Latest Startup and Venture Capital News for Sunday, November 23, 2025: The Return of Mega Funds, Record AI Rounds, IPO Market Revival, Global Market Expansion, M&A Consolidation, a Renaissance of Crypto Startups, and Emergence of New Unicorns. A Detailed Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is demonstrating robust growth following a period of decline. Investors worldwide are once again actively financing technology startups: record deals are being closed, plans for company IPOs are back on the agenda, and major funds are triumphantly returning to the market with large-scale investments. Governments in various countries are increasing support for innovation and private capital attraction, which, along with the revival of stock markets, is spurring venture activity. As a result, significant funds are flowing into the startup ecosystem, although investors continue to act selectively, preferring quality business models.
Latest data confirms the upswing: in Q3 2025, the global volume of venture investments reached approximately $97 billion — a 38% increase compared to the previous year, making it the best quarterly figure since 2021. This marks the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. The primary contribution to this surge came from mega rounds in the field of artificial intelligence (AI), although funding increases were noted across all stages. Venture activity is rising in almost all regions: the U.S. continues to lead (especially robustly developing in the AI segment), investment volumes in the Middle East have multiplied over the year, and for the first time in a decade, Germany has surpassed the UK in total venture capital in Europe. Asia shows variability: India, Southeast Asia, and Gulf countries are attracting record capital flows, while activity in China is relatively declining. Startup scenes 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 boom is forming, although market participants remain cautious and selective.
Below are key events and trends shaping the venture market as of November 23, 2025:
- The return of mega funds and large investors. Leading venture players are forming record funds and increasing investments, once again fueling the market with capital and reviving risk appetite.
- Record rounds in AI and a new wave of unicorns. Unprecedented investments in AI startups are driving company valuations to unprecedented heights, fostering the emergence of numerous new unicorns.
- Revival of the IPO market. Successful IPOs of technology companies and new placement applications indicate that the long-awaited "window" for public exits has reopened.
- Diversification of sector 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 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 spreading to new regions — from the Middle East and South Asia to Africa and Latin America — forming their own technology clusters.
- A renaissance of interest in crypto startups. Following a prolonged "crypto winter," the blockchain sector is reviving, again attracting significant venture investments amid the rise of the 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 is Back in the Market
The largest investment funds and institutional players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. After a decline in VC fundraising during 2022–2024, leading firms are resuming capital attraction and launching mega funds, demonstrating confidence in the market's potential. The Japanese conglomerate SoftBank, having weathered recent hardships, announced the launch of its Vision Fund III with a volume of approximately $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the U.S., Andreessen Horowitz is raising a record-breaking venture fund — approximately $20 billion, with a focus on investments in late-stage AI startups. Concurrently, sovereign funds from Gulf countries are significantly increasing their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups around the world and developing large-scale programs to support startup ecosystems. Dozens of new venture funds are also being created across all regions, attracting substantial institutional capital for investments in high-tech projects. The influx of this "big money" is filling the market with liquidity and intensifying the competition for the best deals, while simultaneously instilling confidence in the industry about the continued influx of capital.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the main driver of the current venture boom, demonstrating unprecedented funding volumes. Since the beginning of 2025, AI startups have attracted over $160 billion in total funding 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 — an unprecedented level for the industry. The combined valuation of the ten largest 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. In October 2025 alone, around 20 new startups with valuations exceeding $1 billion joined the ranks of unicorns — the highest monthly influx into this exclusive club in the past several years. Although experts warn of the risk of market overheating, investor appetite for AI startups has not yet waned.
The IPO Market Comes Alive: A New Wave of Public Offerings
The global IPO market is emerging from a prolonged quiet period and gaining momentum. After almost two years of inactivity, a revival of IPOs as a desirable exit route for venture investors has begun. In Asia, Hong Kong has initiated a new wave of IPOs: over the past few months, several large technology companies have debuted on the stock exchange, collectively attracting billions of dollars in investments. For example, the Chinese battery manufacturer CATL successfully conducted its IPO, raising about $5 billion, demonstrating that investors in the region are ready to actively participate in IPOs again. In the U.S. and Europe, the situation is also improving: the American fintech unicorn Chime recently debuted on the stock market, with its stock rising approximately 30% on the first trading day. Soon after, the design platform Figma conducted its IPO, attracting around $1.2 billion at a valuation of approximately $15–20 billion, with its shares also showing a strong increase in the initial days. In the second half of 2025, other well-known startups, including payment service Stripe and several highly valued tech companies, are preparing to go public.
Even the crypto industry is trying to take advantage of the revival: fintech company Circle successfully conducted its IPO in the summer (with a market capitalization at the time of placement of about $7 billion, with significant stock growth thereafter), while cryptocurrency exchange Bullish has filed for a listing in the U.S. with a target valuation of around $4 billion. The return of activity in the public placement market is crucial for the entire venture ecosystem: successful exits through IPOs allow funds to secure profits and redirect freed-up capital into new projects, supporting further industry growth.
Diversification of Investments: Not Just AI
In 2025, venture investments are covering an increasingly broad range of sectors and are no longer limited to just artificial intelligence. Following last year's downturn, several adjacent sectors are clearly reviving, making the startup ecosystem more balanced and reducing the risk of overheating in individual niches. Venture capital is confidently expanding its horizons, investing in various directions:
- Fintech: After a lull in 2022–2023, financial technologies are again attracting significant funding rounds not only in the U.S. but also in Europe and emerging markets, fueling the growth of promising financial services.
- Climate and "green" technologies: Projects in clean energy, climate tech, and agri-tech are receiving record investments amid a global trend towards sustainability and decarbonization.
- Biotechnology and healthcare: New developments in pharmaceuticals, genetics, and medical online platforms are again attracting capital as industry valuations recover from previous years' declines.
- Defense and space projects: Amid increased attention to security issues, investors are more actively funding defense technologies and cybersecurity, while interest in space startups grows — from satellite services to space exploration projects.
The expansion of venture capital's sector focus indicates market maturity: investors are diversifying portfolios, and funds are being directed into a wide array of innovative areas, decreasing the market's dependence on a single sector.
A Wave of Consolidation and M&A: Consolidation of Players
High startup valuations and fierce competition for markets are stimulating a new wave of consolidation. Major mergers and acquisitions are coming back to the fore, reshaping the balance of power in the industry. Technology giants are eager to acquire key innovations and talent, stepping into a phase of active acquisitions. A notable example is Google's agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, setting a record for Israel's technology sector. Such mega-deals demonstrate corporations' readiness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and major venture deals is indicative of market maturation. Mature startups are merging with one another or becoming acquisition targets for corporations, while venture funds gain opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and "cleanses" the ecosystem of weaker players, thereby improving the market's health.
Global Expansion of Venture Capital: New Technology Hubs
The investment boom is expanding into new geographic regions, forming its own centers of technological development around the world. The Middle East stands out particularly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented amounts into building local world-class tech hubs. Over the past couple of years, venture investment volume in the Middle East has multiplied, leading to the emergence of new major funds and megaprojects (such as the NEOM technology city in Saudi Arabia). An active influx of capital is also observed in South Asia: India and Southeast Asian countries are setting new records for attracting investments, compensating for the relative cooling of the Chinese market. Simultaneously, the startup ecosystems in Africa and Latin America are gaining strength, where new technology clusters are forming due to increased funding. Thus, venture capital is becoming increasingly global: in addition to traditional centers such as Silicon Valley, New York, or London, new growth points for startups are solidifying on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, in 2025, a revival of startup activity is observed in Russia and neighboring countries. Over the past year, several new venture funds (with a total capital of around 10–15 billion rubles) have emerged, and government structures and large corporations have launched programs to support technological startups. Although the total volume of venture investments in the region remains modest by global standards and significant 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 laying the groundwork for the future — by the time external conditions improve and global investors can actively return to the market. The local focus on developing the startup ecosystem in the Russian Federation and CIS is aimed at ensuring technological sovereignty and preparing the ground for the next generation of entrepreneurs to thrive.
A Renaissance of Interest in Crypto Startups
After a prolonged "crypto winter," the market for blockchain startups is noticeably reviving. In the fall of 2025, financing for crypto projects reached its highest levels in recent years. New major funding rounds are occurring in Web3 infrastructure and decentralized finance (DeFi) segments, with capital flowing back into promising blockchain platforms. The rise of the crypto market has also played a role: the flagship cryptocurrency, Bitcoin, has surpassed the psychological $100,000 mark, which has reignited investor enthusiasm for the sector. Venture funds that were previously very cautious regarding crypto assets are gradually resuming investments in projects at the intersection of technology and finance. New initiatives oriented towards crypto startups are emerging: the launch of specialized funds and incubators for Web3 projects. Of course, the experiences of recent years have taught investors vigilance — volatility and regulatory risks have not diminished. However, cautious optimism has now developed in the market: participants are increasing their presence in the crypto sector, striving not to miss the growth potential of a new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have taken hold in the venture capital industry. Successful IPOs and multi-billion-dollar funding rounds indicate that the lengthy downturn is behind us, and the startup ecosystem is experiencing a new upswing. Nevertheless, investors remain vigilant: funding is concentrating on startups with sustainable business models, proven economics, and real profitability potential. Large capital inflows into AI and other promising areas instill confidence in further market growth, but players are striving not to repeat the mistakes of past bubbles, applying greater scrutiny to valuations and project quality.
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 creating a foundation for another wave of innovation. However, the discipline and calculation of investors will determine the nature of this growth. Despite the increased appetite for risk investments, the key focus remains on the quality growth of startups and the long-term sustainability of the market.
