Current Startup and Venture Capital News for November 22, 2025: Key Deals, Major Rounds, Market Trends, and Global Developments.
As November 2025 draws to a close, the global venture capital market is demonstrating a steady recovery following a downturn. Investors worldwide are once again actively financing technology startups: record deals are being made, companies are returning to IPO plans, and major funds are making a triumphant return to the market with substantial investments. Governments across various countries are ramping up support for innovation and private capital attraction, which, alongside a resurgence in stock markets, is spurring venture capital activity. As a result, significant funds are flowing into the startup ecosystem, although investors are still selective, favoring quality business models.
Growth dynamics are observed across virtually all regions. Recent data indicates that global venture investment volume reached approximately $97 billion in Q3 2025 — a 38% increase year-over-year, and slightly above the previous quarter’s results. This marks the best quarterly performance since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022–2023. The primary contribution to this increase has come from mega-rounds in the artificial intelligence (AI) sector; however, funding growth is evident across all stages. Venture activity is rising in most parts of the world: the U.S. continues to lead (especially in the booming AI segment), investment volumes in the Middle East have surged several times over the past year, and for the first time in a decade, Germany has outpaced the U.K. in total venture capital in Europe. Asia shows mixed results: India, Southeast Asia, and Gulf States are attracting record flows of capital amid a relative decline in activity in China. The startup ecosystems in Russia and the CIS countries are also striving to keep pace, launching new funds and initiatives to develop the local market. A new global venture capital uptick is forming, although market participants remain cautious and selective.
Below are the key events and trends shaping the venture capital landscape as of November 22, 2025:
- Return of Mega Funds and Major Investors. Leading venture players are forming record funds and ramping up investments, once again filling the market with capital and increasing risk appetite.
- Record Rounds in AI and New Unicorns. Unprecedented investment in AI startups is elevating company valuations to unseen heights, leading to the emergence of numerous new unicorns.
- Revival of the IPO Market. Successful market debuts by technology companies and new listing applications indicate that the long-awaited "window" for public exits has reopened.
- Diversification of Sectoral Focus. Venture capital is flowing not only into AI but also into fintech, biotech, climate technologies, space and defense projects, as well as crypto startups.
- Wave of Consolidation and M&A Deals. Major mergers, acquisitions, and strategic 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 tech hubs.
- Local Focus: Russia and CIS Countries. New funds and initiatives are emerging in the region to develop local startup ecosystems, attracting investor interest despite geopolitical constraints.
- Renaissance of Interest in Crypto Startups. Following a prolonged "crypto winter," the blockchain project sector is reviving, once again attracting significant venture investments.
Return of Mega Funds: Big Money Back in the Market
The largest investment players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. Japanese conglomerate SoftBank, having faced several challenging years, is now experiencing a "renaissance" fueled by its bet on artificial intelligence. The company has reported a sharp increase in profits and is reorganizing its portfolio toward future technologies. Its new Vision Fund III, aimed at around $40 billion, focuses on AI and robotics, providing SoftBank with substantial capital for new projects (notably, it sold its entire stake in Nvidia for $5.8 billion to free up funds for investment in its own AI ecosystem).
Simultaneously, sovereign funds from Gulf countries are significantly increasing their presence in the technology sector. Middle Eastern investors are pouring billions of dollars into promising startups globally while developing large-scale tech projects at home. These mega funds are infusing the market with liquidity and are prepared to support innovation with sizable checks, setting the tone for a new wave of technological growth. The return of major capital from SoftBank, Middle Eastern funds, and other market "sharks" indicates an influx of capital into the startup ecosystem and increased competition for the most promising deals.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the primary driver of the current venture boom, showcasing unprecedented levels of funding. Since the beginning of 2025, AI startups have raised over $160 billion in the U.S. alone (about two-thirds of all venture investments in the country), and analysts estimate that global investments in AI companies will exceed $200 billion by year-end — an unprecedented level for the industry. The combined valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of numerous new unicorns, with startup valuations skyrocketing, especially in the generative AI and AI infrastructure segments.
Unprecedented funding rounds are setting new records. For instance, AI programming tools developer Cursor closed a $2.3 billion round, soaring to a valuation of approximately $29 billion — one of the largest venture rounds in history. This case highlighted the extreme investor interest in AI prospects. Practically weekly, news of new unicorns emerges, with valuations surpassing $1 billion, driven by excitement around AI developments, autonomous systems, AI-influenced fintech, and other cutting-edge fields. While such rapid growth inspires optimism about technological potential, some experts are noting early signs of overheating in specific niches, prompting investors to be more discerning in their evaluations.
IPO Market Awakens: New Wave of Public Offerings
The global IPO market is emerging from a prolonged lull and gaining momentum. After a two-year hiatus, a revival of IPOs as a long-anticipated exit route for venture investors is underway. Earlier in 2025, several prominent unicorn startups successfully went public: for example, stablecoin issuer Circle executed an IPO with a valuation of around $7 billion, while cryptocurrency exchange Bullish raised approximately $1.1 billion through a listing, reaching an estimated market cap of $5–6 billion. These debuts demonstrated that the market has regained its appetite for new public offerings, particularly in the fintech and digital asset segments.
Now, leading players are eager to capitalize on the newly opened "window" of opportunity. According to insider information, ChatGPT creator OpenAI is considering a possible IPO as soon as 2026, with a potential valuation of up to $1 trillion. In the blockchain industry, crypto wallet developer MetaMask, from company ConsenSys, has hired banks JPMorgan and Goldman Sachs to prepare for an IPO scheduled for 2026. If it happens, it would mark the first public offering of such a large company from the Ethereum ecosystem — a significant event for the entire crypto industry. Improved market conditions and clarity around regulatory requirements instill confidence in startups planning listings. Experts predict that the number of high-profile tech IPOs will increase in the coming years as the "window" for exits remains open and market multipliers favor high valuations.
Diversification of Investments: Beyond AI
In 2025, venture investments cover an increasingly broad range of industries and are no longer limited solely to artificial intelligence. Despite the dominance of AI, significant funds are also directed toward other high-tech segments. Healthcare and biotechnology, for instance, attracted around $15 billion in venture capital in Q3 2025, ranking third in investment volumes (after AI and IT infrastructure). The synergy of technology and medicine is evident in major rounds such as the genomic medicine project Fireworks AI, which raised $250 million to develop a platform at the intersection of AI and healthcare. Investors are also showing increased interest in climate and "green" innovations — from biodegradable materials made from algae to components for electric vehicles, although the scales of such deals are still overshadowed by the gigantic rounds in AI.
There is growing attention to space, defense, and other hardtech sectors. In Europe, for example, the satellite startup EnduroSat raised over $100 million (with participation from funds like Google Ventures, Lux Capital, etc.) to expand its production of small satellites — the demand for affordable satellite communication is stimulating the development of new players. Overall, the deeptech sectors are experiencing a resurgence: in 2025, manufacturers of robotics, semiconductors, and quantum computing systems collectively secured funding in the tens of billions of dollars. While these amounts may not match the phenomenon of AI, venture capital is becoming increasingly diversified. This expansion of industry focus reduces the risks of overheating in specific niches and contributes to balanced technological progress.
Wave of Consolidation and M&A Deals: Player Consolidation
High startup valuations and fierce competition for markets are fueling a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the balance of power in the industry. Strategic M&As help corporations and investors accelerate growth, gain access to new technologies, or enter adjacent markets, while large acquisitions provide the necessary exits for venture funds.
For example, in October, investment bank Goldman Sachs announced the acquisition of the venture firm Industry Ventures for nearly $1 billion. This deal became one of the largest acquisitions within the venture sector itself, reflecting the growing interest of banking capital in technology and startup assets. Leading tech corporations have also ramped up acquisitions, taking advantage of stabilizing valuations: over the past year, several industry leaders have acquired promising startups to bolster their positions in key areas (AI, cybersecurity, etc.). The wave of consolidation is also affecting the crypto industry: traditional financial firms exhibit increased interest in purchasing blockchain startups. According to media reports, corporation Mastercard is negotiating to acquire several crypto projects (including infrastructure startup ZeroHash) for nearly $2 billion, seeking to establish a foothold in the digital assets space. The uptick in M&A activity — from banking investments in venture platforms to major tech deals — indicates the "maturing" of the market and provides startups with more options for successful exits and integration into larger businesses.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new regions, creating tech hubs worldwide. The Middle East stands out in particular: sovereign funds from Gulf countries are directing unprecedented amounts of capital into technology companies while simultaneously developing ambitious mega-projects (e.g., the city of the future NEOM in Saudi Arabia). Financing for startups in the Middle East has grown several times in recent years, reflecting the region's strategic focus on diversifying its economy through innovation.
In Asia, India and Southeast Asia remain the focal point of investment attraction, where new unicorns are forming, and deal volume is increasing, whereas China is experiencing relative stagnation due to regulatory and economic factors. Europe maintains high activity, and there has been a notable shift: for the first time in a decade, Germany has outpaced the U.K. in total venture capital investments, indicating a redistribution of leadership on the European startup scene. Latin America is also ramping up: for example, Mexico outpaced Brazil for venture investments drawn during the year, solidifying its role as the new regional leader. Even Africa is seeing the emergence of promising ecosystems: the number of investment funds and successful technology projects is growing in Nigeria, Kenya, Egypt, and other countries, attracting the attention of international venture investors.
Thus, the geography of venture capital is rapidly expanding. Innovation is no longer concentrated solely in Silicon Valley or traditional centers — new growth points are emerging from the Middle East to Africa. The global expansion of venture investments opens up access to capital and partners for startups worldwide while allowing investors to diversify portfolios and identify opportunities in previously uncharted markets.
Local Focus: Russia and CIS Countries
Despite external constraints, there is a renewed burst of startup activity in Russia and neighboring countries. In 2025, the Russian venture market emerged from stagnation: investment volume in the first half of the year nearly doubled compared to the previous year, although in absolute terms, it still falls short of global leaders. New venture funds totaling over 10 billion rubles have been announced, aimed at supporting early-stage tech projects. Local startups have also begun attracting serious capital: for instance, the regional food tech project Qummy raised around 440 million rubles in funding at a valuation of approximately 2.4 billion rubles, indicating a willingness to invest in domestic companies.
There are also signals of readiness from several large regional companies to enter the public market. Some corporations are considering an IPO for their technology divisions, anticipating improved market conditions — for instance, the VK holding recently hinted at the possibility of listing shares of its IT business in the near future. Moreover, authorities are taking steps to stimulate the sector: grant and accelerator programs are expanding, and in certain cases, requirements for foreign investors are being relaxed. Interest from foreign capital in local projects is gradually returning, spurred on by the overall revival of the global market. These initiatives aim to integrate the local startup ecosystem into global trends and attract more venture investments to the region.
Renaissance of Interest in Crypto Startups
Following a prolonged "crypto winter," the blockchain startup market is reviving, and investors are once again taking notice of crypto projects. In October 2025, funding for crypto startups reached a peak not seen in recent years: during that month alone, projects secured several billion dollars (over $20 billion collectively since the beginning of the year). Leading venture funds (such as Sequoia Capital, Andreessen Horowitz, and others) participated in the largest rounds, indicating a resurgence of confidence in this sector.
The rise in digital asset prices is also fueling venture investors' interest in the blockchain space. Bitcoin surpassed the historic threshold of $100,000 for the first time in early November, although it later corrected below this level. In addition, gradual clarity on regulation (e.g., expectations for the quick approval of the first spot ETFs for Ethereum in the U.S.) is reducing uncertainty surrounding the crypto industry. As a result, blockchain projects are once again attracting significant funds from both specialized funds and large corporations. In effect, a sort of "renaissance" of crypto investments is occurring after a downturn. However, market participants remain cautious: selectivity and prudence in project selection persist to avoid repeating past overheating.
Moderate Optimism and Quality Growth
By the end of November 2025, moderately optimistic sentiments have taken hold in the venture market. Successful IPOs and multi-billion rounds demonstrate that the prolonged downturn is behind us. However, investors remain cautious: funding is concentrating on startups with sustainable business models, proven economics, and profitability potential. Large capital inflows into AI and other sectors instill confidence in further market growth, but players are keen on avoiding the mistakes of past "bubbles," by diversifying portfolios and increasing project quality demands.
Thus, the startup ecosystem is moving towards a new cycle of development that is more mature and balanced. The return of major investors and successful exits is laying the foundation for another wave of innovation, but discipline and prudence among investors will dictate the nature of this growth. Despite an increased appetite for riskier investments, the focus remains on quality startup growth and the long-term sustainability of the market.
