Global Startup and Venture Capital News for November 29, 2025: The Return of Mega Funds, Record Investments in AI, a Wave of New Unicorns, Resurgence of the IPO Market, Surge in M&A Deals, and the Formation of New Technology Hubs Worldwide. An Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is confidently emerging from a prolonged downturn of recent years. Industry analysts estimate that the cumulative volume of venture investments reached approximately $97 billion in the third quarter of 2025—nearly 40% higher than the previous year and the best quarterly result since 2021. The extended "venture winter" of 2022–2023 is now behind us; the influx of private capital into tech startups is accelerating considerably. Large funding rounds and the launch of new mega funds indicate a return of risk appetite among investors, although they continue to prefer selective and cautious investments.
Venture activity is rising across almost all regions of the world. The United States maintains its leading position, especially due to the booming AI sector. Investment volumes in the Middle East have multiplied over the past year, while in Europe, Germany has overtaken the UK in total venture capital for the first time in a decade. In Asia, the dynamics are uneven: India, Southeast Asian countries, and Gulf states are attracting record flows of capital amidst a relative decline in activity in China. New technology hubs are forming in Africa and Latin America. The startup ecosystems of Russia and the CIS countries are striving to keep pace, despite external constraints. Overall, the global landscape indicates the emergence of a new venture boom, although investors are still focusing on the most promising and resilient projects.
The key events and trends shaping the venture market as of November 29, 2025, are outlined below:
- The return of mega funds and large capital. Leading venture players are forming record funds and actively injecting significant amounts of money into the market, filling the ecosystem with capital and reviving the appetite for risk.
- Record AI rounds and a new wave of unicorns. Unprecedented investments are driving startup valuations to unseen heights, particularly in the AI segment, leading to the emergence of numerous new companies valued over $1 billion.
- Revival of the IPO market. Successful listings of tech unicorns and new listing applications indicate that the long-awaited "window" for public offerings has reopened.
- Industry focus diversification. Venture capital is directed not only into AI but also into fintech, biotech, climate technologies, space, defense, and other projects, broadening market horizons.
- A wave of consolidation and M&A deals. Major mergers, acquisitions, and 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 new technology hubs.
- Renewed interest in crypto startups. After a prolonged "crypto winter," blockchain projects are again attracting significant funding and attention from venture funds and corporations.
The Return of Mega Funds: Big Money is Back in the Market
The largest investment funds and players are making a triumphant return to the venture scene—a clear sign of a new surge in risk appetite. After a downturn in 2022–2024, leading firms are once again actively raising capital and launching record-sized funds.
Japan's SoftBank has announced the launch of its Vision Fund III with a volume of around $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the US, Andreessen Horowitz is forming a fund of approximately $20 billion to finance late-stage AI startups. Simultaneously, sovereign funds from the Gulf are increasing their presence in the tech sector: investors from the Middle East are pouring billions into promising startups worldwide and launching ambitious projects to build their own tech hubs. New venture funds are emerging across all regions, attracting significant institutional capital into high-tech projects. The influx of this "big money" is filling the market with liquidity, intensifying competition for the most promising deals, and simultaneously instilling confidence in further capital inflows.
Record Investments in AI: A Wave of New Unicorns
The artificial intelligence sector remains the main driver of the current venture upswing, demonstrating unprecedented levels of funding. Since the beginning of 2025, AI startups in the US alone have raised over $160 billion (approximately two-thirds of all venture investments in the country), and by the end of the year, global investments in AI are projected to exceed $200 billion—a level unseen before. The combined valuation of the ten largest AI companies has approached an astronomical $1 trillion. The massive influx of capital into AI is accompanied by the emergence of many new unicorns: in October 2025 alone, around 20 startups globally surpassed valuations of $1 billion for the first time—a record monthly influx into the unicorn club. Investors are eagerly funding projects in areas such as generative AI, AI infrastructure, autonomous systems, and other advanced fields.
Almost every week, announcements are made regarding new mega rounds. For instance, in November, the American cloud AI infrastructure provider Lambda raised approximately $1.5 billion, the predictive markets platform Kalshi secured $1 billion, and the multimodal AI systems developer Luma AI raised $900 million. While such rapid growth instills optimism about the potential of these technologies, experts warn of signs of overheating in certain niches. This pushes investors to be more selective with valuations and to seek truly quality projects.
IPO Market Revives: New Wave of Public Offerings
The global IPO market is gradually emerging from a prolonged lull and is gaining momentum. After nearly two years of inactivity, public offerings are once again becoming a sought-after exit strategy for venture funds. In Asia, Hong Kong has opened a new wave of IPOs: in recent months, several large tech companies have gone public, collectively raising billions of dollars. For example, the Chinese company CATL raised around $5 billion during its listing, confirming investor interest in IPOs in the region.
The situation in the US and Europe is also improving: American fintech unicorn Chime recently debuted on the stock market, and its shares rose approximately 30% on the first day. Shortly thereafter, the design platform Figma conducted its IPO and raised about $1.2 billion at a valuation of approximately $20 billion. The crypto industry is also trying to capitalize on the revival: fintech company Circle successfully went public in the summer (market capitalization around $7 billion), and crypto exchange Bullish submitted a listing application in the US with a target valuation of approximately $4 billion. The revival of IPOs is extremely important for the venture ecosystem: successful placements allow funds to recoup their investments and confirm the viability of funded business models, restoring market liquidity and strengthening investor confidence.
Diversification of Industry Focus: Horizons are Expanding
In 2025, venture investments encompass a much broader range of industries and are no longer limited to artificial intelligence alone. Following a downturn in 2024, there has been a revival in fintech: new fintech startups are once again securing large funding rounds, particularly in payment systems and decentralized finance (DeFi). For instance, the American fintech decacorn Ramp raised $300 million at a valuation of approximately $32 billion (this is already the fourth round for this startup in 2025), indicating a resurgence of investor interest in financial technologies. Rapid growth is also seen in climate ("green") technologies—responding to the global demand for sustainable development, investors are eagerly funding projects in renewable energy and reducing carbon footprints.
Investors are also returning to biotechnology and medtech: major players (particularly in Europe) are creating specialized funds to support pharmaceutical and medical startups. Space and defense technologies are also coming to the forefront—geopolitical conditions and the successes of private space companies are stimulating investments in satellite constellations, rocket construction, drone systems, and military AI. The industry focus of venture capital has significantly broadened, enhancing the market's resilience: even if the hype surrounding AI eventually diminishes, other sectors are ready to take up the mantle of innovation.
Wave of Consolidation and M&A: The Industry is Changing Shape
High startup valuations and fierce market competition are prompting a new wave of consolidation. Major mergers and acquisitions are again coming to the forefront, reshaping the balance of power in the industry. Tech giants are keen to acquire cutting-edge developments and talent, actively pursuing promising companies. A prime example is Google's agreement to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, marking a record for the Israeli tech sector. Such mega-deals demonstrate the willingness of corporations to invest in innovation to strengthen their positions.
Overall, the surge in M&A activity signals market maturation. Mature startups are merging with one another or becoming targets for acquisitions, while venture funds have the opportunity for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies while "cleansing" the ecosystem of weaker players, thereby revitalizing the market.
Global Expansion of Venture Capital: New Technology Hubs
The investment boom is spreading to new regions, creating its own technology hubs around the globe. The Middle East stands out in particular: sovereign funds from Gulf nations are directing unprecedented amounts of capital into tech companies while simultaneously developing ambitious mega-projects (for instance, the city of the future NEOM in Saudi Arabia). In South Asia, India and Southeast Asian nations are attracting record flows of capital, while in Europe, the balance of power is shifting—Germany has overtaken the UK in venture investments for the first time in a decade.
New startup ecosystems are forming in Africa and Latin America as global investors turn their attention to these promising markets. Local entrepreneurs—from Nigeria to Brazil—are gaining access to capital for growth, creating regional innovation centers. This global expansion of venture capital reduces reliance on traditional tech hubs and stimulates innovation everywhere, laying the groundwork for the next generation of startups in diverse corners of the planet.
Renewed Interest in Crypto Startups: The Market Awakens After the "Crypto Winter"
Following a prolonged "crypto winter," the market for blockchain startups has noticeably revived. In the fall, the volume of funding for crypto projects reached a peak not seen in recent years. Major rounds are occurring in Web3 infrastructure and decentralized finance, and venture capital is once again flowing into promising blockchain platforms. The rise in the cryptocurrency market has also played a role: Bitcoin surpassed the $100,000 mark, fueling investor enthusiasm. Venture funds, having stayed on the sidelines for a long time, are gradually returning to the crypto sector; new specialized funds and incubators for Web3 projects are emerging.
Of course, volatility and regulatory risks persist, but cautious optimism is evident: market participants are eager not to miss out on the new wave of growth. Total investments in crypto startups in 2025 have already exceeded $20 billion—more than double that of 2024—and could reach $25 billion by year-end. All of this signals a renaissance for the sector: after purging the market of speculation, the focus has shifted to real blockchain use cases, once again attracting "smart" money.
Cautious Optimism and Sustainable Growth
By the end of 2025, there is a sense of cautious optimism in the venture capital industry. Successful IPOs and large funding rounds indicate that the downturn period is behind us, and the startup ecosystem is witnessing a new upswing. However, investors remain cautious: capital is increasingly going to startups with sustainable business models, proven economics, and real profit potential.
Massive inflows of capital into AI and other sectors instill confidence in continued market growth, but participants seek to avoid repeating the mistakes of past "bubbles," carefully selecting projects and realistically assessing their potential. The return of large investors, the emergence of new unicorns, and successful public offerings have laid the foundation for another wave of innovation; however, the discipline and calculated approach of investors will define the nature of this growth. Despite an increased appetite for risk, the focus remains on the qualitative growth of startups and the long-term sustainability of the market.
