OCTOBER 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
Nov 17, 2025
VC Market Report
Nov 17, 2025
Deal Count & Total Capital Invested
In October 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more dropped by 27% compared to September (147 deals) to 107 deals; year-over-year, the number of deals dropped by 24%.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The decrease in overall deal count is due to a decline 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 decrease in overall deal count is due to a decline in activity in all the segments considered.
Deal structure by valuation segments, October 2025
In total, the late-stage segment accounted for 45% of the total number of deals in October 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in October was $17.8В, which is 7% or $1.4B less than in September ($19.2В); compared to October last year, the investment volume skyrocketed by 102%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024-2025, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In October 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 3.75-4.00%.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025.
In October 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 3.75-4.00%.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025.
Invested capital ($B) structure by valuation segments, October 2025
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In October 2025, a total of $17.5B was raised in Series B and above rounds, with $5.3B coming from Series B and $5.3B from Series C, $3.1B from Series D, and $3.7B from Series E+.
- Growth- and late-stage investment is showing steady growth in 2024-2025 compared to 2023.
- If the current trend continues, 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 October 2025 for companies valued at $1B+ was $250M (-0% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $30M (+4% MoM), $67M (+29% MoM) and $74M (+8% MoM), respectively.
The median round size in October 2025 for companies valued at $1B+ was $250M (-0% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $30M (+4% MoM), $67M (+29% MoM) and $74M (+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 October, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 24 months and 15 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 October, the median time between rounds in the $1B+ segment was 9 months.
The extension of investment intervals is particularly notable for companies valued up to $500M-1B, supporting the trend towards investor caution; in October, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 24 months and 15 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 October, the median time between rounds in the $1B+ segment was 9 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 October, the median post-money valuation in the $1B+ segment was $4.00B (+93% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.15B (+3% MoM), $0.36B (+16% MoM) and $0.66B (+8% MoM), respectively.
Fact
In October 2025, the median valuation step-up for the $1B+ segment was 2.4x, while for companies valued at $100-250M, $250-500M, and $500-1000M, the figure reached 1.7x, 2.3xand 2.2x, respectively.
In October 2025, unicorns ($1B+) demonstrated the highest valuation step-up ratio among all segments – 2.4x. Historically, this group has been characterized by more restrained revaluation dynamics, which is associated with the high sensitivity of large private companies to the macroeconomic environment. Nevertheless, current revaluation ratios (with rare exceptions) are close to early-stage levels, indicating continued/growing investor interest in high-quality late-stage companies amid increased deal selectivity.
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 21 in October 2025 – 14 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 7 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits skyrocketed to $28B, up 141% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (98) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in October 2025 returned to a level close to that of 2021-2022, totaling 33 cases. Further dynamics will depend on macroeconomic conditions and capital availability
The total volume of deals associated with VC exits skyrocketed to $28B, up 141% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (98) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in October 2025 returned to a level close to that of 2021-2022, totaling 33 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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DeelDeel – global HR and payroll platform that enables companies to hire, pay, and manage employees and contractors
- Industry: HR Tech
- Round size: $300M (Series E)
- Round date: 16 Oct 2025
- Total funding: $983.20M
- Valuation: $17.30B
- Investors: Andreessen Horowitz, General Catalyst, Bossa Invest, Coatue Management, Mana Ventures, Ribbit Capital
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WhatnotWhatnot –developer of a live streaming platform designed for trading limited edition toys and collectibles
- Industry: E-Commerce
- Round size: $225M (Series F)
- Round date: 28 Oct 2025
- Total funding: $975.41M
- Valuation: $11.50B
- Investors: Sequoia Capital, Andreessen Horowitz, Greycroft, CapitalG
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ŌuraŌura– health technology company best known for the Ōura Ring, a smart ring that tracks sleep, health, and activity through continuous biometric sensing
- Industry: Digital Health, IoT, Wearables & Quantified Self
- Round size: $907.70M (Series E)
- Round date: 14 Oct 2025
- Total funding: $2.06B
- Valuation: $11.00B
- Investors: Fidelity Management & Research Company, Whale Rock Capital Management, ICONIQ Capital, Atreides Capital
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MercorMercor– developer of an AI-based recruitment platform
- Industry: AI & ML, HR Tech
- Round size: $350M (Series C)
- Round date: 27 Oct 2025
- Total funding: $484.58M
- Valuation: $10.00B
- Investors: General Catalyst, Benchmark Capital Holdings, Felicis, Robinhood Ventures
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CrusoeCrusoe – environmentally friendly computing and energy company that captures waste natural gas and integrates renewable energy sources to power AI data centers
- Industry: AI & ML, Climate Tech, CleanTech, CloudTech & DevOps
- Round size: $1.37B (Series E)
- Round date: 24 Oct 2025
- Total funding: $4.13B
- Valuation: $10.00B
- Investors: Tiger Global Management, Founders Fund, Salesforce Ventures, Fidelity Management & Research Company, Nvidia
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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