NOVEMBER 2025
VENTURE CAPITAL REPORT
VENTURE CAPITAL REPORT
The report analyzes the VC market in the Americas and Europe, focusing on growth- and late-stage companies. It includes statistics on deals, capital raised, valuations, funding round sizes,
and descriptions of new unicorns.
SUMMARY
Monthly Americas and Europe
VC Market Report
Dec 15, 2025
VC Market Report
Dec 15, 2025
Deal Count & Total Capital Invested
In November 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more increased by 5% compared to October (120 deals) to 126 deals; year-over-year, the number of deals jumped by 37%.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The growth in overall deal count is due to an increase in activity in all the segments considered.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The growth in overall deal count is due to an increase in activity in all the segments considered.
Deal structure by valuation segments, November 2025
In total, the late-stage segment accounted for 35% of the total number of deals in November 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in November was $19.9В, which is 6% or $1.2B more than in October ($18.7В); compared to November last year, the investment volume skyrocketed by 193%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024-2025, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In October 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 3.75-4.00%, the next meeting will be held on December 10, 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025
In October 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 3.75-4.00%, the next meeting will be held on December 10, 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025
Invested capital ($B) structure by valuation segments, November 2025
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In November 2025, a total of $16.2B was raised in Series B and above rounds, with $6.2B coming from Series B and $2.4B from Series C, $4.4B from Series D, and $3.2B from Series E+.
- Growth- and late-stage investment is showing steady growth in 2024-2025 compared to 2023.
- If the current trend continues, the end of 2025 could be even more active for growth and late stage, especially as the macro environment improves.
Median Round Size & Post-Money Valuation
Median round size by valuation segments, 2021-2025, $M
Early stages show stable dynamics in median investment round sizes, while later stages demonstrate high volatility due to the effect of individual large deals.
The median round size in November 2025 for companies valued at $1B+ was $250M (unchanged for the third consecutive month), while for the $100-250M, $250-500M and $500-$1B segments, it reached $25M (-17% MoM), $43M (-20% MoM) and $73M (-0% MoM), respectively.
The median round size in November 2025 for companies valued at $1B+ was $250M (unchanged for the third consecutive month), while for the $100-250M, $250-500M and $500-$1B segments, it reached $25M (-17% MoM), $43M (-20% MoM) and $73M (-0% MoM), respectively.
The trend of longer time intervals between rounds indicates that investors remain selective in their investments amid high cost of capital, with startups taking longer to reach the next round criteria.
The extension of investment intervals is particularly notable for companies valued up to $500M-1B, supporting the trend towards investor caution; in November, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 16 months and 16 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength; in November, the median time between rounds in the $1B+ segment was 12 months.
The extension of investment intervals is particularly notable for companies valued up to $500M-1B, supporting the trend towards investor caution; in November, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 16 months and 16 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength; in November, the median time between rounds in the $1B+ segment was 12 months.
Median time between investment rounds in the 1B+ valuation segment, 2021-2025, in months
Median post-money valuation by valuation group, 2021-2025, $M
- $1B+ companies show the most significant volatility in post-money valuation; however, in 2024-2025, there is a trend toward an increase in the median valuation of unicorns ($1B+).
- At the end of November, the median post-money valuation in the $1B+ segment was $3.38B (-16% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.15B (+5% MoM), $0.34B (-5% MoM)and$0.60B (-9% MoM), respectively.
Fact
In November 2025, median valuation step-up for the $1B+ segment was 2.0x, while for companies valued at $100-250M, $250-500M, and $500-1000M, it reached 2.3x, 2.7x and 2.4x, respectively.
In November 2025, unicorns ($1B+) demonstrated a moderate median valuation step-up, which is explained by historically more restrained revaluation multiples at later stages, as well as heightened sensitivity of such companies to macro conditions; at the same time, current multiples are at a level similar to early stages, which reflects continued strong investor interest in late-stage companies.
Median valuation step-up for companies with $1B+ valuation, 2021-2025
Key statistics for Growth and Late Stage companies, September 2025
Exits & Bankruptcies
The number of VC exits reached 13 in November 2025 – 11 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 2 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits dropped to $21B, which is 40% less than a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in November 2025 returned to a level close to that of 2021-2022, totaling 30 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits dropped to $21B, which is 40% less than a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in November 2025 returned to a level close to that of 2021-2022, totaling 30 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
Number of bankruptcies, 2021-2025
Top-5* New Rounds Raised by Companies with $1B+ Valuation
* Sorted by post-money valuation
* Sorted by post-money valuation
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RevolutRevolut –UK-founded fintech that offers an all-in-one app for spending, saving, transfers, and multi-currency accounts for consumers and businesses
- Industry: Cryptocurrency/Blockchain, FinTech, Mobile
- Round size: $3B (Later Stage VC)
- Round date: 24 Nov 2025
- Total funding: $5.89B
- Valuation: $75.00B
- Investors: Andreessen Horowitz, Coatue Management, Build Collective, Fidelity Management & Research Company
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RippleRipple – blockchain infrastructure company offering payments, custody, and stablecoin solutions designed for financial institutions
- Industry: B2B Payments, Cryptocurrency/Blockchain, FinTech
- Round size: $500M (Later Stage VC)
- Round date: 05 Nov 2025
- Total funding: $826.27M
- Valuation: $40.00B
- Investors: Citadel Securities, Fortress Investment Group, Galaxy Digital, Pantera Capital, Riverside Ventures, Marshall Wace
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RampRamp – corporate card and spend-management platform that helps companies control, automate, and analyze expenses, AP, and other business spend
- Industry: AI & ML, FinTech, Mobile
- Round size: $300M (Series E3)
- Round date: 17 Nov 2025
- Total funding: $2.83B
- Valuation: $32.00B
- Investors: Bessemer Venture Partner, GIC Private, Khosla Ventures, Founders Fund, Lightspeed Ventures, Robinhood Ventures
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AnysphereAnysphere– applied research lab building AI developer tools, best known for the Cursor AI coding environment
- Industry: AI & ML
- Round size: $2.30B (Series D)
- Round date: 13 Nov 2025
- Total funding: $3.38B
- Valuation: $29.30B
- Investors: Accel, Andreessen Horowitz, GV, Nvidia, Coatue Management
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PolymarketPolymarket–trading platform for betting on the outcomes of debated current events
- Industry: AI & ML, FinTech, Mobile
- Round size: N/D (Series A2)
- Round date: 10 Nov 2025
- Total funding: $2.26B
- Valuation: $13.50B
- Investors: Symphony Ventures, Brightwing Capital
Important notice: The figures presented in the reports for previous periods may be subject to subsequent backward-looking adjustments in later reports due to the delay in obtaining data on closed transactions and the possibility of their adjustments in the market intelligence systems used to extract deal data.
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