2025年第二季度企业SaaS风险投资趋势（英）2025

EMERGING TECH RESEARCH Enterprise SaaSVC Trends VC activity across the enterprise SaaS ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Enterprise SaaS landscape3 Institutional Research Group Enterprise SaaS VC ecosystem market map4 Analysis Derek HernandezSenior Research Analyst,Enterprise SaaS and Infrastructure SaaSderek.hernandez@pitchbook.com VC activity5 Enterprise SaaS VC deal summary22 Data Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie DoanandJenna O’Malley Published on August 15, 2025 EnterpriseSaaSlandscape Other application softwareCustomer relationshipmanagementEnterprise resource planningSupply chain managementAnalytic platformsKnowledge management systems Enterprise SaaS VC ecosystem market map VC activity Deal activity Q2 2025 performance by enterprise software-as-a-service (SaaS) companies came down to earthin terms of deal value. While a sharp decline QoQ, Q2 saw a respectable total raise of $22 billionacross 751 deals. This compares with $60.3 billion raised across 818 deals in Q1. Excluding the $40billion megadeal by OpenAI in the first quarter, this represents a meaningful uptick of 8.4% QoQ,despite a modest decrease in deal count of 8.2% QoQ. Although OpenAI, Anthropic, and xAI geta lot of attention, the hundreds of deals within enterprise SaaS are flush with AI-native and AI-enabled solutions every quarter. We expect this trend to strengthen in 2025 and beyond. Only one deal topped $1 billion in Q2: the $2.5 billion raise by Anduril Industries at a valuationof $30.5 billion. Peter Thiel’s Founders Fund supported the deal with a significant $1 billioninvestment. Excluding the over $1 billion megadeals of the past four quarters, we have seen aremarkable and steady rise in overall investment in enterprise SaaS, from $15 billion in Q2 2024 tonearly $20 billion today. Enterprise solutions addressing the everyday needs of firms around theglobe continue to be well funded, even during this period of greater uncertainty. Exits in Q2 2025 dipped slightly QoQ to 100—down from 105 in Q1—but remain strong comparedwith the prior market softness in 2022 and 2023. Meanwhile, exit value recovered QoQ to $9.1billion, up from the sharp dip to $4.2 billion in Q1. The most significant exits were Hinge Health($2.3 billion IPO), Weights & Biases ($1.7 billion M&A), Hidden Road ($1.3 billion M&A), and MNTN($1.1 billion IPO). This demonstrates a healthy return to IPOs along with continued M&A strength.In addition, the quarter recorded 68 acquisitions, 28 buyouts, and four IPOs. The IPO market hasshown resilience across tech, leading to a vibrant 2025 so far. Exit valuation disclosures remained low, with 20 out of 100 valuations disclosed, or 20%. Weinterpret this as a generally weaker environment for sellers, as disclosures can be a proxy for exitsizes and multiples. By comparison, at the high-water mark in 2021, 446 out of 464 exits (96.1%)disclosed valuation. Without a meaningful decrease in the cost of capital, valuations could remainpressured, causing exit disclosures to stay low. valuations. This “AI premium” has been justified by investors’ belief in stronger company defensivemoats, higher growth potential, and better margin profiles. In stark contrast, “classic” SaaScompanies—even established firms with strong fundamentals—are being valued around bandsof 6x to 8x ARR. We continue to see the hasty addition of AI features to more traditional SaaSproducts. While this may be seen as a simple fix to mend the valuation gaps, it is also necessary totransition existing products into massively scalable AI-enabled solutions. The AI factor Climbing the wall of worry In Q2, despite a decline in AI megadeals, the flow of VC capital into the SaaS industry remainedoverwhelmingly skewed toward companies with AI-based solutions. This continues a fundamentalmarket realignment, with AI-native platforms attracting 45% of all VC dollars. Investors areaggressively competing to fund startups that promise to redefine whole software categories,creating new market leaders and potentially rendering many traditional SaaS tools obsolete. Across the SaaS market, tariff-related uncertainty subsided over the quarter. An early Q2dip healed by mid-quarter, leading to steadier growth. At the outset of Q22025, global SaaScompanies were rattled by uncertainty around new tariff policies, triggering a sharp drop inrecurring revenue growth and sales in early April. However, this unease corrected by mid-quarteras markets adjusted and fears of trade escalation diminished. From mid-April onward, variousmetrics climbed steadily, with annualized growth stabilizing around 10% for the rest of the quarter,far outperforming the sub-5% levels of the prior three quarters. Within the AI companies, we have seen OpenAI take an aggressive acquisition strategy in Q2. The$6 billion purchase of IO, a company specializing in AI-opti