风投脉搏：2025年第三季度全球风投分析

Global analysis of venture funding KPMG. Make the Difference. Welcomemessage significant amount of interest in a broad range of AI-drivenapplications and industry focused solutions. Outside of the AI space,defensetech also garnered a significant amount of attention frominvestors, in addition to healthtech, quantum computing, andalternative energy. Welcome to the Q3’25 edition of KPMG Private Enterprise’sVenture Pulse — a quarterly report highlighting the major trends,opportunities, and challenges across the venture capital marketglobally and in key jurisdictions around the world. You know KPMG. You might not knowKPMG Private Enterprise. With VC investment rising in Q3’25, optimism continued to buildacross the global venture market—driven by growing confidence thatthe door to the US IPO market has now fully reopened. During thequarter, a number of high-profile startups held successful IPO exits inthe US, including collaborative design software firm Figma, digitalasset exchange Bullish, and Sweden-based buy now, pay later firmKlarna. It is expected that other mature startups will follow in theirfootsteps over the coming quarters. Despite ongoing geopolitical challenges and conflicts and continuedconcerns about US tariff policies — including whether negotiatedagreements will stick — there’s a solid sense of positivity in themarket heading into Q4’25. KPMG Private Enterprise advisers in KPMGfirms around the world are dedicated toworking with you and your business, no matterwhere you are in your growth journey —whether you’re looking to reach new heights,embrace technology, plan for an exit, ormanage the transition of wealth of yourbusiness to the next generation. In this quarter’s edition of Venture Pulse, we examine these and anumber of other global and regional trends, including: •The dominance of AI from an investment perspective•The opening of the IPO door in the US•The increasing investment in hardware-based startups•The growing focus on VC investment in Africa•The rise in M&A activity The Americas accounted for the largest share of VC investment thisquarter — driven primarily by VC investment in the US — followed byEurope and Asia. This quarter, we also started to highlight VCinvestment trends in Africa — a region expected to see burgeoningVC investment over the coming years. Conor MooreGlobal Head, KPMG Private Enterprise,KPMG International and PartnerKPMG in the US At a sector level, artificial intelligence (AI) continued to see red hotlevels of VC investment globally in Q3’25 — led by three $1 billionfunding rounds Anthropic — $13 billion, xAI — $10 billion, andFrance’s Mistral — $1.5 billion. In addition to pouring money intothese large AI model companies, VC investors globally showed We hope you find this edition of Venture Pulse insightful. If you wouldlike to discuss any of the results in more detail, please contact aKPMG adviser in your area. Contents Asia Africa US Americas Europe Global •VC investment remainsmuted at $16.8 billionacross 2,310 deals•Venture growth mediandeal sizes drop YoY•VC investment into IThardware surges•Exits increase powered bypublic listings•Chinese companies attract7 of 10 largest deals •After a surge, Africa’sVC Market Enters aPause in Q3•Fintech Dominatesoverall VC investment•Climate andAgtechcontinue toemerge asnext growthfrontiers •VC-backed companiesraise $85.1 billionacross 3,474 deals•Up-rounds stage acomeback•AI keeps driving late-stage valuations up•Canadian deal valuesees strongest resultsin since 2022•Mexico posts slowerquarter after strong Q2•VC invested in Brazilsurges to highest levelsince Q3’22 •VC investment risesslightly, reaching$17.5 billion across1,625 deals•Late-stage valuationscontinue to climb•Pre-seed ekes out highershare of deal volume•First time venturefinancings strengthenfurther•Exit activity increases for3rd consecutive quarter •VC deal value postsa solid $80.9 billionacross reduced dealvolume•Late-stage valuationson the upswing•AI continues to attractmassive deals•Exits continue a slow,steady climb•AI boom shows nosigns of slowing•Fundraising remainsextremely muted •VC investment reaches$120.7 billion across7,579 deals•Financing sizes remainon the upswing•Corporate VC hasanother strong quarter•Exit activity growsfor the third consecutivequarter•US home to 8 of the top10 global deals Globally,inQ3’25VC-backedcompaniesraised$120.7billionacross7,579deals AIcontinuestopowertheVCmarketglobally Global VC investment rose to $120 billion in Q3 2025, up from $112 billion in Q2, underscoring the fourth consecutive quarter of robust global growth.While overall deal volume eased slightly — reflecting a seasonal lull in activity across the Americas and Europe — the broader trajectory of the marketremained positive. Investor sentiment improved steadily throughout the quarter, fueled by renewed optimism around liquidity pathways. One of the most encouraging developments was the rebound in IPO activity, which provided long-awa