JUNE 2025
VENTURE CAPITAL REPORT
VENTURE CAPITAL REPORT
The report analyzes the VC market in the Americas and Europe, focusing on growth- and late-stage companies. It includes statistics on deals, capital raised, valuations, funding round sizes,
and descriptions of new unicorns.
SUMMARY
Monthly Americas and Europe
VC Market Report
Jul 15, 2025
VC Market Report
Jul 15, 2025
Deal Count & Total Capital Invested
In June 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more decreased by 4% compared to May (104 deals) to 100 deals; year-over-year, the number of deals remained at a similar level.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The decrease in overall deal count is due to a decline in activity in the $100-250M segment.
Deal count in 2024 was moderate, below the 2021 peak, as rates remained high despite the initiated rate reduction cycle. The decrease in overall deal count is due to a decline in activity in the $100-250M segment.
Deal structure by valuation segments, June 2025
During 2023-2024, Series B accounted for the largest share of deals, but its share is gradually declining, while the share of later stages (Series C+) is gradually increasing, which may indicate a market recovery for more mature companies.
In total, the late-stage segment accounted for 45% of the total number of deals in June 2025.
In total, the late-stage segment accounted for 45% of the total number of deals in June 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in June was $13.4B, which is 34% or $4.5B less than in May ($8.9B); compared to June last year, the investment volume increased by 82%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In June 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
In June 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
Invested capital ($B) structure by valuation segments*, June 2025
*Excludes 1 Scale AI deal in Jun 2025 for $14.30B with a post-money valuation of $29.18B in the Later Stage VC round
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In June 2025, a total of $13.4B was raised in Series B and above rounds, with $3.0B coming from Series B and $3.3B from Series C, $1.8B from Series D, and $5.2B from Series E+.
- Growth and late stage investment is showing steady growth in 2024-2025 compared to 2023.
- If the current trend continues, 2025 could be even more active for growth and late stage, especially as the macro environment improves.
Median Round Size & Post-Money Valuation
Median round size by valuation segments, 2021-2025, $M
Early stages show stable dynamics in median investment round sizes, while later stages demonstrate high volatility due to the effect of individual large deals.
The median round size in June 2025 for companies valued at $1B+ was $180M (-16% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $26M (-2% MoM), $44M (-6% MoM) and $75M (-12% MoM), respectively.
The median round size in June 2025 for companies valued at $1B+ was $180M (-16% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $26M (-2% MoM), $44M (-6% MoM) and $75M (-12% MoM), respectively.
The trend of longer time intervals between rounds indicates that investors remain selective in their investments amid high cost of capital, with startups taking longer to reach the next round criteria.
The extension of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution; in June, the median time between rounds in the $100-250M and $250-500M segments was 19 months and 21 months, respectively.
At the same time, companies with valuations of $500M+ are raising money faster as investors bet on assets with higher financial strength; in June, the median time between rounds in the $500M-1B and $1B+ segments was 14 months and 13 months, respectively.
The extension of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution; in June, the median time between rounds in the $100-250M and $250-500M segments was 19 months and 21 months, respectively.
At the same time, companies with valuations of $500M+ are raising money faster as investors bet on assets with higher financial strength; in June, the median time between rounds in the $500M-1B and $1B+ segments was 14 months and 13 months, respectively.
Median time between investment rounds in the 1B+ valuation segment, 2021-2025, in months
Median post-money valuation by valuation group, 2021-2025, $M
- $1B+ companies show the most significant volatility in post-money valuation; however, in 2024-2025, there is a trend toward an increase in the median valuation of unicorns ($1B+).
- At the end of June, the median post-money valuation in the $1B+ segment was $2.00B (+8% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.14B (-9% MoM), $0.30B (-20% MoM) and $0.59B (-3% MoM), respectively.
Fact
In June 2025, the median valuation step-up for the $1B+ segment was 2.1x, while for companies valued at $100-250M, $250-500M, and $500-1000M, the figure reached 2.1x, 1.6x, and 2.3x, respectively.
In June 2025, unicorns ($1B+) demonstrated a moderate median valuation step-up, which is explained by historically more restrained revaluation multiples at later stages, as well as heightened sensitivity of such companies to macro conditions; at the same time, current multiples are at a level similar to early stages, which reflects continued strong investor interest in late-stage companies.
Median valuation step-up for companies with $1B+ valuation, 2021-2025
Key statistics for Growth and Late Stage companies, June 2025
Exits & Bankruptcies
The number of VC exits reached 13 in June 2025 – 8 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 5 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits fell to $15B, down 17% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (97) and July (91) 2024, but in the second half of 2024, the number of bankruptcies returned to a level close to 2021-2022 and in June 2025 amounted to 31 cases.
Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits fell to $15B, down 17% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (97) and July (91) 2024, but in the second half of 2024, the number of bankruptcies returned to a level close to 2021-2022 and in June 2025 amounted to 31 cases.
Further dynamics will depend on macroeconomic conditions and capital availability.
Number of bankruptcies, 2021-2025
Top-5* New Rounds Raised by Companies with $1B+ Valuation
* Sorted by post-money valuation
* Sorted by post-money valuation
-
Anduril IndustriesAnduril Industries – developer of advanced AI technologies to improve AI and XR systems for detecting and monitoring air threats in the defense sector
- Industry: Aerospace and Defense, AI & ML, Robotics and Drones
- Round size: $2.50B (Series G)
- Round date: 05 Jun 2025
- Total funding: $6.84B
- Valuation: $30.50B
- Investors: Andreessen Horowitz, Craft Ventures, MicroVentures, Valor Equity Partners, JD Vance
-
Scale AIScale AI – developer of a machine learning platform that provides comprehensive data training and validation services for AI
- Industry: AI & ML,Business/Productivity Software, Big Data
- Round size: $14.30B (Later Stage VC)
- Round date: 12 Jun 2025
- Total funding: $15.90B
- Valuation: $29.18B
- Investors: Meta, Accel Partners Management, AMD Ventures, Cisco Investments
-
Ramp BusinessRamp Business – operator of a financial transactions platform that helps organizations manage expenses through higher card limits and integration with accounting tools
- Industry: AI & ML,FinTech
- Round size: $200M (Series E)
- Round date: 14 Jun 2025
- Total funding: $2.02B
- Valuation: $16.00B
- Investors: GIC Private, Stripes, ICONIQ Capital, Khosla Ventures, Citi Ventures
-
Applied IntuitionApplied Intuition – developer of an AI-powered platform for modeling, testing and deploying autonomous driving systems
- Industry: AI & ML, MobilityTech, Autonomous Cars
- Round size: $600M (Series F)
- Round date: 17 Jun 2025
- Total funding: $1.20B
- Valuation: $15.00B
- Investors: Abu Dhabi Investment Council, Greycroft, Blackrock, Coatue Management
-
HelsingHelsing – operator of a defense company specializing in the development of artificial intelligence for the collection of operational data in real time
- Industry: AI& ML, Aerospace & Defense
- Round size: $682.95M (Series D)
- Round date: 17 Jun 2025
- Total funding: $1.51B
- Valuation: $13.66B
- Investors: Accel Partners Management, Greenoaks Capital Partners, Lightspeed Venture Partners
Important notice: The figures presented in the reports for previous periods may be subject to subsequent backward-looking adjustments in later reports due to the delay in obtaining data on closed transactions and the possibility of their adjustments in the market intelligence systems used to extract deal data.
Download the full version of the report
By clicking the button, you consent to the processing of personal data and agree to the privacy policy.