Startup and Venture Investment News for Sunday, November 23, 2025: The Return of Mega Funds, Record AI Rounds, IPO Market Revival, Global Market Expansion, M&A Consolidation, Renaissance of Crypto Startups, and Emergence of New Unicorns. A Detailed Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market is experiencing steady growth following a downturn. Investors around the world are actively funding technology startups once again: record deals are being made, IPO plans are back on the agenda, and the largest funds are triumphantly returning to the market with substantial investments. Governments across various countries are increasing support for innovation and attracting private capital, which, along with a resurgence in stock markets, is stimulating venture activity. As a result, significant resources are flowing into the startup ecosystem, although investors are still acting selectively, favoring quality business models.
Recent data confirms this upswing: in the third quarter of 2025, the global volume of venture investments reached approximately $97 billion — a 38% increase compared to the previous year, marking the best quarterly figure since 2021. This is already the fourth consecutive quarter of growth following the "venture winter" of 2022-2023. The main contributor to this leap has been mega-rounds in the artificial intelligence (AI) sector, although funding increases are noted across all stages. Venture activity is rising in almost every region: the US continues to lead (with significant growth in the AI segment), investment volumes have surged several times on the Middle East, and for the first time in a decade, Germany has surpassed the UK in total venture capital in Europe. Asia shows uneven trends: India, Southeast Asia, and Gulf countries are attracting record capital inflows amid a relative downturn in activity in China. The startup scenes in Russia and the CIS are also striving to keep pace despite external constraints, launching new funds and projects to develop the local market. A new global venture boom is forming, though market participants remain cautious and selective.
Below are the key events and trends shaping the venture market landscape as of November 23, 2025:
- The return of mega funds and large investors. Leading venture players are forming record funds and increasing their investments, refilling the market with capital and reigniting risk appetite.
- Record rounds in AI and a new wave of unicorns. Unprecedented investments in AI startups are driving company valuations to unseen heights, resulting in the emergence of numerous new unicorns.
- Revival of the IPO market. Successful tech company listings and new applications for public offerings 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, aerospace and defense projects, as well as other sectors of the economy.
- A wave of consolidation and M&A deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and scaling businesses.
- 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 technological clusters.
- A renaissance of interest in crypto startups. After a prolonged "crypto winter," the blockchain project sector is revitalizing, once again attracting significant venture investments against the backdrop of the rising crypto market.
- Local focus: Russia and the CIS. New funds and initiatives for developing local startup ecosystems are emerging in the region, capturing investor attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back on the Market
Major investment funds and institutional players are triumphantly returning to the venture arena, signaling a renewed appetite for risk. After a decline in VC fundraising in 2022-2024, leading firms are resuming capital raising and launching mega funds, demonstrating confidence in the market's potential. Japanese conglomerate SoftBank, having faced difficulties in recent years, has announced the launch of its Vision Fund III, targeting ~$40 billion to focus on advanced technologies (AI, robotics, etc.). In the US, Andreessen Horowitz is raising a record-scale venture fund of about $20 billion, emphasizing investments in later-stage AI startups. At the same time, sovereign wealth funds in Gulf countries are significantly increasing their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide and developing large-scale programs to support startup ecosystems. In all regions, dozens of new venture funds are being created, attracting significant institutional capital for investments in high-tech projects. This influx of "big money" is adding liquidity to the market and intensifying competition for the best deals, while simultaneously instilling confidence in the industry regarding future capital inflows.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the primary driver of the current venture upswing, showcasing unprecedented funding levels. Since the beginning of 2025, AI startups have collectively raised over $160 billion in the US alone (accounting for about two-thirds of all venture investments in the country), and analysts estimate that by the end of the year, global investments in AI companies will exceed $200 billion — an unprecedented level for the industry. The combined valuation of the top ten AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. This capital influx into AI is accompanied by the emergence of numerous new unicorns. Only in October 2025, around 20 new startups with valuations exceeding $1 billion emerged globally — a record monthly increase in the "unicorn club" in recent years. While experts warn of market overheating risks, investor appetite for AI startups has yet to wane.
IPO Market Revival: A New Wave of Public Listings
The global IPO market is emerging from a prolonged lull and gaining momentum. After nearly two years of stagnation, there is a resurgence of IPOs as a desirable exit route for venture investors. In Asia, Hong Kong has kicked off a new wave of IPOs: in recent months, several major tech companies have gone public, collectively raising billions in investments. For example, Chinese battery manufacturer CATL successfully listed its shares, raising around $5 billion, showing that investors in the region are again ready to actively participate in IPOs. The situation is also improving in the US and Europe: American fintech unicorn Chime recently made its stock market debut, with shares rising approximately 30% on the first day of trading. Soon after, design platform Figma conducted an IPO, raising about $1.2 billion with an estimated valuation of $15-20 billion; its shares have also steadily climbed in the early days. In the second half of 2025, other well-known startups, including payment service Stripe and several highly valued tech companies, are preparing to go public.
Even the crypto industry is attempting to benefit from the revival: fintech company Circle successfully held its IPO in the summer (its valuation at listing was around $7 billion, and the stock subsequently surged), and cryptocurrency exchange Bullish has filed for a listing in the US with a targeted valuation of around $4 billion. The renewed activity in the public offering market is crucial for the entire venture ecosystem: successful exits via IPOs allow funds to realize profits and redirect freed-up capital into new projects, supporting the industry's continued growth.
Investment Diversification: It's Not Just About AI
In 2025, venture investments are covering an increasingly broader range of industries and are no longer limited to artificial intelligence alone. Following last year's downturn, several adjacent sectors are noticeably reviving, making the startup ecosystem more balanced and reducing the risk of overheating in individual niches. Venture capital is confidently expanding its horizons, investing in various directions:
- Fintech: After a lull in 2022-2023, financial technologies are again attracting large rounds of funding not only in the US but also in Europe and emerging markets, driving the growth of promising financial services.
- Climate and "green" technologies: Projects in clean energy, climate tech, and agritech are receiving record investments amid the global trend towards sustainable development and decarbonization.
- Biotechnology and healthcare: New developments in pharmaceuticals, genetics, and online medical platforms are again attracting capital as valuations in the sector recover from past downturns.
- Defense and space projects: With increased attention to security issues, investors are more actively financing defense technologies and cybersecurity. At the same time, interest in space startups is growing — from satellite services to space exploration projects.
The expansion of the venture capital industry’s focus suggests market maturity: investors are diversifying portfolios, and funds are being directed into various innovative sectors, reducing the market's reliance on a single sector.
A Wave of Consolidation and M&A: Consolidation of Players
High valuations of startups and fierce market competition are driving a new wave of consolidation. Major mergers and acquisitions are once again coming to the forefront, reshaping the power dynamics in the industry. Tech giants are keen to acquire key innovations and talent, embarking on a path of active acquisitions. A notable example is Google agreeing to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, marking a record sum for Israel's tech sector. Such mega deals demonstrate corporations' willingness to invest in cutting-edge developments to strengthen their positions. Overall, the current activity in M&A and large venture deals signifies market maturation. Mature startups are merging with one another or becoming acquisition targets for corporations, while venture funds obtain opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and "cleanses" the ecosystem of weaker players, leading to a healthier market.
Global Expansion of Venture Capital: New Tech Hubs
The investment boom is spreading to new geographical regions, forming its own centers of technological development worldwide. The Middle East stands out particularly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented resources into creating world-class local tech hubs. Over the past couple of years, the volume of venture investments in the Middle East has grown several times, leading to the emergence of new major funds and mega-projects (such as the NEOM tech city in Saudi Arabia). An active influx of capital is also observed in South Asia: India and Southeast Asian countries are setting new records for attracting investments, compensating for a relative cooling of the Chinese market. Meanwhile, the startup ecosystems of Africa and Latin America are gaining strength, with new technological clusters forming thanks to increased funding. Thus, venture capital is becoming increasingly global: beyond traditional centers like Silicon Valley, New York, or London, new growth points for startups are solidifying on the world map.
Local Market: Russia and the CIS
Despite external constraints, there is a resurgence of startup activity in Russia and neighboring countries in 2025. Over the past year, several new venture funds have emerged (with a combined capital of about 10-15 billion rubles), and governmental structures and large corporations have launched programs to support tech startups. While the total volume of venture investments in the region remains modest by global standards and significant barriers still exist (high interest rates, sanctions, etc.), the most promising local projects continue to attract funding. The gradual establishment of a venture infrastructure is already creating a foundation for the future—by the time external conditions improve and global investors can more actively return to the market. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and prepare the ground for the growth of the next generation of entrepreneurs.
A Renaissance of Interest in Crypto Startups
After an extended "crypto winter," the market for blockchain startups is noticeably reviving. In the autumn of 2025, funding for crypto projects reached its highest levels in recent years. New major rounds are occurring in the Web3 infrastructure and decentralized finance (DeFi) segments, as capital once again flows into promising blockchain platforms. The rise of the crypto market has also played a role: the flagship cryptocurrency Bitcoin has surpassed the psychological $100,000 mark, fueling investor enthusiasm for the sector. Venture funds, previously very cautious towards crypto assets, are gradually resuming investments in projects at the intersection of technology and finance. New initiatives geared towards crypto startups are emerging: the launch of specialized funds and incubators for Web3 projects. Of course, the experience of recent years has taught investors caution—volatility and regulatory risks still persist. However, there is now cautious optimism in the market: participants are increasing their presence in the crypto sector, aiming not to miss 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 in the venture capital industry. Successful IPOs and multi-billion dollar funding rounds indicate that the prolonged period of decline is behind us, and the startup ecosystem is experiencing a new upswing. Nevertheless, investors remain vigilant: funding is concentrated on startups with sustainable business models, proven economics, and real profitability potential. Large capital inflows into AI and other promising areas instill confidence in further market growth, but players are striving not to repeat the mistakes of past bubbles, taking a stricter approach to valuations and project quality.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of large investors, the emergence of new unicorns, and successful exits via IPOs create a foundation for the next wave of innovations. However, discipline and prudence on the part of investors will determine the nature of this growth. Despite the increased appetite for risky investments, quality growth of startups and the long-term sustainability of the market remain the key benchmarks.
