DECEMBER 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
Jan 15, 2025
VC Market Report
Jan 15, 2025
Deal Count & Total Capital Invested
In December 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more decreased by 12% compared to November (130 deals) to 114 deals. Year-over-year, the number of deals declined by 7%.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The decline in overall deal count is due to an increase in activity in the $250M+ segment.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The decline in overall deal count is due to an increase in activity in the $250M+ segment.
Deal structure by valuation segments, December 2025
In total, the late-stage segment accounted for 37% of the total number of deals in December 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in December was $15.5В, which is 24% or $4.8B less than in November ($20.3В). Compared to December last year, the investment volume increased by 49%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024-2025, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
Invested capital ($B) structure by valuation segments, December 2025
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In December 2025, a total of $10.6B was raised in Series B and above rounds, with $4.8B coming from Series B and $1.7B from Series C, $1.0B from Series D, and $3.1B from Series E+.
- Growth- and late-stage investment is showing steady growth in 2024-2025 compared to 2023.
- If the current trend continues, 2026 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 December 2025 for companies valued at $1B+ was $240M (-8% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $28M (+14% MoM), $50M (+1% MoM) and $81M (+8% MoM), respectively.
The median round size in December 2025 for companies valued at $1B+ was $240M (-8% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $28M (+14% MoM), $50M (+1% MoM) and $81M (+8% 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 December, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 25 months, 24 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 December, the median time between rounds in the $1B+ segment was 8 months.
The extension of investment intervals is particularly notable for companies valued up to $500M-1B, supporting the trend towards investor caution. In December, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 25 months, 24 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 December, the median time between rounds in the $1B+ segment was 8 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 December, the median post-money valuation in the $1B+ segment was $3.30B (-6% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.15B (-3% MoM), $0.29B (-16% MoM) and $0.68B (+14% MoM), respectively.
Fact
In December 2025, median valuation step-up for the $1B+ segment was 1.8x, while for companies valued at $100-250M, $250-500M, and $500-1000M, it reached 1.7x, 2.1xand 3.5x, respectively.
In December 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, December 2025
Exits & Bankruptcies
The number of VC exits reached 24 in December 2025: 15 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 9 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits jumped to $69B, which is 223% more from 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 December 2025 returned to a level close to that of 2021-2022, totaling 36 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits jumped to $69B, which is 223% more from 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 December 2025 returned to a level close to that of 2021-2022, totaling 36 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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DatabricksDatabricks – cloud data-and-AI platform built on the lakehouse architecture that unifies data engineering, analytics, and machine learning for enterprises
- Industry: AI & ML, Big Data, CloudTech & DevOps
- Round size: $4.08B (Later Stage VC)
- Round date: 16 Dec 2025
- Total funding: $24.74B
- Valuation: $134.0B
- Investors: Andreessen Horowitz, Gaingels, Kleiner Perkins, Insight Partners, Lightspeed Venture Partners, Temasek Holdings
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KalshiKalshi – CFTC-regulated prediction market/exchange where users trade event contracts on real-world outcomes
- Industry: FinTech, Mobile
- Round size: $1B (Series E)
- Round date: 02 Dec 2025
- Total funding: $1.59B
- Valuation: $11.00B
- Investors: Y Combinator, Sequoia Capital, Andreessen Horowits, General Catalyst, SV Angel, Global Founders Capital
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Harvey AIHarvey AI –domain-specific AI platform for law firms and in-house legal teams that supports legal research, drafting, and workflow automation
- Industry: AI & ML, Big Data, Legal Tech
- Round size: $185.17M (Series A2)
- Round date: 04 Dec 2025
- Total funding: $988M
- Valuation: $9.26B
- Investors: Google for Startups, Sequoia Capital, Andreessen Horowitz, Kleiner Perkins, EQT, SV Angel, GV, Coatue Management
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LovableLovable – no-code/low-code AI builder that lets users create apps and websites by chatting with an AI that generates production-ready software
- Industry: AI & ML
- Round size: $425.01M (Series B)
- Round date: 18 Dec 2025
- Total funding: $647.51M
- Valuation: $6.60B
- Investors: Accel. Antler, EQT, Khosla Ventures, Salesforce Ventures, Menlo Ventures, Creandum, Charles Songhurst
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VerkadaVerkada– cloud-managed physical security company offering integrated products like security cameras, access control, and alarms managed through a unified software platform
- Industry: AI & ML, Internet of Things
- Round size: $20M (Later Stage VC)
- Round date: 03 Dec 2025
- Total funding: $674.80M
- Valuation: $5.80B
- Investors: Sequoia Capital, General Catalyst, Lightspeed Ventures, First Round Capital, Silver Lake, Felicis, Quiet 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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