Startup and Venture Capital News — Monday, November 24, 2025: Record AI Rounds, The Return of Mega Funds, IPO Market Revival, M&A Consolidation, Global Expansion of the Venture Market, Renaissance of Crypto Startups, and a Wave of New Unicorns
As of late November 2025, the global venture capital market is experiencing steady growth following a period of decline. Investors around the world are actively reinvesting in technology startups, with record deals being closed, companies revisiting IPO plans, and major funds triumphantly returning to the market with significant investments. Governments are increasing their support for innovation and encouraging private capital inflows, which, along with the revival of stock markets, is boosting venture activity. As a result, substantial financial resources are entering the startup ecosystem, although investors remain cautious and selective, favoring startups with sustainable business models and proven economics.
A rise is observable across nearly all regions. According to the latest data, global venture investment volume reached approximately $97 billion in Q3 2025 — a 38% increase from the previous year and slightly above the previous quarter's results. This figure marks the highest quarterly volume since 2021 and represents the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. The primary driver of this surge is the mega rounds in the artificial intelligence (AI) sector, although funding increases are noted at all stages. Venture activity is growing almost everywhere: the U.S. continues to lead (particularly in the rapidly growing AI segment), the Middle East has seen investment volumes grow significantly over the year, and Germany has surpassed the UK in total venture financing for the first time in a decade. Asia shows uneven dynamics, with India, Southeast Asia, and Gulf countries attracting record capital inflows amid a relative slowdown in China. The startup scenes in Russia and CIS countries are also striving to keep pace despite external constraints, with new funds and programs launched to develop local ecosystems. A new global venture boom is emerging, although market participants continue to act carefully and selectively.
Below are key events and trends shaping the venture market as of November 24, 2025:
- The return of mega funds and large investors. Leading venture players are forming record-sized funds and increasing investments, refilling the market with capital and reigniting risk appetite.
- Record rounds of investment in AI and a new wave of unicorns. Unprecedented capital infusions into AI startups are driving company valuations to unseen heights, fostering the emergence of numerous new unicorns.
- Revival of the IPO market. Successful IPOs of tech companies and new offerings indicate that the long-awaited "window" for public placements has reopened.
- Diversification of sector focus. Venture capital is being directed not only into AI but also into fintech, biotech, climate technologies, space and defense projects, as well as other sectors of the economy.
- A wave of consolidation and major M&A deals. Large-scale mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new exit opportunities and accelerating growth for startups.
- 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 lengthy "crypto winter," the blockchain project sector is revitalizing, once again attracting significant venture investments amidst the rising cryptocurrency market.
- Local focus: Russia and CIS countries. New funds and initiatives for developing local startup ecosystems are emerging in the region, attracting investor attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back in the Market
The largest investment funds and institutional players are confidently returning to the venture arena, signaling a new surge in risk appetite. Following a downturn in VC fundraising during 2022–2024, leading firms are renewing capital-raising efforts and announcing mega funds. The Japanese conglomerate SoftBank, having overcome recent hardships, announced the launch of the Vision Fund III, sized at approximately $40 billion, focused on cutting-edge technologies (AI, robotics, etc.). In the U.S., venture firm Andreessen Horowitz plans a record fund of ~$20 billion, betting on investments in late-stage AI startups. Meanwhile, sovereign funds from Gulf countries are significantly expanding their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide and launching large-scale programs to develop their own tech hubs. Dozens of new venture funds have emerged in all key regions, attracting substantial institutional capital for investments in high-tech projects. This influx of "big money" is filling the market with liquidity and intensifying competition for the most promising deals while 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, showing unprecedented levels of financing. Since the beginning of 2025, AI startups have collectively raised over $160 billion just in the U.S. (about two-thirds of all venture investments in the country), and analysts predict that by the end of the year, global investments in AI companies will exceed $200 billion — an unprecedented level for the industry. The total valuation of the ten largest AI startups (including leaders like OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. This remarkable influx of capital in AI is accompanied by the emergence of many new unicorns. In October 2025 alone, about 20 new startups with valuations exceeding $1 billion emerged globally — a record monthly addition to the unicorn club in recent years. Investors are eager to support projects in areas such as generative AI, AI infrastructure, autonomous systems, and other cutting-edge fields. Moreover, almost weekly, news of new mega funding rounds is reported: for example, in November, the American company Lambda (cloud infrastructure for AI) raised about $1.5 billion, market prediction platform Kalshi — $1 billion, and multimodal AI systems developer Luma AI closed a round at $900 million. Such scales of venture funding have not been seen since the peak of 2021. While such rapid growth inspires optimism about the potential of these technologies, some experts warn of signs of overheating in certain niches. This leads investors to be more discerning regarding valuations and to select truly high-quality projects.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is beginning to emerge from a lengthy lull and is picking up speed. After nearly two years of stagnation, a revival of IPOs as a desirable exit mechanism for venture investors is taking shape. In Asia, Hong Kong has sparked the start of a new wave of IPOs: over the past few months, several large tech companies have gone public, collectively raising billions of dollars. For instance, the Chinese battery manufacturer CATL successfully conducted an offering, raising about $5 billion and proving 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: the American fintech unicorn Chime recently debuted on the stock exchange, with its shares rising approximately 30% on the first trading day. Shortly after, the design platform Figma conducted an IPO, attracting around $1.2 billion at a valuation of about $20 billion; its shares also confidently rose during the initial trading days. In the second half of 2025, several well-known startups are also preparing for public market entry — among them the payment giant Stripe and a number of highly valued tech companies.
The crypto industry is also eager to take advantage of this revival: fintech company Circle successfully went public last summer (its market capitalization at IPO was around $7 billion, and subsequently, shares significantly increased), and the cryptocurrency exchange Bullish has filed for listing in the U.S. with a target valuation of around $4 billion. The return of activity in the public offerings market is crucial for the entire venture ecosystem: successful exits via IPO allow funds to realize profits and redirect freed capital into new projects, supporting further industry growth.
Diversification of Investments: Not Just AI
In 2025, venture investments are encompassing an increasingly broader range of industries and are no longer confined to artificial intelligence alone. Following the downturn of previous years, adjacent sectors are noticeably reviving, making the startup ecosystem more balanced and reducing risks of overheating in specific niches. Venture capital is confidently expanding its horizons by investing in diverse areas:
- Fintech: After a pause in 2022–2023, fintech is again attracting large funding rounds not only in the U.S. but also in Europe and emerging markets, fueling the growth of new digital services.
- Climate technologies: Projects in clean energy, climate tech, and agri-tech are receiving record investments amid the global trend towards sustainable development and decarbonization.
- Biotech and healthcare: New developments in pharmaceuticals, genetics, and digital health are once again attracting capital as the industry’s valuations recover from the recent downturn.
- Defense and space projects: Amid growing attention to security, investors are increasingly financing defense technologies and cybersecurity. Simultaneously, interest in space startups is rising — from satellite services to space exploration projects.
The expansion of sector focus indicates the maturity of the venture market: investors are diversifying portfolios, and funds are being directed into a variety of innovative fields, reducing the ecosystem's dependence on a single dominant direction.
A Wave of Consolidation and M&A: Increasing Players
High valuations of startups and intense market competition are stimulating a new wave of consolidation. Major mergers and acquisitions are once again coming to the forefront, reshaping the balance of power in the industry. Tech giants are eager to acquire key innovations and talents, embarking on active acquisition trails. A notable example is Google’s agreement to acquire the Israeli cybersecurity startup Wiz for approximately $32 billion, a record sum for the Israeli tech sector. Such megadeals demonstrate corporations’ readiness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and significant venture deals points to market maturation. Mature startups are merging with one another or becoming targets for acquisitions by corporations, while venture funds see opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies while also "cleaning up" the ecosystem from weaker players, making the market healthier.
Global Expansion of Venture Capital: New Technology Hubs
The investment boom is spreading to new geographical regions, forming significant centers of technological development worldwide. The Middle East is particularly prominent: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented amounts into creating local tech hubs of global caliber. Over the past couple of years, the volume of venture investments in the Middle East has increased several times, leading to the emergence of new large funds and megaprojects (for example, the futuristic tech megacity NEOM in Saudi Arabia). A strong influx of capital is also observed in South Asia: India and Southeast Asian countries are setting new records for attracting venture investments, partially compensating for the relative cooling of the Chinese market. Simultaneously, startup ecosystems in Africa and Latin America are gaining strength, with new technology clusters forming thanks to increased funding. Thus, venture capital is becoming increasingly global: beyond traditional hubs like Silicon Valley, New York, or London, new growth points for startups are solidifying on the world map.
The Local Market: Russia and CIS Countries
Despite external constraints, 2025 has seen a revival of startup activity in Russia and neighboring countries. Over the past year, several new venture funds (with total capital of around 10–15 billion rubles) were established, and government structures and corporations have launched support programs for tech startups. Although the total volume of venture investments in the region remains modest by global standards and serious barriers persist (high interest rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual formation of a local venture infrastructure is already creating a base for the future — by the time external conditions improve and global investors can return to the market more actively. The local focus on developing the startup ecosystem in Russia and CIS aims to ensure technological sovereignty and prepare the ground for the next generation of entrepreneurs.
A Renaissance of Interest in Crypto Startups
Following a protracted "crypto winter," the market for blockchain startups is noticeably reviving. In the fall of 2025, funding for crypto projects reached its peak in several years. New major rounds are occurring in the segments of Web3 infrastructure and decentralized finance (DeFi), and venture capital is again flowing into promising blockchain platforms. The rise of the cryptocurrency market has also played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological threshold of $100,000, which has heightened investor enthusiasm towards the sector. Venture funds, previously cautious with crypto assets, are gradually resuming investments in projects at the intersection of technology and finance, with new specialized funds and incubators for Web3 startups emerging. Of course, the experiences of previous years have taught investors to be cautious — volatility and regulatory risks still exist. However, there is now a measured optimism in the market: participants are increasing their presence in the crypto sector, striving not to miss out on the growth potential of the new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have solidified within the venture capital industry. Successful IPOs and multi-billion-dollar funding rounds demonstrate that the extended downturn is behind us, and the startup ecosystem is entering a new phase of growth. Nevertheless, investors remain vigilant: funding is increasingly concentrated on startups with sustainable business models, proven economics, and clear paths to profitability. Significant infusions of capital into AI and other promising directions instill confidence in further market growth, but players are keen to avoid repeating past bubble mistakes, taking a stricter approach to project evaluation and 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 lay the foundation for another wave of innovation. However, the discipline and prudence of investors will shape the nature of this growth. Despite the increased appetite for risk investments, the focus remains on quality growth for startups and the long-term sustainability of the market.
