2025年三季度电子商务风险投资趋势（英）2025

EMERGING TECH RESEARCH E-CommerceVC Trends VC activity across the e-commerce ecosystem REPORT PREVIEWThe full report is available throughthe PitchBook Platform. Contents E-commerce landscapeVC activityE-commerce VC deal summary Institutional Research Group Analysis Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byMegan WoodardandChloe Ladwig Published on December 15, 2025 E-commercelandscape VC activity E-commerce enablement startups raised $3.8 billion in Q3 2025, up 34.8% QoQ and 23.8%YoY. Conversely, deal volume fell to 117 transactions, down 9.3% QoQ and 5.6% YoY. Thisfundraising surge signals increasing investor confidence and a flight to quality in the sector. The According to theQ3 2025 PitchBook-NVCA Venture Monitor, deal flow is concentrating withinventure’s elite startups as the share of sub-$5 million deals continues to decline. Investors areprioritizing larger, high-conviction bets as deal size grows and small-deal activity weakens.E-commerce technology lacks the megadeal activity flowing into Waymo ($5.6 billion) or The deal stage mix inverted from Q2, with early-stage financings rising 16.6% to 31.6% of deals inQ3 and late-stage rounds falling 21% to 28.2% of rounds, slightly below the four-year average of31%. This shift highlights a renewed focus on nurturing earlier-stage innovation and deal activity aslate-stage round pace moderates. The seed-stage crunch continued, falling to 22.2% from 36.8% VC ACTIVITY By segment, deal volume was balanced with purchase venue startups tallying the largestaggregate deal value ($1.2 billion). Prepurchase segments lagged at $270 million, reflecting a shifttoward conversion and fulfillment over discovery. On a trailing 12-month (TTM) basis, horizontalplatforms are pacing all segments in both value and volume with $3.3 billion across 132 deals. Larger merchants have generally absorbed tariffs, modestly inhibiting e-commerce enablementinvestment, though a greater pass-through to consumers is expected in the near term. SaaS The AI-commerce stack is coalescing with incumbents quickly leveraging their distributionadvantage, with Delta, eBay, Ralph Lauren, Walmart, and others deploying AI-driven pricing, listingautomation, and customer service powered by large language models. Similarly, Stripe, Visa,Google, Mastercard, Coinbase, and Anthropic have launched agentic protocols. Emergent risks Valuations continued their upward ascent, led by late-stage rounds, which nearly doubled YTD to$98.1 million. Seed valuations rose 50%, while early-stage activity increases were more modest for startups include walled gardens coalescing around incumbents (Amazon’s Rufus will generate$10 billion in incremental sales alone) and horizontal platforms turning startups into features As macroeconomic visibility improves, sentiment is stabilizing. 58% of S&P 500 firms raisedearnings guidance in Q3, up from 29% in Q1. This is supported by margin improvements across Exits are improving. Q3 activity reached $22.3 billion from 83 rounds for VC- and PE-backed firms,but two-thirds of the value created came from fintech/buy now, pay later platform Klarna’s $14.9billion IPO, leaving a baseline resembling the prior two slowdown years. While the broader market is reopening somewhat, IPO counts/volumes are the highest since 2022, and the universe ofpotential candidates remains selective. Platforms increasingly need profitability or a viable path toit, creating headwinds for commerce platforms as e-commerce enablement spending moderates.5 VC ACTIVITY 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 Aaron DeGagneaaron.degagne@pitchbook.com Rudy Torrijosrudy.torrijos@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 wr