SEPTEMBER 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
Oct 15, 2025
VC Market Report
Oct 15, 2025
Deal Count & Total Capital Invested
In September 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more grew by 40% compared to August (98 deals) to 137 deals; year-over-year, the number of deals increased by 11%.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The increase in overall deal count is due to a decline in activity in the $100-250M segment.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The increase in overall deal count is due to a decline in activity in the $100-250M segment.
Deal structure by valuation segments, September 2025
In total, the late-stage segment accounted for 43% of the total number of deals in September 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in September was $16.7В, which is 90% or $7.9B more than in August ($8.8B); compared to September last year, the investment volume skyrocketed by 74%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024-2025, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In September 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 4.00-4.25%.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025.
In September 2025, the US Federal Reserve decided to cut the federal funds rate by 25 bps to 4.00-4.25%.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.50-3.75% by the end of 2025.
Invested capital ($B) structure by valuation segments*, September 2025
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In September 2025, a total of $16.6B was raised in Series B and above rounds, with $4.1B coming from Series B and $4.4B from Series C, $2.6B from Series D, and $5.5B 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 September 2025 for companies valued at $1B+ was $250M (-17% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $29M (-1% MoM), $51M (-8% MoM) and $80M (+10% MoM), respectively.
The median round size in September 2025 for companies valued at $1B+ was $250M (-17% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $29M (-1% MoM), $51M (-8% MoM) and $80M (+10% 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 at $500M-1B, supporting the trend towards investor caution; in September, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 23 months, 22 months and 19 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 September, the median time between rounds in the $1B+ segment was 11 months.
The extension of investment intervals is particularly notable for companies valued at $500M-1B, supporting the trend towards investor caution; in September, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 23 months, 22 months and 19 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 September, the median time between rounds in the $1B+ segment was 11 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 September, the median post-money valuation in the $1B+ segment was $2.20B (+0% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.15B (-8% MoM), $0.31B (-3% MoM)and$0.60B (-6% MoM), respectively.
Fact
In September 2025, the median valuation step-up for the $1B+ segment was 2.3x, while for companies valued at $100-250M, $250-500M and $500-1000M, the figure reached 1.9x, 2.8x and 3.6x, respectively.
In September 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 12 in September 2025 – 6 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 6 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits dropped to $10B, down 47% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (101) and July (98) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in September 2025 returned to a level close to that of 2021-2022, totaling 27 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits dropped to $10B, down 47% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (101) and July (98) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in September 2025 returned to a level close to that of 2021-2022, totaling 27 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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AnthropicAnthropic – AI safety-focused research and product company behind the Claude family of models for secure, reliable enterprise and consumer use
- Industry: AI & ML, Big Data
- Round size: $13B (Series F)
- Round date: 02 Sep 2025
- Total funding: $31.75B
- Valuation: $183.0B
- Investors: Lightspeed Venture Partners, ICONIQ Capital, Fidelity Management & Research Company, Blackstone, BlackRock
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DatabricksDatabricks – Unified “lakehouse” data and AI platform for ETL, warehousing, analytics, and ML/LLM workloads built on Spark and Delta Lake
- Industry: AI & ML, Big Data
- Round size: $1B (Series K)
- Round date: 08 Sep 2025
- Total funding: $20.67B
- Valuation: $100.0B
- Investors: Andreessen Horowitz, 1789 Capital, BFA Global Investors, Cross Creek Advisors, Insight Partners
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Perplexity AIPerplexity AI – an AI developer that searches the internet and cites sources to provide concise, up-to-date results in the form of a dialogue
- Industry: AI & ML, Mobile
- Round size: $200M (Later Stage VC)
- Round date: 11 Sep 2025
- Total funding: $1.71B
- Valuation: $20.00B
- Investors: OurCrowd, Mirae Asset Global Investment, Maiora Ventures
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KrakenKraken – global cryptocurrency platform offering spot and derivatives trading, staking, and secure custody for digital assets
- Industry: Cryptocurrency/Blockchain, FinTech
- Round size: $500M (Later Stage VC)
- Round date: 26 Sep 2025
- Total funding: $605.88M
- Valuation: $15.00B
- Investors: Tribe Capital
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Mistral AIMistral AI – French AI startup specializing in the development of large language models (LLMs) with open-source code
- Industry: AI & ML, Mobile
- Round size: $1.52B (Series C)
- Round date: 09 Sep 2025
- Total funding: $2.71B
- Valuation: $13.66B
- Investors: Andreessen Horowitz, General Catalyst, Lightspeed Ventures Partners, Nvidia, ASML Holdings
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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