全球风险投资现状 | 2025年第三季度 私募市场风险投资公司的交易、融资和退出数据及分析

State ofVenture Global | Q3 2025 Global data and analysis on dealmaking, funding,and exits by private market venture companies Action is better. We track and compare the world’s companies. Our AIagents keep you a step ahead of competitors anddisruption. Trusted by the world's smartest companies:Every big tech company. Every top professional servicesfirm. 26 of the top 30 banks. All ten Fortune 10 companies.Put our AI agents to work today. ▮▮▮IIIIIIStart free trial “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram ▮▮▮▮▮IIIIDownload the raw data TL;DRYour rundown onventurein Q3’25 $95.6B $94.5BAnnual fundinggoing to decacorns. 51%Of total fundingraised by AI startups. 8%Increase inM&As QoQ. 17 Quarterly deals toindustrial humanoidrobots. Funding above $90Bfor the 4th quarter ina row. Venture funding is focused ondecacorns—companies valuedat $10B or more—which raiseda record $94.5B through Q3'25,surpassing the 2024 record of$46.3B. Venture funding exceeded$90B for the 4th consecutivequarter, reaching $95.6B inQ3’25. Annual fundingreached $310B through Q3'25—the highest yearly figuresince 2022. M&A deals rose 8% QoQ to2,324—the highest total sinceQ3'22, partly driven by maturingAI startups. Fintech M&Acontributed heavily, rising to249 deals, its highest sinceQ1’22. Healthcare M&A alsoincreased. Industrial humanoid robotscaptured 17 deals in Q3'25—more than any other market.Two new humanoid unicornsemerged this quarter, bringingthe total to 4. AI companies captured 51%of total venture funding in2025 so far—putting 2025on pace for the first yeareverwhere AI startups claim mostof the funding. AI dealsrepresented 22% of alltransactions. AI leaders are the primaryrecipients of decacornvaluations, including developersxAI, Scale, and Perplexity,defense startups Anduril andHelsing, and fintech companyRamp. Healthcare humanoid robotsalso secured 7 deals, rankingjust outside of the top 10most active markets. Figureled both segments, raising a$1.5B Series C at a $39Bvaluation, making it the 9thmost valuable privatecompany globally. Meanwhile, deal volume fellto its lowest level since Q4'16,with investors increasinglyselective. Median deal sizegrew as investors are writingbigger checks to fewercompanies. The US is leading AI growth,capturing 85% of all global AIfunding and 53% of deals in2025. Four of the 7 largest AIrounds were from companiesbased in the US. IPO activity climbed 45% to138, the highest quarterly totalsince Q3’23. The Q3 exit rebound shows apotential recovery ahead,especially if interest ratescontinue to decline. See the data→ See the data→ Seethedata→ See the data→ See thedata→ TL;DRState ofVenture Fundingsurpassed $90Bfor the 4thconsecutivequarter TL;DRState ofVenture AI is on track tocapture over 50%of total annualventure fundingfor the first time AI companies raised 51% offunding in 2025 YTD, with UScompanies raising 85% of the total TL;DRState ofVenture Decacorns raisedrecord funding,reaching $94.5Bthrough Q3’25 TL;DRState ofVenture Humanoid robotscaptured the mostdeals for the 2ndquarter in a row Industrial humanoid robot developersrecorded 17 deals in Q3’25, the mostof any market TL;DRState ofVenture Exits arerebounding despitecompanies stayingprivate longer M&A activity climbed 8% QoQ, withhealthcare companies representing 3of the top 10 deals ContentsState of Venture Japan197Europe201United Kingdom207Germany211France215Israel219Netherlands223Sweden227LatAm231Brazil237Africa241South Africa247Oceania251 Global Trends Investment Trends State of Venture|Global Trends|Investment Trends Annual equity funding & deals State of Venture|Global Trends|Investment Trends Quarterly equity funding & deals State of Venture|Global Trends|Investment Trends Funding & deals by global region in Q3’25 State of Venture|Global Trends|Investment Trends Percent of quarterly deals by global region State of Venture|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Venture|Global Trends|Investment Trends Annual average & median deal size Annual median deal size by global region State of Venture|Global Trends|Investment Trends Annual median deal size by investor group State of Venture|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Venture|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Venture|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding Global: Top equity deals in Q3’25 State of Venture|Global Trends|Investment Trends Annual percent of deals by deal stage State of Venture|Global Trends|Investment Trends Regional deal share by deal stage in Q3’25 Annual median funding by deal stage Global: Top seed/angel deals in Q3