2025年三季度游戏风险投资趋势

EMERGING TECH RESEARCH Gaming VC Trends VC activity across the gaming ecosystem Contents Gaming landscape3Quarterly analysis4Key takeaways4Startup deal counts5Valuation and deal sizes6Notable deals6Exits and IPO corner6AI update7Vertical-specific macro backdrop8Regulatory/public policy8Gaming VC deal summary24 Institutional Research Group Analysis Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen,Jenna O’Malley,andMegan Woodard Published on December 17, 2025 Gaminglandscape Quarterly analysis Key takeaways •Gaming startups raised $1 billion in Q3, up 10.7% quarter over quarter but still down 52.6%year over year, underscoring a selective rebound in deal value despite ongoing softness in deal •AI-driven gametech funding reached $231 million, led by Decart’s $100 million Series B—thequarter’s largest round. Investment concentrated in foundation models, voice AI, and asset •Emerging markets are gaining share of global VC flows, with Turkey, Southeast Asia, and Indiacollectively drawing over $300 million in gaming investment during the quarter. Notable rounds •Late-stage valuations and deal sizes reached record levels, with median late-stage roundsdoubling YoY to $10.4 million and pre-money valuations climbing to $50.5 million. The funding •M&A activity remained resilient, totaling $9.7 billion YTD across 79 deals. The headline eventwas the pending $54.7 billion LBO of Electronic Arts, reflecting strategic investors’ appetite for QUARTERLY ANALYSIS •Exit markets remain constrained, with just $358 million in disclosed VC- and PE-backedexits YTD—the lowest in the report’s time series. Only a handful of gaming firms are in IPO volume were stiffer, resulting in decelerations both QoQ (down 0.9%) and YoY (down 33.1%) with111 closed rounds in Q3. Current run rate activity indicates 2025 is pacing for a 39.4% pullback in •AI adoption reached near ubiquity, with 87% of developers using AI tools, according to GoogleCloud.1Leading incumbents like Tencent, EA, and Stability AI are investing in generative3D models and narrative design systems, blurring the line between game publishing and Deal value remains propped up by a small batch of larger transactions supported by AIexuberance, pushing deal value toward a 13.4% YoY improvement—albeit below Q2, which •Regulatory shifts could reshape monetization models, as Epic’s settlements with Apple andGoogle open third-party app stores and alternative payment systems, potentially boosting Deal volume in Q3 was concentrated in early-stage rounds (41.4%, up 32.3% QoQ) with a nearlyeven split between seed and late-stage deals (23% and 26%, respectively). Venture-growthactivity also fell modestly QoQ, down 9%. The pre-seed/seed crunch persists, with deal sharefalling from 35%-40% of deals per quarter in 2021 to just 23.4% in Q3 2025. Conversely, late-stage •Mobile and console gaming revenues climbed sharply in Q3, up 18% and 31% YoY, respectively,even as industry employment and developer costs face new pressures from visa fees and Startup deal counts Gaming startups raised $1 billion in venture capital during Q3, marking a modest top-lineimprovement in deal value of 10.7% QoQ but a sharper 52.6% contraction YoY. Headwinds to deal extending this upward trajectory. Good Job Games raised $60 million in Q3 from Lightspeed VenturePartners, alongside Cypher Games’ $30 million Series A for match-3 title Match Squad. SoutheastAsia’s growth has been similarly robust. With 250 million gamers and Singapore functioning as a Valuation and deal sizes The YTD median deal size stands at $5.3 million, up 32.5% from 2024, growing across all stagesexcept venture growth, and led by the late stage, whose median more than doubled to $10.4 millionthrough Q3. Elsewhere, pre-seed/seed rounds rose 20.3% to $4 million, early-stage deals climbed48% to $7.4 million, and venture growth fell 24.3% to $6.6 million. Valuations have followed a similar Distribution-focused investments also remained attractive. Direct-to-consumer monetizationplatform Appcharge’s $58 million Series B built on a series of merchant of record financings in2025, including those of Paddle, Neon, Sanlo, Xsolla, and Stash. Advertising tech platforms Relentlo, Notable deals Standout deals in Q3 reflected key themes shaping the industry’s trajectory: rapidly improvingAI, emerging market growth, and distribution innovation. AI-native gametech startups raised Exits and IPO corner Combined VC- and PE-backed exits totaled $358.2 million from 32 transaction YTD, the lowestrun rate in our report window and pacing for YoY contractions of 89.2% and 28.9%, respectively.PreviousUS venture capital outlookshave suggested that a demand for liquidity will spur acquisitions and unicorn IPOs will increase exit value. While many late-2010s venture vintagesstill hold well over half their reported valu