全球风险投资生态系统排名（英）2025

Global VC Ecosystem Rankings PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence An update on our top VC hubs and the introduction ofvertical-based rankings Paul CondraGlobal Head of PrivateMarkets Research Nalin PatelDirector of Research, EMEAPrivate Capital PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis Nalin PatelDirector of Research, EMEAPrivate Capitalnalin.patel@pitchbook.com Key takeaways •The third edition of the PitchBook Global VC Ecosystem Rankings highlights theshifting international landscape for VC. Regional and national VC ecosystems areevolving, and we have seen both continuity and changes at the summit of ourrankings. Geopolitics and AI are creating both opportunities and challenges, andour scores provide data-driven clarity on how locations compare. Data Charlie FarberManager, Data Analysis Oscar AllawayData Analyst •Our Overall Scores, which combine Development and Growth Scores, indicatethe US leads by a wide margin among the top countries. Within the top 10 OverallScores, China remains a distant second, with the UK moving up from fifth to thirdand India rising from 10th to sixth in the past year. The Netherlands and Israel arenew entrants to the top 10 after Singapore and France dropped out. pbinstitutionalresearch@pitchbook.com PublishingDesigned byChloe Ladwig Published on November 25, 2025 •San Francisco leads Development Scores globally with activity levels that areincomparable with those of any other location. Nashville comes first in ourGrowth Scores. The top 20 Growth Scores now include 14 in North America andtwo each in Europe, Asia, and the Middle East. Non-US locations have not beenable to compete with the growth, round sizes, and valuations offered in the US. Contents Key takeaways1Introduction2Overall Scores2Development Scores4Growth Scores5Vertical Scores7 •Saudi Arabia leads our national Growth Scores. The US comes in second, whileSwitzerland has dropped from first in 2024 to third in 2025. The UAE is fourth,having been third in 2024, and 11 new countries are featured in our top 20 GrowthScores this year. •There is a clear leader in the VC-funded AI race, with the US AI Overall Scorestreets ahead. AI investment in the US during our reporting period was morethan double that of the remaining 20 countries combined. Outside the US, theUK, Germany, and France are the AI leaders in Europe. The US also leads amongour SaaS Overall Scores. •After the US and the UK, India lands third in our Overall Scores for fintech.Canada also features in the top five, having not done so in any of our othervertical slices. Asia leads Europe in fintech, a reversal of the trend seen in AIand SaaS. •The top 20 Overall Scores for healthcare by country are split across the globe,with 11 countries in Europe. The UK, Switzerland, and Belgium saw elevatedgrowth, underscoring how Europe remains a leader in healthcare innovation.Second to San Francisco, Boston’s position as a global healthcare hub iscorroborated within our dataset. Introduction This analyst note marks the third edition of the PitchBook Global VC EcosystemRankings. Our system provides a scoring framework for development and growthby assessing the size, maturity, and growth rates of VC locations using proprietarydata points within the PitchBook Platform. Our rankings have helped founders andinvestors assess VC locations globally. Alongside our research, we have launched adashboard toolon our website that is regularly updated to help industry experts. Our2023 introductory noteoutlined our scoring system, and our2024 follow-uptook a regional focus by incorporating continent- and country-based analysis. Thisnote updates our rankings to identify any regional shifts that have occurred sincelast year. In addition, it includes new vertical-based rankings to provide clarity onthe countries and locations that are pioneers in major sectors. Overall Scores Countries Our Overall Scores, which combine Development and Growth Scores, indicatethe US leads by a wide margin among the top countries. Within the top 10 OverallScores, China remains a distant second, with the UK moving up from fifth to thirdand India rising from 10th to sixth in the past year. The Netherlands and Israel arenew entrants to the top 10 after Singapore and France dropped out. Meanwhile,South Korea slides from fourth to 10th. The US is expectedly dominant in terms of Development Scores, but its GrowthScore has also performed strongly, as reflected in its Overall Score of 93.7. Outsideof the top two positions, Development Scores are closely spaced, indicating similarecosystems in terms of development. Our trailing six-year analysis reveals a periodof low growth for China and Germany but high growth for Japan, Switzerland, andthe Netherlands. Locations The top fou