Current Startup and Venture Capital News as of November 22, 2025: Key Deals, Major Rounds, Market Trends, and Global Developments.
By the end of November 2025, the global venture capital market is showing steady growth following a period of decline. Investors around the world are once again actively funding technology startups, with record deals being finalized, IPO plans returning to the agenda, and major funds triumphantly re-entering the market with large-scale investments. Governments in various countries are enhancing support for innovation and attracting private capital, which, combined with the revival of stock markets, is stimulating venture activity. As a result, significant funds are flowing into the startup ecosystem, although investors continue to be selective, preferring high-quality business models.
The growth momentum spans virtually all regions. Recent data indicate that in the third quarter of 2025, global venture investments reached approximately $97 billion—a 38% increase from the previous year and slightly above the figures from the previous quarter. This marks the best quarterly performance since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. Mega-rounds in the artificial intelligence (AI) sector have made a significant contribution to this growth, although funding increases are observed across all stages. Venture activity is on the rise in most corners of the world: the U.S. continues to lead (with a particularly vigorous growth in the AI segment), investment volumes in the Middle East have increased manifold over the year, while Europe sees Germany outpacing the UK in total venture capital for the first time in a decade. In Asia, activity is uneven: India, Southeast Asia, and Gulf states are attracting record flows of capital amid relative decline in China. The startup ecosystems in Russia and the CIS are also striving to keep pace, launching new funds and projects to develop the local market. A new global venture upswing is taking shape, although market participants remain cautious and selective.
Below are the key events and trends shaping the venture market as of November 22, 2025:
- Return of Mega Funds and Large Investors. Leading venture players are forming record funds and ramping up investments, once again flooding the market with capital and enhancing risk appetite.
- Record Rounds in AI and New Unicorns. Unprecedented investments in AI startups are driving valuations to unseen heights, resulting in the emergence of numerous new unicorns.
- Revival of the IPO Market. Successful public debuts from tech companies and new filing submissions indicate that the long-awaited "window" for public exits has reopened.
- Diversification of Sector Focus. Venture capital is flowing not only into AI but also into fintech, biotech, climate technologies, space and defense projects, as well as crypto startups.
- Wave of Consolidation and M&A Deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and business scaling.
- Global Expansion of Venture Capital. The investment boom is extending to new regions—from the Middle East and South Asia to Africa and Latin America—forming new tech hubs.
- Local Focus: Russia and the CIS. New funds and initiatives are emerging in the region to boost local startup ecosystems, attracting investor attention despite geopolitical limitations.
- Renaissance of Interest in Crypto Startups. Following a prolonged "crypto winter," the blockchain sector is reviving, once again attracting significant venture investments.
Return of Mega Funds: Big Money Back in the Market
The largest investment players are making a triumphant return to the venture arena, signaling a new surge in risk appetite. Japanese conglomerate SoftBank, having experienced several challenging years, is now witnessing a "renaissance" thanks to its bets on artificial intelligence. The company has reported a sharp increase in profits and is reorganizing its portfolio in favor of future technologies. The new Vision Fund III, valued at approximately $40 billion, focuses on AI and robotics, providing SoftBank with substantial capital for new projects (notably, the company sold its entire stake in Nvidia for $5.8 billion to free up funds for investments in its AI ecosystem).
Concurrently, sovereign funds from Gulf countries are significantly increasing their presence in the tech sector. Middle Eastern investors are pouring billions of dollars into promising startups worldwide while simultaneously developing large-scale tech projects at home. These mega funds are filling the market with liquidity and are prepared to support innovations with sizeable checks, setting the tone for a new wave of technological growth. The return of big money from SoftBank, Middle Eastern funds, and other market "sharks" means capital inflow into the startup ecosystem and increased competition for the most promising deals.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector continues to be the main driver of the current venture upswing, demonstrating unprecedented levels of funding. Since the beginning of 2025, AI startups have collectively raised over $160 billion in the U.S. alone (about two-thirds of all venture investments in the country), and analysts estimate that by the end of the year, global investments in AI companies will exceed $200 billion—previously unseen levels for the industry. The total valuation of the top ten AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of numerous new unicorns. Valuations of startups are soaring to new heights, particularly in the generative AI and AI infrastructure segments.
Unprecedented funding rounds are setting new records. For instance, the developer of AI programming tools, Cursor, closed a round of $2.3 billion, skyrocketing its valuation to approximately $29 billion—one of the largest venture rounds in history. This instance underscores the high level of investor interest in AI prospects. Almost weekly, news breaks about new unicorns whose valuations cross the $1 billion mark, driven by the buzz around AI developments, autonomous systems, fintech with AI elements, and other cutting-edge directions. While such rapid growth rates inspire optimism about the potential of technologies, some experts are noting early signs of overheating in certain niches, prompting investors to approach valuations more cautiously.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is emerging from a prolonged lull and gaining momentum. Following the pause of the last two years, the IPO revival is seen as the long-awaited exit avenue for venture investors. Earlier in 2025, several major unicorn startups successfully went public: for example, the stablecoin issuer Circle carried out an IPO with a valuation of around $7 billion, and the cryptocurrency exchange Bullish raised approximately $1.1 billion through its offering, achieving a market cap of around $5–6 billion. These debuts indicate that the market has regained its appetite for new public offerings, particularly in the fintech and digital asset sectors.
Now, leading players are eager to take advantage of this "window" of opportunity that has opened. Insider information suggests that ChatGPT creator OpenAI is considering a potential initial public offering as early as 2026, with a potential valuation of up to $1 trillion. In the blockchain industry, the cryptocurrency wallet developer MetaMask, under ConsenSys, has engaged JPMorgan and Goldman Sachs to prepare for an IPO planned for 2026. If successful, this will be the first public offering by such a large company from the Ethereum ecosystem—a landmark event for the entire crypto industry. Improved market conditions and clarity regarding regulatory requirements add confidence to startups contemplating a listing. Experts predict that the number of high-profile technology IPOs will increase in the coming years as the "window" for exits remains open and market multiples favor high valuations.
Diversification of Investments: Not Only AI
In 2025, venture investments are covering an increasingly broad range of industries and are no longer limited to just artificial intelligence. Despite the dominance of AI, significant funds are being directed into other high-tech segments. Healthcare and biotechnology, for instance, attracted approximately $15 billion in venture capital in the third quarter of 2025, ranking third in terms of investment volumes (after AI and IT infrastructure). The synergy of technology and medicine is evident in major rounds such as the genomic medicine project Fireworks AI, which received $250 million to develop its platform at the intersection of AI and healthcare. Investors are also showing heightened interest in climate and "green" innovations—from biodegradable materials derived from algae to components for electric vehicles—though deal sizes in these areas still lag behind the giant rounds in AI.
Attention is also increasing towards space, defense, and other hardtech sectors. In Europe, for example, the satellite startup EnduroSat secured over $100 million (with participation from funds such as Google Ventures, Lux Capital, and others) to expand the production of small satellites—demand for affordable satellite communications is driving the development of new players. Overall, deep tech sectors are experiencing a surge: in 2025, manufacturers of robotics, semiconductors, and quantum computing systems collectively secured funding in the tens of billions of dollars. Though these volumes may not match the AI phenomenon, venture capital is being allocated more diversely. The broadening of sector focus reduces the risks of overheating in specific niches and promotes balanced technological progress.
Wave of Consolidation and M&A Deals: Consolidation of Players
High valuations of startups and intense competition for markets are fueling a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the power dynamics within the industry. Strategic M&A helps corporations and investors accelerate growth, gain access to new technologies, or enter adjacent markets, while large-scale acquisitions provide much-needed exits for venture funds.
For instance, in October, investment bank Goldman Sachs announced the acquisition of the venture firm Industry Ventures for nearly $1 billion. This deal stands as one of the largest acquisitions within the venture sector itself, reflecting the growing interest of banking capital in technological and startup assets. Major tech corporations are also ramping up acquisitions, taking advantage of stabilizing valuations: over the past year, a number of industry leaders have acquired promising startups to strengthen their positions in key areas (AI, cybersecurity, etc.). The wave of consolidation is also moving into the crypto industry: traditional financial firms are showing increased interest in acquiring blockchain startups. According to media reports, Mastercard is in negotiations to acquire several crypto projects (including the infrastructure startup ZeroHash) for nearly $2 billion, aiming to cement its presence in the digital assets space. This activation of M&A—ranging from bank investments in venture platforms to tech megadeals—indicates the "maturation" of the market and provides startups with more options for successful exits and integration into larger businesses.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new regions, forming new technological hubs across the globe. The Middle East stands out in particular: sovereign funds from Gulf states are directing unprecedented volumes of capital into tech companies while simultaneously developing ambitious mega projects (such as the future city NEOM in Saudi Arabia). The volume of startup funding in the Middle East has increased several times in recent years, reflecting the region's strategic focus on economic diversification through innovations.
In Asia, India and Southeast Asia remain magnets for investment, fostering the establishment of new unicorns and an increase in deal flow, while relative calm is observed in China due to regulatory and economic factors. Europe maintains high activity, and a notable shift has occurred: Germany has surpassed the UK in total venture capital for the first time in a decade, signaling a redistribution of leadership in the European startup scene. Latin America is also picking up pace—Mexico surpassed Brazil in venture capital raised by the end of the year, strengthening its role as a new regional leader. Even in Africa, promising ecosystems are emerging: the number of investment funds and successful tech projects is growing in countries like Nigeria, Kenya, Egypt, and others, capturing the attention of international venture investors.
Thus, the geographical scope of venture capital is rapidly expanding. Innovations are no longer concentrated solely in Silicon Valley or traditional hubs—new growth points are emerging from the Middle East to Africa. The global expansion of venture investments opens up access to capital and partners for startups around the world, while allowing investors to diversify their portfolios and spot opportunities in previously unexplored markets.
Local Focus: Russia and the CIS
Despite external constraints, there is a revival of startup activity in Russia and neighboring countries. In 2025, the Russian venture market emerged from stagnation: the volume of investments in the first half of the year nearly doubled compared to the previous year, although in absolute terms, it still lags behind global leaders. New venture funds totaling over 10 billion rubles have been announced, aimed at supporting early-stage tech projects. Local startups are also beginning to attract serious capital: for example, the regional foodtech project Qummy secured approximately 440 million rubles in investments at a valuation of around 2.4 billion rubles, indicating a willingness to invest in domestic companies.
Signals are emerging regarding the readiness of several large regional companies to go public. Some corporations are considering IPOs for their tech divisions, anticipating an improvement in market conditions—recently, the holding VK has hinted at the possibility of listing its IT business in the future. Furthermore, authorities are taking steps to stimulate the sector: grant and accelerator programs are expanding, and in some cases, requirements for foreign investors are being eased. Interest from foreign capital in local projects is gradually returning, fueled by the overall revival of the global market. These initiatives aim to integrate the local startup ecosystem into global trends and attract more venture investments to the region.
Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is coming back to life, with investors once again turning their attention to crypto projects. In October 2025, funding for crypto startups reached a peak not seen in recent years: during this month alone, projects raised several billion dollars (with over $20 billion raised since the beginning of the year). Leading venture funds (such as Sequoia Capital, Andreessen Horowitz, etc.) participated in the largest rounds, indicating a restoration of confidence in this sector.
The rise in the prices of digital assets is also fueling venture investors' interest in the blockchain space. Bitcoin surpassed the historic threshold of $100,000 for the first time in early November, although it subsequently corrected below this mark. Additionally, the gradual clarification of regulations (for instance, expectations for the imminent approval of the first spot ETFs on Ether in the U.S.) is reducing uncertainty surrounding the crypto industry. As a result, blockchain projects are once again beginning to attract substantial funds from both specialized funds and large corporations. Essentially, a sort of "renaissance" in crypto investments is taking place following a period of decline. However, market participants continue to act cautiously: selectivity and prudence in project selection remain critical in order to avoid repeating past overheating scenarios.
Moderate Optimism and Quality Growth
By the end of November 2025, moderately optimistic sentiments have taken hold in the venture market. Successful IPOs and multi-billion rounds indicate that the prolonged downturn has been left behind. However, investors remain cautious: financing is concentrating on startups with sustainable business models, proven economics, and profitability potential. Significant capital inflows into AI and other sectors bolster confidence in the market's continued growth, yet players are striving to avoid past "bubble" mistakes by diversifying their portfolios and raising quality standards for projects.
Thus, the startup ecosystem is entering a new development cycle that is more mature and balanced. The return of major investors and successful exits create a foundation for another wave of innovation, but discipline and calculative approaches from investors will shape the nature of this growth. Despite the increased appetite for risky investments, the focus remains on quality growth for startups and the long-term sustainability of the market.
