2025年度全球风险投资状况回顾报告：私募市场交易、投融资和退出数据及分析 State of Venture Global 2025 recap

StateofVenture

Global|2025recap

Globaldataandanalysisondealmaking,funding,andexitsbyprivatemarketventurecompanies

StateofVenture

Actionisbetter.

Wetrackandcomparetheworld’scompanies.OurAIagentskeepyouastepaheadofcompetitorsand

disruption.Trustedbytheworld'ssmartestcompanies:

Everybigtechcompany.Everytopprofessionalservicesfirm.26ofthetop30banks.AlltenFortune10companies.PutourAIagentstoworktoday.

▮StartfreetIriaIlIII

escBINSIGHTS©2026CBInsights|2

StateofVenture

“Steal”ourdata.

Downloadtheunderlyingdatainthisreport.Ifyoucreate

anyanalysisorvisualizationswiththisdata,senditour

wayandyoucouldbefeaturedintheCBInewsletter.

@usonsocial一

LinkedInX(Twitter)Instagram

▮DownloadtherawdIataIII

CBINSIGHTS

©2026CBInsights|3

TL;DR

Yourrundownon venturein2025

$469B

Annualventurefunding.

Globalventurefundingrose47%to$469B—withQ4

hitting$152B,thebestsinceQ1’22.However,overalldealcountfell17%,evenas

mega-rounddealsincreased77%for65%oftotalfunding.

Meanwhile,USstartups

raised$328B—70%ofglobalfunding.Thisdominance

meansUSmarketshiftscouldcauseoutsized

impactsonglobalventure.

Seethedata→

CBINSIGHTS

48%

VenturefundingforAIcompanies.

AIcompaniesraised$226Bin2025,capturing48%oftotalventurefunding—thelargestshareonrecord.ThebiggestroundswenttoAIstartups,

ledbyOpenAIandAnthropic.Investorsarebettingon

winner-take-alldynamics,butiftechnicallimitations,costs,orregulationsdisruptAI,fewothersectorscanoffsetthedamage.

Seethedata→

$40.7B

Roboticsfundingin2025.

Roboticscompaniesraisedarecord$40.7Bin2025—9%oftotalventurefunding.

Industrialhumanoidrobotsledallmarketswith80deals,whilephysicalAImodel

developersrankedamongthetopmarketsbyMosaicscore.

Momentumreflectsinvestorconfidenceinwhatcould

definethenextAIwave.

Seethedata→

$2T+

Valueofthetop10privatecompanies.

Thetop10privatecompaniesreached$2T+incombined

valuations.OpenAI($500B)andAnthropic($350B)

commandedmassive

premiums,butByteDance

($480B)andSpaceX($400B)provedthatnon-AI

companiescancompete.

Thequestioniswhether

thesepremiumsreflect

fundamentalvalueora

potentialcorrectionahead.

Seethedata→

213

DealsfromtheleadingSMVC.

SmartMoneyVCs—the25best-performinginvestors

overthepastdecade—wereledbyGeneralCatalystwith213dealsin2025.

Thetop10SMVCmarkets

wereallAI-focused.The

mostinfluentialinvestorsareessentiallyrunning

concentratedAIfunds,notdiversifiedportfolios.

Seethedata→

©2026CBInsights|4

TL;DRStateofVenture

Fundingreaches$469Bin2025,

withAIandmega-roundsdominating

Annualequityfundinganddealcount

StateofVenture2025

©2026CBInsights.Equitydealsonly.

TL;DRStateofVenture

TheUSdominatesglobalventure

fundingwhileotherregionsshow

marginalgrowth

Annualventurefundingperregion

e····CBNSGHTS

CBINSIGHTS

©2026CBInsights.Equitydealsonly.

escBINSGHTSStateofVenture2025

©2026CBInsights.Equitydealsonly.

ecBINGHTSStateofVenture2025

TL;DRStateofVenture

AIcaptures48%oftotalventurefunding,itshighest

percentageever

icBNSGHTS

Annualventurefunding

TL;DRStateofVenture

Roboticsisthenextfrontier,

reachingarecord$40.7Bin2025

Annualfundingtocompanies

developingroboticshardwareandsoftware

▮▮Trackroboticcompaniesfunding&IIdIeIaIlsII

CBINSIGHTS

StateofVenture2025

©2026CBInsights.Equitydealsonly.ExcludesOpenAIandAnthropic.

TL;DRStateofVenture

PhysicalAImodeldevelopershold4ofthetop10highestmomentummarkets

BasedonaverageMosaicscore;includesmarketswith10ormoredealsin2025

▮▮TrackleadingmarketsI

StateofVenture2025

©2026CBInsights.

TL;DRStateofVenture

Therichgetricherasvaluations

skyrocketin2025

ValuationincreaseYoYforthetop10privatecompanies

CBINSIGHTS

CBINSIGHTS

CBINSIGHTS

StateofVenture2025

©2026CBInsights.

TL;DRStateofVenture

LeadinginvestorsbetalltheirchipsonAI

Top10SMVCinvestorsandtop10marketsforSMVCinvestorsby2025dealcount

▮▮TrackSma▮rtMoneyVCportfoliIoIsII

StateofVenture2025

©2026CBInsights.Equitydealsonly.

escBINSIGHTS©2026CBInsights|12

StateofVenture

Contents

GlobalTrends13

InvestmentTrends14

HeadcountTrends38

Unicorns45

ExitTrends51

Investors58

SectorSpotlights62

AI63

Fintech75

RetailTech87

DigitalHealth99

GeographicTrends111

US112

SiliconValley120

NewYork124

LosAngeles128

Boston132

Seattle136

Denver140

DC144

Chicago148

Dallas152

Austin156

Miami160

Atlanta164

Philadelphia168

Raleigh172

Canada176

Toronto184

Asia188

China196

India200

Singapore204

Japan208

Europe212

UnitedKingdom220

Germany224

France228

Israel232

Netherlands236

Sweden240

LatAm244

Mexico252

Brazil256

Africa260

Kenya268

SouthAfrica272

Oceania276

©2026CBInsights|13

GlobalTrends

©2026CBInsights|14

InvestmentTrends

escBINSIGHTS©2026CBInsights|15

StateofVenture|GlobalTrends|InvestmentTrends

Annualequityfunding&deals

51,72051,982

40,079

Funding$469.3B

35,441

Deals

29,501

$717.3B$476.3B$289.7B$319.6B

20212022202320242025

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|16

Quarterlyequityfunding&deals

16,083

13,595

13,202

13,228

Funding$151.6B

12,934

12,084

11,695

11,926

11,039

9,846

9,920

9,1668,983

8,9388,503

8,0808,142

7,657

7,196

Deals6,506

$161.5B$169.9B$187.3B

$198.7B$175.8B$131.7B$92.5B$76.3B$81.7B$67.1B$77.3B$63.6B$78.5B$75.6B$62.7B$102.8B$99.9B$105.3B$112.5B

Q1

Q2Q3

2021

Q4

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|17

Funding&dealsbyglobalregioninQ4,25

Canada

$1.8B

119Deals

Europe

$17.8B

Asia

$14.5B

1,919Deals

US

$114.9B

2,564Deals

1,538Deals

Africa

$0.3B

93Deals

AllOtherRegions

●$0.2B

LatAm

$1.3B

149Deals

20Deals

Oceania

$0.8B

104Deals

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|18

Percentofquarterlydealsbyglobalregion

AllOtherRegions,0%

Oceania,2%

,

Africa1%

,

Canada2%

19%

23%

25%

25%

22%

23%

26%

25%

23%

22%

,

LatAm2%

25%

25%

23%

25%

26%

24%

26%

25%

24%

Europe,24%

26%

25%

30%

36%

27%

28%

33%

26%

27%

28%

31%

26%

33%

27%

Asia,29%

29%

29%

31%

31%

34%

42%

42%

40%

40%

40%

40%

39%

39%

39%

38%

37%

37%

37%

37%

36%

35%

35%

35%

35%

US,39%

Q3

Q2

Q4

Q1

Q4

Q3

Q2

Q4

Q1

Q1

Q2

Q2

Q4

Q1

Q3

Q2

Q3

Q1

Q4

Q3

20212022202320242025

escBINSIGHTS©2026CBInsights|19

Incubator/Accelerator,6%

PrivateEquity,6%

CVC,7%

Asset/InvestmentManagement,10%

Angel,11%

Corp,11%

Other,20%

VC,31%

Percentofquarterlydealsbyinvestorgroup

8%

6%

7%

6%

8%

6%

9%

6%

10%

7%

8%

7%

8%

7%

10%

7%

8%

6%

6%

7%

6%

7%

7%

8%

7%

7%

7%

6%

7%

6%

7%

6%

7%

6%

7%

5%

6%

5%

7%

6%

7%

5%

6%

6%

7%

5%

6%

5%

7%

5%

7%

5%

7%

6%

7%

8%

9%

9%

9%

9%

9%

8%

8%

7%

8%

8%

8%

8%

8%

8%

8%

9%

8%

9%

9%

10%

10%

11%

10%

11%

10%

10%

9%

10%

9%

10%

10%

10%

10%

9%

10%

11%

10%

8%

9%

10%

10%

9%

10%

9%

9%

9%

8%

9%

9%

9%

9%

9%

9%

9%

9%

11%

20%

19%

18%

20%

19%

20%

20%

22%

22%

22%

22%

22%

22%

23%

22%

22%

21%

21%

20%

34%

33%

32%

32%

32%

32%

31%

32%

32%

33%

32%

32%

32%

31%

30%

32%

32%

33%

32%

Q1

Q2Q3

2021

Q4

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|20

Annualaverage&mediandealsize

MedianDealSize

AverageDealSize

$24.7M

$22.2M

$14.9M

$15.0M

$11.7M

$3.0M

$2.6M

$3.3M

$2.4M

$2.1M

202120232025

202120232025

escBINSIGHTS©2026CBInsights|21

Annualmediandealsizebyglobalregion

US

$4.0M

$3.9M

$3.0M

202120232025

Asia

Europe

$4.2M

$3.0M

$2.9M

$2.3M

$2.1M

$2.2M

2021

2021

20232025

20232025

LatAm

$1.9M

$1.2M

$1.1M

202120232025

Canada

$2.6M

$2.0M

$2.1M

202120232025

Africa

$1.6M

$1.3M

$0.9M

202120232025

Oceania

$2.4M

$2.2M

$1.7M

202120232025

escBINSIGHTS©2026CBInsights|22

Annualmediandealsizebyinvestorgroup

Angel

$3.0M

$3.4M$3.0M

202120232025

CVC

Asset/InvestmentManagement

$23.3M

$14.0M

$12.0M$9.5M

$12.0M$10.0M

202120232025

202120232025

Corp

$8.7M

$8.0M$6.0M

202120232025

PrivateEquity

$31.3M

$20.0M$17.0M

202120232025

VC

$9.0M$8.0M

$6.0M

202120232025

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|23

Annualmega-roundfunding&deals

1,742

Funding

$307.2B

1,020

Deals

738

537

466

$427.6B$226.8B$125.2B$166.2B

20212022202320242025

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|24

Quarterlyfunding&dealsfrommega-rounds(dealsworth$100m+)

463461

Funding$110.6B

408410415

291

Deals205

179

184

170

170

156

139

144

131

131

119

119

107

101

$97.7B

$100.4B

$112.5B

$96.4B

$63.1B

$116.9B

$27.9B

$37.8B

$39.4B

$64.9B

$72.4B

$24.6B$38.1B$24.7B$40.9B$35.6B$25.3B$64.4B$59.3B

Q1

Q2Q3

2021

Q4

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|25

Mega-roundfunding&dealsbyglobalregioninQ4,25

Canada

$1.2B

4Deals

Europe

Asia

$6.3B

29Deals

$8.2B

US

35Deals

$93.9B

132Deals

Africa

$0.1B

1Deal

LatAm

$0.6B

3Deals

Oceania

$0.3B

1Deal

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|26

Quarterlymega-rounddealsbyglobalregion

120

116

US,132

109

100

Europe,35

Asia,29

Canada,4

LatAm,3

Oceania,1

Africa,1

27

25

3

3

2

1

30

21

7

3

2

1

26

21

4

35

22

3

3

3

1

1

AllOtherRegions,0

Q1

Q3Q4

Q2

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

20212022202320242025

escBINSIGHTS©2026CBInsights|27

Quarterlymega-roundsaspercentoffunding

Non-mega-rounds,27%

36%

38%

38%

40%

41%

37%

42%

41%

48%61%

45%

51%63%

53%

54%

52%

60%

57%

63%

Mega-rounds,73%

64%

62%

62%

60%

59%

63%

58%

59%

52%39%

55%

49%37%

47%

46%

48%

40%

43%

37%

Q2Q3

2021

Q1

Q2Q3Q4Q1

2022

Q2Q3Q4Q1

2023

Q1

Q1

Q4

Q2Q3

2025

Q4

Q4

Q2Q3

2024

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|28

Global:TopequitydealsinQ4,25

Company

RoundAmount

Round

Date

RoundValuation

SelectInvestors

Sector

Industry

Subindustry

1

OpenAI

$22.5B

CorporateMinority

2025-10-26

N/A

SoftBank

Internet

InternetSoftware&Services

Application&DataIntegration

2

Anthropic

$15.0B

SeriesG

2025-11-18

$350.0B

Microsoft,NVIDIA

Internet

InternetSoftware&Services

Application&DataIntegration

3

xAI

$7.5B

SeriesD

2025-10-08

N/A

ValorEquityPartners,BossaInvest,NVIDIA,ApolloGlobalManagement

Internet

InternetSoftware&Services

Application&DataIntegration

4

ProjectPrometheus

$6.2B

Undisclosed

2025-11-17

N/A

UndisclosedInvestors

Internet

InternetSoftware&Services

Science&Engineering

5

Point

$2.5B

Undisclosed

2025-12-09

N/A

BlueOwlCapital

Internet

InternetSoftware&Services

Accounting&Finance

6

Anysphere

$2.3B

SeriesD

2025-11-13

$29.3B

Accel,Coatue,AndreessenHorowitz,DSTGlobal,ThriveCapital

Internet

InternetSoftware&Services

Science&Engineering

7

Mari

$2.0B

PrivateEquity

2025-10-08

N/A

AndreessenHorowitz,ApolloGlobalManagement,AresManagement,CausewayMediaPartners,CuratedWealthPartners

BusinessProducts&Services

N/A

N/A

7

ReflectionAI

$2.0B

SeriesB

2025-10-09

$8.0B

NVIDIA,DSTGlobal,LightspeedVenturePartners,SequoiaCapital,CRV

Internet

InternetSoftware&Services

Application&DataIntegration

9

Lambda

$1.5B

SeriesE

2025-11-18

N/A

TWGGlobal,USInnovativeTechnologyFund

ComputerHardware&Services

ITServices

Virtualization

10

Crusoe

$1.4B

SeriesE

2025-10-23

$10.0B

MubadalaCapital,ValorEquityPartners,SparkCapital,AtreidesManagement,FoundersFund

Internet

InternetSoftware&Services

Application&DataIntegration

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|29

Annualpercentofdealsbydealstage

11%

8%

12%

7%

8%

12%

10%

8%

8%

10%

9%

11%

73%

71%

72%

69%

20212022202320242025

Other,14%

Late-stage,10%

Mid-stage,10%

Early-stage,66%

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|30

RegionaldealsharebydealstageinQ4,25

USAsiaEuropeLatAmCanadaAfricaOceaniaAllOtherRegions

Early-stage

35%

26%

31%

Mid-stage

42%

14%

39%

Late-stage

39%

25%

30%

Other

58%

19%

15%

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|31

Annualmedianfundingbydealstage

Late-stage

$48.2M

$27.2M

$23.0M

$20.7M

202120232025

$27.6M

Mid-stage

$30.0M

$26.0M

$23.2M

$20.0M

$19.0M

202120232025

Early-stage

$2.4M

202120232025

$1.9M

$1.8M

$1.6M

$1.5M

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|32

Global:Topseed/angeldealsinQ4,25

Company

RoundAmount

Round

Date

SelectInvestors

Country

Sector

Industry

Subindustry

1

UnconventionalAI

$465M

SeedVC

2025-12-08

AndreessenHorowitz,LightspeedVenturePartners,SequoiaCapital,DCVC,DatabricksVentures

UnitedStates

Internet

InternetSoftware&Services

Manufacturing,Warehousing&Industrial

2

GeneralIntuition

$134M

SeedVC

2025-10-16

GeneralCatalyst,KhoslaVentures,TheRaineGroup

Netherlands

ComputerHardware&Services

Gaming

N/A

3

MindRobotics

$115M

SeedVC

2025-11-04

Eclipse

UnitedStates

Internet

InternetSoftware&Services

Manufacturing,Warehousing&Industrial

4

TalaHealth

$100M

Seed

2025-11-04

SofrehCapital,PindarosRoyVagelos

UnitedStates

Internet

InternetSoftware&Services

Healthcare

5

Tenzai

$75M

SeedVC

2025-11-11

BatteryVentures,GreylockPartners,LuxCapital,JibeVentures,SwishVentures

Israel

Internet

InternetSoftware&Services

Monitoring&Security

6

EdisonScientifc

$70M

SeedVC

2025-12-09

SparkCapital,TriatomicCapital,Hawktail,OliveCapital,Pillar

UnitedStates

Internet

InternetSoftware&Services

Science&Engineering

6

Gradium

$70M

SeedVC

2025-12-02

Eurazeo,FirstMarkCapital,DSTGlobal,AmplifyPartners,KorelyaCapital

France

Internet

InternetSoftware&Services

Application&DataIntegration

8

PhrontlineBiopharma

$60M

SeedVC

2025-11-21

LapamCapital,DechengCapital,C&DEmergingInvestment,HankangEquityInvestmentManagement,LYFECapital

China

Healthcare

Pharmaceuticals/Drugs

N/A

9

Arbiter

$52M

Seed

2025-11-19

MFOVentures,TriEdgeInvestments,WindRoseHealthInvestors

UnitedStates

Internet

InternetSoftware&Services

Healthcare

10

VideoRebirth

$50M

SeedVC

2025-11-05

QimingVenturePartners,ActozSoft

Singapore

Internet

InternetSoftware&Services

Video

10

Paymonade

$50M

SeedVC

2025-10-16

YZiLabs

Poland

Internet

InternetSoftware&Services

Asset&FinancialManagement&Trading

10

InceptionLabs

$50M

SeedVC

2025-11-06

MenloVentures,Mayfield,DatabricksVentures,InnovationEndeavors,M12

UnitedStates

Internet

InternetSoftware&Services

Application&DataIntegration

10

YouWare

$50M

Pre-Seed

2025-11-13

5YCapital,IDGCapital

China

Internet

InternetSoftware&Services

Application&DataIntegration

escBINSIGHTS©2026CBInsights|33

Global:TopSeriesAdealsinQ4,25

Company

RoundAmount

Round

Date

SelectInvestors

Country

Sector

Industry

Subindustry

1

Tempo

$500M

SeriesA

2025-10-17

Greenoaks,ThriveCapital,SequoiaCapital,RibbitCapital,SVAngel

UnitedStates

Internet

InternetSoftware&Services

Asset&FinancialManagement&Trading

2

AA-ITechnologies

$200M

SeriesA

2025-11-18

LightspeedVenturePartners,BRMGroup,DellTechnologiesCapital,Pitango,BessemerGroup

Israel

Internet

InternetSoftware&Services

BusinessIntelligence,Analytics&PerformanceMgmt

3

BraveheartBio

$185M

SeriesA

2025-11-05

Forbion,OrbiMed,a16zBioHealth,EnavateSciences,FrazierLifeSciences

UnitedStates

Healthcare

Biotechnology

N/A

4

InspurComputer

$169M

SeriesA

2025-10-30

UndisclosedInvestors

China

ComputerHardware&Services

ITServices

ITSolutions&SoftwareDevelopment

5

ExpeditionTherapeutics

$165M

SeriesA

2025-10-09

NovoHoldings,SofinnovaVentures,BVFPartners,AdageCapitalManagement,BalyasnyAsset

Management

UnitedStates

Healthcare

DrugDevelopment

N/A

5

SyremisTherapeutics

$165M

SeriesA

2025-12-18

DexcelPharma,ThirdRockVentures,BainCapitalLifeSciences,GoogleVentures,Pictet

Israel

Healthcare

DrugDevelopment

N/A

7

ROBOTERA

$141M

SeriesA

2025-11-13

GeelyCapital,BAICCapital,BeijingAIIndustryInvestmentFund,JingguoruiEquityInvestment

China

Industrials

Machinery&Equipment

Robotics

8

7AI

$130M

SeriesA

2025-12-04

IndexVentures,GreylockPartners,SparkCapital,CRV,BlackstoneInnovationsInvestments

UnitedStates

Internet

InternetSoftware&Services

Monitoring&Security

9

AmbrosTherapeutics

$125M

SeriesA

2025-12-16

EnavateSciences,RACapitalManagement,Abiogen

UnitedStates

Healthcare

Biotechnology

N/A

10

Adcytherix

$123M

SeriesA

2025-10-16

AnderaPartners,AngeliniVentures,Bpifrance,KurmaPartners,DawnBiopharma

France

Healthcare

DrugDevelopment

N/A

StateofVenture|GlobalTrends|InvestmentTrends

escBINSIGHTS©2026CBInsights|34

Global:TopSeriesBdealsinQ4,25

Company

RoundAmount

Round

Date

SelectInvestors

Country

Sector

Industry

Subindustry

1

ReflectionAI

$2.0B

SeriesB

2025-10-09

NVIDIA,DSTGlobal,LightspeedVenturePartners,SequoiaCapital,CRV

UnitedStates

Internet

InternetSoftware&Services

Application&DataIntegration

2

Saviynt

$700M

SeriesB

2025-12-09

KKR,CarrickCapitalPartners,SixthStre