Latest News in Startups and Venture Investment for Friday, November 21, 2025: The Return of Mega Funds, Major AI Rounds, Reviving IPOs, a Wave of M&A, Increased Interest in Crypto Startups, and New Unicorns. A Detailed Overview for Venture Investors and Funds.
By the end of November 2025, the global venture market continues to confidently recover from the downturns of recent years. According to industry analysts, total venture investments reached approximately $97 billion in the third quarter of 2025—almost 40% higher than the previous year—marking the best quarter since 2021. The "venture winter" of 2022-2023 is behind us, with a noticeable acceleration in the inflow of private capital into tech startups. Major funding rounds and the launch of new mega funds signal a return of investors’ appetite for risk, although they remain selective and cautious.
Growth in venture activity is observed across all regions. The U.S. continues to lead—especially in the artificial intelligence segment—while investment volumes in the Middle East have doubled over the year. In Europe, Germany has surpassed the UK for the first time in terms of the number of deals. In Asia, growth in India and Southeast Asia compensates for the slowdown in China. Emerging tech hubs are also forming in Africa and Latin America; startup ecosystems in Russia and the CIS are striving to keep pace despite external limitations. Overall, the global market is gaining strength, although investors are still making selective investments—primarily in the most promising and resilient projects.
- The Return of Mega Funds and Large Investors. Leading venture players are raising record capital and re-entering the market with investments, rekindling the appetite for risk.
- Record AI Rounds and a New Generation of Unicorns. Mega funding rounds in the AI sector are boosting startup valuations and creating a wave of new companies valued over $1 billion.
- The Revival of the IPO Market. Successful public listings of tech companies and new listing plans confirm that the long-awaited "window" for exits has reopened.
- Diversification of Sectors. Venture capital is flowing not only into AI but also into fintech, green technologies, biotech, defense projects, and other sectors—the investment focus is expanding.
- The Wave of Consolidation and M&A. Major mergers and acquisitions are reshaping the industry landscape, creating opportunities for profitable exits and accelerated company growth.
- Renewed Interest in Crypto Startups. After an extended "crypto winter," blockchain projects are once again receiving significant funding and attracting investor attention.
- Local Focus: Russia and the CIS. New funds and initiatives are emerging in the region to support local startups, drawing investor interest despite external constraints.
The Return of Mega Funds: Big Money Back in the Market
Major investment funds and institutional players are re-entering the venture arena, signaling a new wave of appetite for risk. After the decline in VC fundraising during 2022-2024, leading firms are renewing capital attraction and launching mega funds, demonstrating their belief in market potential. For example, Japanese conglomerate SoftBank is forming the Vision Fund III, amounting to approximately $40 billion, while in the U.S., Andreessen Horowitz is raising a record fund of about $20 billion, focusing on late-stage investments in AI startups.
Sovereign funds from Gulf countries are also becoming active, injecting billions of dollars into tech projects and developing state mega-programs to support the startup sector—world-class tech hubs are forming in the Middle East. Concurrently, numerous new venture funds are being established globally, attracting substantial institutional capital for investments in high-tech sectors. Prominent firms in Silicon Valley have also built up a reservoir of "dry powder": in the U.S. alone, funds have accumulated hundreds of billions of dollars in uninvested capital, ready for action as confidence returns to the market. The influx of this "big money" is injecting liquidity into the startup ecosystem, supporting the growth of promising company valuations. The return of mega funds and large investors not only intensifies competition for the best deals but also instills confidence in the industry regarding continued capital inflow.
Record Investments in AI: A New Wave of Unicorns
The artificial intelligence sector is the primary driver of the current venture upturn, demonstrating unprecedented levels of funding. Approximately half of all venture investments in 2025 are directed towards AI startups, with global investment in AI expected to exceed $200 billion by the end of the year. Investors seek to secure leading positions in this segment, channeling colossal funds into the most promising projects. For example, California's OpenAI has raised approximately $13 billion, while French Mistral AI secured roughly €1.7 billion (about $2 billion)—both of these mega rounds significantly boosted company valuations and underscore the excitement surrounding AI startups.
The current investment boom is generating a new generation of unicorns—companies valued over $1 billion. Recently, the number of such startups is rapidly increasing again. In October 2025 alone, around 20 new unicorns emerged globally, marking the highest monthly figure in the last three years. Despite experts warning of the risk of overheating in the market, investor appetite for AI startups remains unabated.
The IPO Market Awakens: A Window of Opportunity for Exits
Against the backdrop of rising valuations and capital inflows, tech companies are actively preparing for public offerings. After nearly two years of stagnation, a new wave of IPOs is emerging. This was initiated in Asia by Hong Kong: in recent months, several large tech companies have listed, attracting billions of dollars in investments. For instance, the Chinese battery giant CATL successfully placed shares, raising approximately $5 billion, signaling that investors in the region are once again ready to actively participate in IPOs.
The situation is also improving in the U.S. and Europe. American fintech unicorn Chime recently debuted on the stock market, with shares soaring approximately 30% on the first trading day. Shortly after, the design platform Figma held an IPO, raising around $1.2 billion at an estimated valuation of $15-20 billion; its shares also confidently rose in the initial days. In the second half of 2025, several well-known startups—among them the payment service Stripe and a number of other highly valued companies—are preparing for public offerings.
Even the crypto industry is attempting to capitalize on the revival: for instance, fintech company Circle successfully carried out an IPO last summer (its shares then significantly increased), and cryptocurrency exchange Bullish has filed for a U.S. listing with a target valuation of around $4 billion. The resurgence of activity in the public offering market is crucial for the entire venture ecosystem: successful exits enable funds to realize profitable returns and redirect freed-up capital into new projects, supporting further growth in the sector.
Diversification of Sectors: A Broader Investment Horizon
In 2025, venture investments are covering a much wider range of sectors and are no longer focused solely on artificial intelligence. After last year's downturn, fintech is noticeably reviving: significant funding rounds are occurring not only in the U.S. but also in Europe and emerging markets, fueling the growth of promising financial services. Concurrently, there is increasing interest in climate technologies and "green" energy—these areas are attracting record investments amid the global trend towards sustainability.
Investor appetite for biotechnology is also returning: the emergence of new drug developments and medical online platforms is again attracting capital as valuations in the sector recover. Additionally, against the backdrop of heightened security concerns, investors are increasingly supporting defense tech projects. Thus, the sector focus of venture capital is broadening, making the entire startup ecosystem more resilient and reducing the risk of overheating in individual segments.
A Wave of Consolidation and M&A Deals
High startup valuations and fierce competition for markets have led to a new wave of mergers and acquisitions. Major tech corporations are once again actively engaging in deals, reshaping the industry landscape. For example, Google has agreed to acquire Israeli cybersecurity startup Wiz for approximately $32 billion—a record sum for Israel's tech sector.
Such mega deals demonstrate the intentions of tech giants to acquire key technologies and talent. Overall, the current activity in mergers and major venture deals indicates market maturation. Mature startups are merging with each other or becoming targets for acquisition by corporations, while venture investors finally are getting the opportunity for the long-awaited profitable exits. The wave of consolidation accelerates company growth and revitalizes the ecosystem, cleansing it of weaker players.
Renewed Interest in Crypto Startups
After an extended "crypto winter," the market for blockchain startups is visibly revitalizing. By fall 2025, funding for crypto projects has reached heights not observed in recent years. New large rounds are taking place in the Web3 infrastructure and decentralized finance sectors, and capital is once again beginning to flow into promising blockchain platforms. The rise of the crypto market's enthusiasm has also played a role: Bitcoin has surpassed the psychological level of $100,000, spurring investor enthusiasm in the sector.
Venture funds, previously cautious towards crypto assets, are restarting investments in projects at the intersection of technology and finance. New initiatives are also appearing: for instance, funds aimed at crypto startups and incubators for Web3 projects are being launched. Although the events of recent years have taught investors to be cautious (volatility and regulatory risks remain), they are now gradually increasing their presence in the crypto sector, trying not to miss potential growth from new technology platforms.
Local Market: Russia and the CIS
In Russia and neighboring countries, several new venture funds have emerged over the past year, and state organizations and corporations have launched programs to support tech startups. Despite a relatively modest total investment volume and ongoing barriers (high interest rates, sanctions, etc.), the most promising projects continue to attract financing. The gradual formation of its venture infrastructure is already creating a foundation for the future when external conditions improve and global investors can actively return to the region.
Conclusion: Cautious Optimism
Moderately optimistic sentiments currently prevail in the venture capital industry. The rapid growth of startup valuations (especially in the AI segment) somewhat resembles the dot-com bubble era and raises concerns about potential overheating in the market. However, the current excitement simultaneously channels colossal resources and talent into new technologies, laying the foundation for future innovative breakthroughs. By the end of 2025, the startup market has evidently revived: record funding volumes are reported, new IPOs loom on the horizon, and funds have accumulated unprecedented reserves of capital.
At the same time, investors have become noticeably more discerning, preferring to invest primarily in projects with sustainable business models and real growth potential. The main question remains whether high expectations for the AI boom will be justified and whether other sectors can match its attractiveness for capital. So far, the appetite for innovation remains high, and the market looks to the future with cautious optimism.
