Main Startup and Venture Capital News for Friday, September 5, 2025: Mega Funds, Record AI Rounds, IPO Revival, Renaissance of Crypto Startups, Defense Technologies, and Regional Trends. Analysis for Venture Investors and Funds.
By September 2025, the global venture capital market is steadily recovering after several years of decline. Investors worldwide are once again actively funding tech startups: multimillion-dollar deals are being struck, and the IPO plans of promising companies are back in the spotlight. Major funds and corporations are resuming significant investments, while governments in various countries are expanding support for innovative businesses. As a result, private capital is actively flowing into the startup ecosystem, providing young companies with the liquidity needed for growth. Preliminary estimates indicate that the first half of 2025 was the most successful since 2021, with startups in the US and Canada raising about $145 billion (+43% compared to the same period last year) largely due to a series of mega-rounds in the AI sector.
Venture activity is now encompassing all regions of the world. The United States continues to lead (especially due to massive investments in AI startups), while the volume of investments in startups in the Middle East has doubled compared to last year. In Europe, a significant shift has occurred: Germany has surpassed the UK in terms of venture capital investments for the first time in a decade, strengthening the position of continental hubs. The Asian landscape is uneven: while there is a downturn in activity in China (due to regulatory risks), India, Southeast Asia, Israel, and the Gulf countries are attracting record capital. The startup ecosystems in Russia and the CIS are also striving to keep pace, despite external limitations. A new global venture boom is taking shape, although investors remain selective and cautious in their deal-making.
Let us take a closer look at the key trends and news shaping the agenda for September 5, 2025:
- The return of mega funds and large investors. Leading venture capital funds are forming unprecedentedly large funds and increasing their investments, once again saturating the market with capital and increasing their risk appetite.
- Megarounds of funding and new “unicorns” in AI. Huge investments are driving startup valuations to unprecedented heights, especially in the AI segment.
- The revival of the IPO market. Successful listings of tech companies and new applications confirm that the long-awaited “window of opportunity” for exits has reopened.
- The renaissance of crypto startups. The rise of the digital assets market has revived interest in blockchain projects, boosting the influx of capital into the crypto industry.
- Defense technologies and robotics are attracting capital. Geopolitical factors are stimulating investments in military developments, aerospace projects, and robotics systems.
- Diversification of industry focus. Venture capital is now flowing not only into AI but also into fintech, climate projects, biotechnology, and other sectors, expanding market horizons.
- A wave of consolidation: growth in M&A deals. Major mergers, acquisitions, and strategic investments are reshaping the industry landscape, creating new opportunities for exits and accelerated company growth.
- Global expansion of venture capital. The investment boom is spreading to new regions—from the Gulf countries and South Asia to Africa and Latin America—where new tech hubs are forming.
- Local focus: Russia and the CIS. Despite limitations, new funds and initiatives to develop local startup ecosystems are emerging in the region, attracting investors' attention to local projects.
The Return of Mega Funds: Big Money Back in the Market
The largest investment players are triumphantly returning to the venture arena, signaling a renewed appetite for risk. The Japanese conglomerate SoftBank is launching its third Vision Fund with around $40 billion, targeting advanced technologies (with a focus on AI and robotics) after a pause. The well-known Silicon Valley firm Andreessen Horowitz (a16z) is forming its own “megafund” of approximately $20 billion, aimed at investing in later-stage American startups. At the same time, sovereign funds from Gulf countries are actively ramping up efforts: the governments of the UAE, Saudi Arabia, and other states are injecting billions into tech projects worldwide and implementing large-scale state programs to support startups in the Middle East.
Meanwhile, dozens of new venture funds (including corporate ones) are being created globally, attracting significant institutional capital for investments in high-tech industries. Leading investors currently have unprecedented reserves of uninvested funds (“dry powder”): in the US alone, over $300 billion is available for investment as confidence returns to the market. The influx of such “big money” saturates the startup ecosystem with liquidity, intensifying competition for the best deals while simultaneously strengthening confidence in future capital inflows. The return of mega funds and large institutional investors illustrates that the market is once again ready to finance the ambitious plans of startups.
AI Megarounds: A New Wave of Unicorns
In 2025, investments in the artificial intelligence sector have reached unprecedented levels. Estimates indicate that since the beginning of the year, AI startups have collectively raised over $120 billion—about half of all global venture investments, already surpassing the total for 2024. Investors worldwide are eager to back the most promising AI projects, leading to multi-billion-dollar deals and sharp increases in company valuations.
Among the largest recent rounds:
- Anthropic (USA) — raised about $13 billion in a Series F round (led by ICONIQ) with a valuation of approximately $183 billion; the developer of “safe AI” has become one of the most valuable startups globally, more than tripling its valuation since the beginning of the year.
- OpenAI (USA) — is negotiating a record raise of $30–40 billion from a consortium of investors led by SoftBank and Microsoft; if completed, this deal would be one of the largest in the history of the tech sector.
- Mistral AI (France) — the next-generation European AI startup is close to raising ~$2.3 billion in investments at a valuation of around $14 billion, highlighting the global nature of the race for AI leadership.
- Databricks (USA) — has agreed to raise ~$1 billion in a Series K round with a company valuation exceeding $100 billion, solidifying its status as one of the most valuable private AI companies in the world.
These impressive megarounds reflect immense investor appetite for the AI direction. Capital is pouring into the development of large language models, generative AI, robotics, and related technologies capable of radically transforming entire industries. The value of sector leaders has increased manifold in a short period, and competition among funds for promising AI projects has reached acute levels.
IPO Market Revives: A Window of Opportunity for Exits
After a prolonged pause, tech companies are once again going public—and quite successfully. The year 2025 has been marked by a series of successful IPOs that are restoring optimism among venture investors regarding the prospects of their investments. Since the beginning of the year, there have been about 225 IPOs on American exchanges—approximately 85% more than in the same period of 2024, indicating a noticeable revitalization of the market.
Among the largest recent listings:
- Figma (USA) — the cloud-based design software developer debuted on the NYSE with a valuation of around $18 billion. High investor demand led to shares being priced above the forecast range and ensured a substantial increase in quotes on the first trading day.
- Circle (USA) — the issuer of the USDC stablecoin conducted its long-anticipated listing in June; the current company market capitalization exceeds $40 billion, and the shares have risen more than 5 times compared to the IPO price.
- CoreWeave (USA) — cloud infrastructure provider for AI went public in the spring (~$30 billion valuation) and had reached a market capitalization of approximately $52 billion by the end of summer, more than doubling its share value amid high demand for AI resources.
The success of these debuts restores faith in the public market as an “exit” mechanism for venture projects. Observing the rise in quotes for new issuers, many later-stage startups are reconsidering IPOs as a viable growth option, preferring it over subsequent private rounds. A lineup of companies seeking to take advantage of the opened window of opportunities is forming: in the coming months, listings from startups across various sectors (including the crypto industry) are anticipated, hoping to secure success in the public market.
Crypto Startups Experience a Renaissance
The rise of the cryptocurrency market in 2025 has led to a revival of investor interest in blockchain startups and fintech projects related to digital assets. Bitcoin has approached its historic high (~$120,000), instilling optimism in the industry and marking the beginning of a new "crypto spring" after a prolonged crypto winter. Against this backdrop, several major market players are stepping back into the limelight:
- Gemini — a major American cryptocurrency exchange (founded by the Winklevoss brothers) has submitted a confidential IPO application, aiming to attract capital for global expansion amid increased interest in crypto assets.
- BitGo — one of the leading providers of digital asset custody services is also targeting the public market, seeking to take advantage of the growing demand from institutional investors for crypto infrastructure.
In the private sector, venture funding for blockchain projects is gradually reviving compared to previous years. Investors are again willing to take risks in DeFi, cryptocurrency exchanges, and Web3 infrastructure, banking on greater regulatory clarity and mass adoption of crypto technologies. Although deal volumes in this segment still fall short of the records set in 2021, a clear upward trend is emerging, signaling a new resurgence of the crypto industry.
Defense Technologies and Robotics Attract Capital
Geopolitical conditions and technological breakthroughs are stimulating growth in investments in the defense, aerospace, and robotics sectors. Startups developing solutions for security and military applications are receiving funding not only from private venture funds but also with the support of government programs. Some notable deals in this direction include:
- Anduril (USA) — a developer of defense systems based on AI raised about $2.5 billion to expand the production of autonomous drones and surveillance systems. This round was one of the largest of the year and demonstrated investor confidence in next-generation military technologies.
- Stark (Germany) — a startup developing autonomous strike drones secured $62 million (the round led by Sequoia Capital with participation from the NATO Innovation Fund and others) with a valuation of about $500 million. The involvement of NATO and strategic investors underscores the significance of drone systems in the modern market.
- Figure AI (USA) — a humanoid robotics startup raised about $1.5 billion in funding for the development of next-generation humanoid robots. Such large investments indicate a high priority placed on "deep" technologies by venture funds.
In addition to military projects, venture investments are also targeting related areas: cybersecurity, space technologies, and new materials. There remains high interest in satellite constellations and commercial space launches. Long-term security needs make defense technologies one of the fastest-growing segments of venture capital alongside traditional digital services.
Diversification: Fintech, Climate Projects, and Biotech
Despite the dominance of AI on the agenda, venture investors are actively exploring other sectors, diversifying their portfolios. In the fintech sector, a resurgence is being observed following a downturn: major fintech companies are once again raising significant funds, and collaboration with traditional financial institutions is intensifying. For example, the Swedish BNPL giant Klarna has secured a strategic partnership worth $26 billion to accelerate growth in the US market, signaling the ongoing appetite for fintech unicorns. A number of neobanks and payment platforms worldwide are also successfully raising growth rounds, indicating a return of investor confidence in the sector.
Climate and environmental technologies continue to be in focus, thanks to government programs and business demand for sustainable development. Venture funds and corporate players are investing in projects related to renewable energy, energy storage, electric transport, and waste recycling. For instance, the European fund Cathay Innovation raised $1 billion in August for investments in climate and AI-oriented initiatives, while startups in nuclear and hydrogen energy are closing funding rounds amounting to hundreds of millions of dollars.
The biotech boom is also continuing. Advances in medicine—ranging from innovative drug developments to genetic research—are stimulating venture investments in biotech and healthcare. Startups developing new therapies (for example, against obesity or aging) are attracting significant investments, and several biotech companies are successfully going public. Earlier this year, several biotech IPOs demonstrated multiple increases in stock values post-listing. Investors see substantial prospects in the combination of biotechnology with AI and big data, opening new horizons for growth. Overall, the diversification of industry focus indicates that venture capital is actively exploring adjacent areas to AI—from finance and environmental solutions to medicine and industry—reducing risks and encompassing a broader spectrum of innovations.
A Wave of Consolidation and M&A Deals
Concurrently with the investment boom, there is rising activity in the mergers and acquisitions market. High valuations of many startups and fierce competition for new markets are pushing the industry toward consolidation. Major M&A deals are once again coming to the forefront, reshaping the balance of power in the tech sector. For example:
- Google + Wiz — Google agreed to acquire the Israeli cloud cybersecurity startup Wiz for approximately $32 billion. This record sum for the Israeli industry confirms the readiness of tech giants to spend massive amounts for strategic technologies.
- SoftBank + Ampere — the Japanese investor SoftBank is acquiring the American processor developer Ampere Computing for about $6.5 billion; the deal is aimed at strengthening SoftBank's position in the chip industry and will become one of the largest in the year in the semiconductor segment.
Such mega-deals demonstrate the intentions of tech giants to acquire advanced developments and strong teams. The activation in the field of acquisitions and strategic investments indicates the maturing of the market: successful late-stage startups are either merging with one another or becoming targets for corporations, while venture investors are receiving the long-awaited opportunities for profitable exits. The wave of consolidation accelerates the growth of the most promising companies and brings significant capital back into the venture ecosystem. It is expected that the trend toward consolidation will continue in the coming quarters, especially in segments with overheated competition or requiring substantial resources for scaling.
Global Expansion of Venture Capital
The venture boom of 2025 is marked by an increasingly broad geographic scope. In addition to traditional centers (the US, Western Europe, China), capital inflow is intensifying in new markets worldwide. In the Middle East, Gulf countries are directing record funds into startups through sovereign funds, creating regional tech hubs in the UAE and Saudi Arabia. In South Asia, the rapid growth of Indian and Southeast Asian ecosystems continues to attract unprecedented investment volumes. Africa is also making its mark—successes of startups from Nigeria, Egypt, Kenya, and other countries are drawing global funds' attention to the African market.
The most impressive dynamics are observed in developing markets:
- MENA (Middle East) – startups in the region collectively raised about $2 billion in the first half of 2025 (+130% compared to the previous year). The main contributors are the UAE and Saudi Arabia, which have launched several mega-rounds and new funds.
- Africa – the funding volume for African startups reached ~$1.3 billion over the six months of 2025 (a ~80% year-on-year increase). Record deals took place in Nigeria, Egypt, and South Africa, drawing attention to local fintech and agtech projects.
- Latin America – venture investments in the region grew by 15–20% in Q2 2025 (quarter-on-quarter). For the first time since 2012, Mexico outpaced Brazil in terms of investment volume due to large fintech rounds (for instance, the Mexican startup Klar raised $170 million).
In Europe, Germany, France, and Scandinavian countries are strengthening their positions, while in the UK, the pace of venture investments has noticeably slowed down after Brexit. The situation in Asia is mixed: amid declining activity in China, government support for strategic technologies is stimulating targeted investments, while in India, Southeast Asia, and Israel, deal volumes remain at record-high levels. Thus, the global startup ecosystem is becoming more distributed: aside from Silicon Valley and China, new centers of innovation are gaining momentum in various corners of the world. For investors, this means expanded opportunities—promising projects can now emerge anywhere from Dubai and Bangalore to Nairobi or Mexico City.
Russia and CIS: Adaptation and New Opportunities
The Russian venture market, which has gone through several challenging years, is gradually emerging from the “venture winter” and adapting to new conditions. Despite international restrictions and capital outflows, stabilization was noted in the second half of 2024, and by the end of 2025, market participants expect further revitalization. Domestic investors and corporations are launching new funds, accelerators, and initiatives to support tech projects. Development institutions (such as Skolkovo and the Russian Venture Company) are offering grants, tax incentives, and co-financing programs, partially compensating for the reduction of foreign investments. Meanwhile, many startup founders from Russia are seeking growth opportunities abroad, leading to the emergence of global companies with Russian roots.
Even under challenging conditions, successful cases are emerging that demonstrate the ecosystem's viability. For instance, the Krasnodar-based food tech startup Qummy this year raised about 440 million rubles at a valuation of ~2.4 billion rubles—this deal showcased the return of interest from private investors and banks in the domestic market. A number of major financial institutions have announced the creation of new venture funds to operate in Russia: for example, the PSB Bank launched a fund with a volume of 12 billion rubles for investments in IT startups, investment company Kama Flow formed a fund of 10 billion rubles, and the Tinkoff ecosystem is developing the T-Invest fund for investments in fast-growing projects. With government support, attracting capital from “friendly” countries is being simplified, opening doors for new capital inflows into the tech sector.
Although absolute volumes of venture investments in the RF and CIS are still modest by global standards, they are steadily increasing. According to the Russian Venture Company, about $80 million was invested in Russian tech startups in the first half of 2025 (approximately 70% more than the previous year). The focus is shifting to projects in AI, import substitution, cybersecurity, and B2B services for corporate clients—directions that are most in demand in the current realities. Experts note that the regional ecosystem is adapting to new conditions: the most resilient teams continue to receive funding, and deals are even being closed at the seed stage. If the macroeconomic situation remains stable, venture investments in the region have a chance for further progressive growth and closer integration with global trends.
