2025年二季度电子商务风险投资趋势（英）

EMERGING TECH RESEARCH E-CommerceVC Trends VC activity across the e-commerce ecosystem REPORT PREVIEWThe full report is available through Contents E-commerce landscapeE-commerce VC ecosystem market mapVC activityE-commerce VC deal summary Institutional Research Group Analysis Eric BellomoSenior Research Analyst,E-commerce and Gaming DataHarrison WaldockData Analystpbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’Malley,andChloe Ladwig Published on August 29, 2025 E-commercelandscape E-commerce VC ecosystem market map VC activity VC deal value and count In Q2 2025, e-commerce enablement startups raised $3.3 billion in venture capital—up 11.4%QoQ and 40.3% YoY. Conversely, VC deal volume fell to 123 transactions, marking an 18% QoQ Since the beginning of 2023, despite undulating deal value, the e-commerce technology ecosystemhas settled into a steady state, averaging $3 billion in capital deployed across 134 deals per Deal-stage composition In Q2 2025, deal activity was concentrated in late-stage rounds, accounting for 36.6% ofinvestments. Pre-seed/seed and early-stage rounds followed with an almost even split at 23.6% Early- and seed-stage activity has recovered modestly after bottoming out in Q2 2024, followinga prolonged stretch of sequential declines beginning in H1 2023. A broad-spectrum crunch at Top segments Late-stage investments Postpurchase platforms drew the largest checks, securing $914.5 million across 24 transactions,while horizontal platforms led in volume with 37 rounds, totaling $781 million. On a trailing12-month (TTM) basis, horizontal platforms remained the most active, with 139 deals and $4.7 Investors targeted omnichannel and CX infrastructure for late-stage capital, with major roundsinto Cart.com ($73.7 million), fulfillment services via Stord ($200 million), agentic CX platform Median pre-money valuations YTD valuations remain inflated compared with 2024, buoyed by large venture-growth outliersthrough H1, while all other deal stages posted more modest increases YoY. Deal sizes similarly Seed activity Pre-seed/seed-stage deals targeted product search and visualization, including Doji for $14million, Alta for $11 million, Gemist for $6 million, and Brandlight for $5.8 million; vertical offerings,with community platform SweatPals for $17.3 million; re-commerce, with Brandback for $7.4 Step-ups improved sequentially across all stages, though they remain well below 2021 highs andgenerally aligned with pre-pandemic levels—indicating the sector is trending toward a measured Early-stage deals Exit activity Early financing rounds highlighted the rise of agentic and AI-native platforms, including SafetyKit($27 million) to support marketplaces and payments companies, and Toma ($17 million) for Exits in H1 remained muted, with 53 deals totaling $1.5 billion. At the current run rate, exit valueacross both VC and PE would contract nearly 60%, while volume would increase nearly 20%. VC ACTIVITY Signs of momentum are emerging in adjacent categories. According to thePitchBook-NVCAVenture Monitor, venture exits showed signs of life, with a batch of high-profile, top-heavy IPOs andacquisitions from companies operating within AI, national security, defense tech, fintech, and cryptobenefiting from administration alignment and disproportionate investor interest. Commerce has Macroeconomic trends The macro landscape remains complex, yet broadly favorable to risk assets. The US FederalReserve is trending toward a rate cut in the near term, alongside pressure from President DonaldTrump to wrest board leadership from Federal Reserve Chairman Jerome Powell. Additionally, The convergence between interactive media and commercecontinues to accelerate Public listings A lack of viable IPO candidates is a critical bottleneck to e-commerce exit value. In our analyst-curated vertical, only eight companies are currently in IPO registration, with all candidates straddlingadjacent verticals, including BNPL (Klarna and Tabby), supply chain (Shiprocker, Lalamove, and Simba The fusion of entertainment, media, and commerce is accelerating. Roblox launched a suite ofcommerce APIs in mid-May, with Shopify as the first integration partner. Our2025 ConsumerTechnology Outlookpointed to a future where insurgent brands can reach nine-figure valuations M&A activity YTD, acquisitions fared marginally better, with 74 deals and $7.6 billion in value, pacing modestlybelow 2024’s 106 deals and $17.2 billion. Notable exits in the quarter include OfferFit’s $325 While we are bearish on the trajectory of livestream commerce startups, scaled social platformsremain active in digital commerce as the focus on distribution innovation sharpens. TikTok VC ACTIVITY window.1The recent partnership between QVC and HSN to launch shoppable experiences on thestreaming service Philo is a similarly targeted commerce strategy. Outside of retail, UK-based cut rate in five years.3Retail s