Current Startup and Venture Capital News as of November 22, 2025: Key Deals, Major Rounds, Market Trends, and Global Developments
By the end of November 2025, the global venture capital market is experiencing steady growth following a downturn. Investors around the world are once again actively funding technology startups: record deals are being made, IPO plans are back on the agenda, and the largest funds are triumphantly re-entering the market with substantial investments. Governments in various countries are increasing their support for innovation and private capital attraction, which, together with the revival of stock markets, is stimulating venture activity. As a result, significant funds are flowing into the startup ecosystem, although investors are still acting selectively, preferring quality business models.
The growth dynamics encompass virtually all regions. Recent data show that in Q3 2025, the global volume of venture capital investments reached approximately $97 billion—an increase of 38% compared to the previous year and slightly above the results of the previous quarter. This marks the best quarterly figure since 2021 and the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. Mega-rounds in the field of artificial intelligence (AI) have largely contributed to this growth, although funding increases are being noted at all stages. Venture activity is growing in most corners of the globe: the United States remains the leader (especially in the rapidly evolving AI segment), while investment volumes in the Middle East have multiplied over the past year. In Europe, Germany has, for the first time in a decade, surpassed the United Kingdom in total venture capital. Asia shows inconsistency: India, Southeast Asia, and Gulf countries are attracting record flows of capital against the backdrop of a relative decline in activity in China. The startup ecosystems in Russia and the CIS are also striving to keep pace, launching new funds and projects to develop the local market. A new global venture upturn is forming, although market participants remain cautious and selective.
Below are the key events and trends shaping the venture market as of November 22, 2025:
- Return of mega-funds and large investors. Leading venture players are forming record funds and increasing investments, once again filling the market with capital and boosting risk appetite.
- Record rounds in AI and new "unicorns." Unprecedented investments in AI startups are elevating valuations to unprecedented heights, leading to the emergence of many new "unicorns."
- Revitalization of the IPO market. Successful public offerings of technology companies and new listing applications indicate that the long-awaited "window" for public exits has reopened.
- Diversification of industry focus. Venture capital is being directed not only to AI but also to 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—creating new technology hubs.
- Local focus: Russia and the CIS countries. New funds and initiatives are emerging in the region to develop local startup ecosystems, attracting investor attention despite geopolitical constraints.
- Renaissance of interest in crypto startups. After an extended "crypto winter," the blockchain project sector is reviving, again attracting significant venture investments.
Return of Mega-Funds: Big Money Back in the Market
Major investment players are making a triumphant return to the venture arena, signaling a renewed appetite for risk. The Japanese conglomerate SoftBank, having navigated several challenging years, is now experiencing a "renaissance" thanks to its bets on artificial intelligence. The company has reported a sharp increase in profits and is reorganizing its portfolio in favor of future technologies. The new Vision Fund III, valued at around $40 billion, is focused on AI and robotics, providing SoftBank with substantial capital for new projects (notably, the company sold its entire stake in Nvidia for $5.8 billion to free up funds for investments in its own AI ecosystem).
At the same time, sovereign funds from Gulf countries are significantly increasing their presence in the tech sector. Middle Eastern investors are pouring billions of dollars into promising startups worldwide and developing ambitious tech projects in their own regions. These mega-funds are flooding the market with liquidity and are prepared to support innovations with large checks, setting the tone for a new wave of technological growth. The return of major money from SoftBank, Middle Eastern funds, and other market "sharks" signals a significant 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 AI sector remains the primary driver of the current venture upturn, demonstrating unprecedented levels of funding. Since the beginning of 2025, AI startups in the U.S. alone have raised over $160 billion (approximately two-thirds of all venture investments in the country), and analysts estimate that by year-end, 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 OpenAI, Anthropic, xAI, and others) has soared to an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of many new "unicorns." Valuations of startups are skyrocketing to new highs, particularly in the generative AI and AI infrastructure segments.
Unprecedented funding rounds are setting new records. For example, the AI programming tool developer Cursor closed a round worth $2.3 billion, soaring to a valuation of approximately $29 billion—one of the largest venture rounds in history. This instance underscores the high level of investor interest in AI prospects. News of new unicorns is virtually weekly, with their valuations surpassing the $1 billion mark thanks to the excitement surrounding AI developments, autonomous systems, fintech with AI elements, and other advanced areas. While such explosive growth rates inspire optimism regarding technology's potential, some experts are noting the early signs of overheating in certain niches, prompting investors to take a closer look at valuations.
The IPO Market Revives: A New Wave of Public Offerings
The global IPO market is emerging from a prolonged lull and gaining momentum. After a two-year hiatus, there is a revival in IPOs as a long-awaited exit path for venture investors. Earlier in 2025, several major "unicorn" startups successfully went public: for instance, the stablecoin issuer Circle conducted an IPO at a valuation of around $7 billion, while cryptocurrency exchange Bullish raised approximately $1.1 billion through a listing, achieving a capitalization of about $5-6 billion. These debuts demonstrated that market appetite for new public offerings has returned, especially in the fintech and digital asset segments.
Now, leading players are eager to take advantage of the newly opened "window" of opportunities. According to insider information, the creator of ChatGPT—OpenAI—is considering an IPO as early as 2026, with a potential valuation of up to $1 trillion. In the blockchain industry, crypto wallet developer MetaMask's parent company, ConsenSys, has engaged banks JPMorgan and Goldman Sachs to prepare for an IPO slated for 2026. Should this proceed, it will be the first public offering from such a major company within the Ethereum ecosystem—a landmark event for the entire crypto industry. Improved market conditions and clearer regulatory requirements are instilling confidence in startups planning listings. Experts predict a growing number of high-profile technology IPOs in the coming years as the "window" for exits remains open, and market multipliers favor high valuations.
Diversifying Investments: Not Just AI
In 2025, venture investments are covering an increasingly broader range of industries and are no longer limited to just artificial intelligence. Despite AI's dominance, significant funds are also being directed toward other high-tech sectors. Healthcare and biotechnology, for example, attracted around $15 billion in venture capital in Q3 2025, ranking third in investment volume (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 secured $250 million for the development of its AI-healthcare platform. Investors are also showing heightened interest in climate and "green" innovations—from biodegradable materials made from seaweed to components for electric vehicles—although the scale of such deals still lags behind the enormous rounds in AI.
Attention to space, defense, and other hard-tech areas is also growing. For instance, in Europe, the satellite startup EnduroSat raised over $100 million (with participation from funds like Google Ventures, Lux Capital, and others) to expand its small satellite production—demand for affordable satellite communication is fostering the development of new players. Overall, deep tech sectors are experiencing an upswing: in 2025, manufacturers of robotics, semiconductors, and quantum computing systems collectively received funding amounting to tens of billions of dollars. Although those volumes may pale in comparison to the phenomenon of AI, venture capital is becoming increasingly diverse. The expansion of industry focus mitigates the risks of overheating in specific niches and fosters balanced technological progress.
Wave of Consolidation and M&A Deals: Consolidating Players
High startup valuations and intense market competition are fueling a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping the industry landscape. Strategic M&A deals help corporations and investors accelerate growth, access new technologies, or enter adjacent markets, while large-scale acquisitions provide the much-needed exits for venture funds.
For example, in October, investment bank Goldman Sachs announced the acquisition of venture firm Industry Ventures for nearly $1 billion. This deal is one of the largest acquisitions within the venture sector itself, reflecting growing interest from banking capital in technology and startup assets. Major tech corporations have also ramped up acquisitions, taking advantage of stabilizing valuations: over the past year, several industry leaders have acquired promising startups to strengthen their positions in key areas (AI, cybersecurity, and more). The consolidation wave is impacting the crypto industry as well: traditional financial companies are showing increased interest in acquiring blockchain startups. Media reports indicate that Mastercard is negotiating to acquire several crypto projects (including the infrastructure startup ZeroHash) for nearly $2 billion, aiming to establish a foothold in the digital asset realm. The uptick in M&A activity—from banks investing in venture platforms to tech mega-deals—indicates a "maturing" market and provides startups with more options for successful exits and integration into larger businesses.
Global Expansion of Venture Capital: New Technological Hubs
The investment boom is spreading to new regions, creating their own technological hubs worldwide. The Middle East stands out in particular: sovereign funds from Gulf countries are directing unprecedented volumes of capital into tech companies while simultaneously developing ambitious mega-projects (such as the future city NEOM in Saudi Arabia). The volume of financing for startups in the Middle East has grown multiple times in recent years, reflecting the region's strategic focus on diversifying the economy through innovation.
In Asia, investment attraction is still centered in India and Southeast Asia, where new unicorns are emerging and deal activity is increasing, while relative calm persists in China due to regulatory and economic factors. Europe also maintains high activity, with a noticeable shift having occurred: Germany has, for the first time in a decade, surpassed the UK in total venture capital investment, indicating a redistribution of leadership on the European startup scene. Latin America is also gaining momentum—for example, by year-end, Mexico has outpaced Brazil in venture capital investments, solidifying its role as a new regional leader. Promising ecosystems are even emerging in Africa: the number of investment funds and successful tech projects is increasing in Nigeria, Kenya, Egypt, and other countries, attracting attention from international venture investors.
Thus, the geography of venture capital is expanding rapidly. Innovations are no longer concentrated solely in Silicon Valley or traditional hubs—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 and allows investors to diversify portfolios and discover opportunities in previously unchartered markets.
Local Focus: Russia and the CIS Countries
Despite external constraints, startup activity is reviving in Russia and neighboring countries. In 2025, the Russian venture market emerged from stagnation: investment volumes in the first half of the year nearly doubled compared to the previous year, although in absolute terms they still lag behind global leaders. Announcements have been made regarding the creation of new venture funds with a total volume exceeding 10 billion rubles, aimed at supporting early-stage tech projects. Local startups are also beginning to attract significant capital: for instance, a regional food tech project Qummy secured around 440 million rubles in investments at a valuation of approximately 2.4 billion rubles, indicating a willingness to invest in domestic companies.
There are also signs of readiness among several large companies in the region to go public. Some corporations are considering IPOs for their tech divisions, anticipating an improvement in market conditions—recently, the holding company VK indicated the possibility of listing shares of its IT business in the foreseeable future. Additionally, authorities are taking steps to stimulate the sector: grant and accelerator programs are being expanded, and in some cases, requirements for foreign investors are being relaxed. Interest from foreign capital in local projects is gradually returning, facilitated by the general 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 an extended "crypto winter," the blockchain startup market is reviving, and investors are once again paying attention to crypto projects. In October 2025, funding for crypto startups reached its highest level in recent years: during that month alone, projects attracted several billion dollars (with more than $20 billion cumulatively raised since the beginning of the year). Leading venture funds (Sequoia Capital, Andreessen Horowitz, and others) participated in the largest rounds, indicating a restoration of confidence in this sector.
The rise in digital asset prices is also fueling venture investors' interest in the blockchain space. Bitcoin surpassed the historical threshold of $100,000 for the first time in early November, though it later corrected below this mark. Furthermore, the gradual clarification of regulations (e.g., expectations for the imminent approval of the first spot ETFs on Ethereum in the U.S.) is reducing uncertainty around the crypto industry. As a result, blockchain projects are once again starting to attract significant funding both from specialized funds and large corporations. In effect, a sort of "renaissance" in crypto investments is occurring after a period of downturn. Market participants remain cautious, however, exercising selectivity and care in project identification to avoid repetitions of past overheats.
Moderate Optimism and Quality Growth
By the end of November 2025, moderately optimistic sentiments have consolidated within the venture market. Successful IPOs and multi-billion-dollar rounds suggest that the extended downturn period is behind. However, investors continue to exercise caution: funding is concentrating on startups with sustainable business models, proven economics, and profitability potential. Significant capital infusions into AI and other sectors bolster confidence in continued market growth, but players strive to avoid repeating the mistakes of prior "bubbles" by diversifying portfolios and raising project quality demands.
Thus, the startup ecosystem is entering a new development cycle that is more mature and balanced. The return of major investors and successful exits create a foundation for the next wave of innovations, but the discipline and calculative nature of investors will define the character of this growth. Despite the heightened appetite for risky investments, the main focus remains on the quality growth of startups and the long-term sustainability of the market.
