchain sector was facing a crisis of trust and regulatory pressure, but the recent rally has changed investor sentiment.
Major funds that had previously halted their investments in crypto projects are now re-entering the market. Large funding rounds are being recorded, and some players are even going public. For example, fintech company Circle successfully executed its IPO, becoming one of the first large "crypto-friendly" firms to list, while crypto exchange Gemini raised $50 million from Nasdaq Ventures ahead of its own listing. A sign of institutional acceptance was BlackRock's initiative—the investment giant launched an exchange-traded fund (ETF) linked to Bitcoin. All of this indicates that the blockchain industry is once again being perceived by investors as a promising avenue for growth.
Defense Technologies and Space at the Forefront
The geopolitical tensions of recent years are driving an unprecedented increase in investments in the defense and aerospace sectors. Investments in defense-tech startups have skyrocketed: significant rounds such as ~$2.5 billion for the American autonomous systems manufacturer Anduril demonstrate venture capital's willingness to finance projects in security. Investors (and in many cases, governments) are actively supporting developments in drones, cybersecurity, military industrial AI systems, as well as new space programs and satellite platforms.
The defense and space sectors are rapidly becoming a new priority for venture funds. Several new unicorns in aerospace technologies have emerged in the U.S., while European defense startups are receiving significant inflows of capital amidst changing geopolitics. For instance, California-based manufacturer Apex, which makes standardized satellite systems, raised $200 million in its Series D round to accelerate mass production of space platforms in response to growing demand. Overall venture investments in "power" sectors promise not only commercial benefits but also strategic advantages, making them attractive even to conservative investors.
Global Expansion of Venture Capital
The venture investment boom in 2025 has a truly global character. In addition to traditional centers like Silicon Valley, New York, and London, multi-million dollar rounds are now taking place in new locations for the industry. The regional diversity of the startup ecosystem is growing, with investors increasingly seeking opportunities worldwide.
- The Middle East. Sovereign funds from the Gulf countries collectively invested billions of dollars in technologies (regionally, startups attracted ~$2 billion just in the first half of 2025, a year-on-year growth of about 130%). UAE and Saudi Arabia are producing their own unicorns, and Dubai has become a hub of attraction for venture capital.
- India and Southeast Asia. The startup boom in India continues, while Southeast Asia is demonstrating record growth rates. International funds are scaling up investments: for instance, the IFC invested $137 million in an Indian electric bus project, while major Silicon Valley funds are increasing their investment in Indian AI startups. In Southeast Asia, large deals are being closed in e-commerce, fintech, and edtech.
New innovation centers are also emerging in Africa and Latin America. Growing markets from Nigeria and Kenya to Brazil and Mexico are forming their own startup ecosystems and attracting the attention of global investors. Promising companies can now appear anywhere—from Nairobi and Lagos to Monterrey and Santiago. For venture funds, this expands the horizons of opportunity and opens new growth points in various corners of the globe.
Russia and the CIS: Local Trends Against the Global Market
Despite external constraints, the startup scene in Russia and neighboring countries is developing in parallel with global trends. In 2025, new sources of capital and initiatives to support technology businesses have emerged in the region:
- New Funds. In Russia, a private fund Nova VC has launched (with a volume of about 10 billion rubles), and in Tatarstan, an industry venture fund "New Chemical Industry" (~5 billion rubles) has been established to finance regional innovation projects.
- Government Support. Authorities are discussing a separate law on venture investments. Among the stated goals is to stimulate innovation by increasing R&D expenditures to 2% of GDP by 2030 (almost double the current level).
- International Success. Despite sanctions, teams from the CIS are attracting funds abroad. For example, the machine learning service Vocal Image, founded by Belarusian expatriates and operating in Estonia, raised ~$3.6 million from a French venture fund, proving that promising projects from the region can find support on the global stage.
Although the volume of venture investments in Russia and the CIS still lags behind global leaders, all the necessary elements of the ecosystem are forming: local funds, accelerators, government programs, and international partnerships. This creates a foundation for the emergence of indigenous unicorns and deeper integration of regional startups into the global technological agenda.
