2025年三季度供应链技术风险投资趋势（英）2025

EMERGING TECH RESEARCH Supply Chain TechVC Trends VC activity across the supply chain tech ecosystem REPORT PREVIEWThe full report is available throughthe PitchBook Platform. Contents Supply chain tech landscapeSupply chain tech VC ecosystem market mapQuarterly analysisKey takeawaysVC activityAI themesConclusionsSupply chain tech VC deal summary Institutional Research Group Analysis Jonathan GeurkinkSenior Research Analyst,Mobility Tech and Supply Chain Tech DataHarrison WaldockData Analystpbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe LadwigandMegan Woodard Published on November 7, 2025 Supplychain tech Supply chain tech VC ecosystem market map Quarterly analysis Key takeaways •Deal value in Q3 2025 rose solidly QoQ and YoY as investors shook off trade and tariff concerns.•Investors are backing experienced teams for AI-native startups with big checks. VC activity In Q3, more money flowed into supply chain tech deals as trade and tariff concerns eased andinvestors returned to navigating the deal landscape. During the quarter, deal value rose 26.1%QoQ to $3 billion. On a YoY basis, deal value was up 27.9%. Deal count declined 2.5% QoQ to 154deals and 9.4% YoY as larger late-stage and venture-growth deals took a greater share of the totaldeal count. The cumulative value of late-stage deals rose nearly 60% QoQ to $1.5 billion, whileventure-growth deals were up 14.5%. Among the supply chain tech segments, enterprise supplychain management and freight tech increased in both deal value and deal count QoQ. Last-mile AI themes AI continues to infuse itself into multiple links of the supply chain, as discussed in our recentanalyst noteAI’s Impact on Supply Chains. Key founders such as Dave Clark at Auger and HarishAbbott at Augment have closed significant deals right out of the gate to build AI-native supplychain tech tools and platforms. Traditional logistics firms such as C.H. Robinson and J.B. Hunt have Conclusions Dealmaking in the vertical improved in Q3 as the shock of US President Donald Trump’s “LiberationDay” wore off. Both late-stage and venture-growth deal values expanded QoQ, while earlier-stage About PitchBookIndustry and Technology PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraGlobal Head of Private Markets Research Industry and Technology Research team PitchBook’s Industry and Technology Research team providescomprehensive updates on over 20 different coverage areas. Independent, data-driven, and timely market intel As the private markets ecosystem continues to grow in complexity and competition, investors need Eric Bellomoeric.bellomo@pitchbook.com Ali Javaheriali.javaheri@pitchbook.com Our Industry and Technology Research provides detailed analysis of established industries and nascenttech sectors from the perspective of private market dealmaking, helping you stay current on market Jim Corridorejim.corridore@pitchbook.com John MacDonaghjohn.macdonagh@pitchbook.com Rudy Torrijosrudy.torrijos@pitchbook.com Aaron DeGagneaaron.degagne@pitchbook.com Alex Frederickalex.frederick@pitchbook.com Brian Wrightbrian.wright@pitchbook.com PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing hereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any Jonathan Geurkinkjonathan.geurkink@pitchbook.com Rudy Yangrudy.yang@pitchbook.com Dimitri Zabelindimitri.zabelin@pitchbook.com Derek Hernandezderek.hernandez@pitchbook.com