2025年第一季度全球风险投资分析报告

Global analysis of venture fundingApril 16, 2025 Welcomemessage Welcome to the Q1’25 edition of KPMG Private Enterprise’s VenturePulse — a quarterly report highlighting the major trends, challenges,and opportunities facing the venture capital market globally and in keyjurisdictions around the world. vehicles, robotics) and industry solutions — such as AI for mining techcompany Kobold Metals ($537 million) and AI preventative healthcompany Cera ($150 million)—also saw significant investments.Defense Tech and spacetech also continued to gain traction with VCinvestors. You know KPMG. You might not knowKPMG Private Enterprise. Against a backdrop of geopolitical uncertainty and renewed concernsover tariffs and trade tensions, global VC investment rose from$118 billion in Q4’24 to $126 billion in Q1’25, fueled by a wave ofmegadeals — including eight $1 billion+ transactions and a standout$40 billion raise by OpenAI. KPMG Private Enterprise advisers inKPMG firms around the world are dedicatedto working with you and your business, nomatter where you are in your growthjourney — whether you’re looking to reachnew heights, embrace technology, plan foran exit, or manage the transition of wealthor your business to the next generation. While there had been optimism that Q1’25 could mark a rebound in IPOactivity in the US, lingering market uncertainties led many startups todelay their public debut plans. US-based AI infrastructure firmCoreWeave went public late in the quarter, though its relatively mutedperformance — and unique business model—meant it wasn’t seen as areliable indicator for broader IPO sentiment. Sweden-based fintechKlarna had initially signaled plans for a Q1 IPO but ultimately postponedthe offering. Its performance, should the IPO proceed in Q2, will beclosely watched as a potential bellwether for other late-stage techcompanies considering the public markets. Despite the uptick in investment value, deal volume declined quarter-over-quarter as many VC investors paused to evaluate whethermarket shifts were temporary and to preserve capital in light ofongoing IPO exit delays. Deal-making also slowed as firms adapted toevolving investment considerations. Conor MooreGlobal Head, KPMG Private Enterprise,KPMG International & PartnerKPMG in the US The Americas attracted the largest share of VC investment globallyduring the quarter. The US accounted for the bulk of this investment,including a $40 billion standout deal by OpenAI, a $4.5 billion raise byAnthropic(two closings) and a $3 billion raise by Infinite Reality. VCinvestment in Europe remained flat quarter-over-quarter at $18 billion,led by a massive $2 billion deal by cryptocurrency exchange Binance,followed by Germany-based energy management proptech Reneo($624 million) and UK-based AI drug discovery firm Isomorphic Labs($600 million). VC investment in Asia fell from $18.9 billion in Q4’24 toa record low $12.9 billion in Q1’25. Singapore-based data center firmDayOne raised the largest VC deal ($1.2 billion) of the quarterfollowed by Chinese cleantech SE Environmental ($688 million) andIndia-based e-commerce company Meesho ($550 million). The current levels of geopolitical uncertainty will likely continue to affectthe VC market heading into Q2’25, although areas like AI, defense tech,cybersecurity, and alternative energy will likely remain resilient. In this quarter’s edition of Venture Pulse, we examine these and anumber of other global and regional trends, including: Francois ChadwickPartnerKPMG in the US •The increasing trade tensions and geopolitical uncertainties•The expanding diversity of AI solutions attracting investments•The growing attention being given to defense tech and spacetech•The increasing involvement of governments in driving AI investments Lindsay HullSenior Director, Emerging Giants Global Network, KPMG Private EnterpriseKPMG International We hope you find this edition of Venture Pulse insightful. If you wouldlike to discuss any of the results in more detail, please contact a KPMGadviser in your area. AI remained the hottest ticket globally. In addition to large raises byLLM-focused companies like OpenAI and Anthropic, companiesfocused on AI applications (e.g. augmented reality, autonomous Unless otherwise noted, all currencies reflected throughout this document are in US dollars.Data correct as of April 16 2025, and is subject to change. Contents Global US •VC deal value increases to $91.5 billion across 3,003 deals•Median deal sizes rise at all levels•Investment into AI booms, led by mega deals by OpenAI and Anthropic•Exit value rises yet remains relatively muted•Strong start to the year for M&A value •VC investment rises to $126.3 billionacross 7,551 deals•Median late-stage valuationsrebound•Investment into AI surges poweredby mega deals•Venture fundraising remains mutedyear over year•AI dominates top 10 deals, led byOpenAI’s $40 billion raise Asia Americas •VC investment falls to$12.9 billion across 2,149