JULY 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
Aug 15, 2025
VC Market Report
Aug 15, 2025
Deal Count & Total Capital Invested
In July 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more fell by 17% compared to June (109 deals) to 90 deals; year-over-year, the number of deals fell by 26%.
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, July 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 40% of the total number of deals in July 2025.
In total, the late-stage segment accounted for 40% of the total number of deals in July 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in July was $9.2B, which is 27% or $3.4B less than in June ($12.6B); compared to July last year, the investment volume decreased by 3%.
The dynamics of venture investments in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In July 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
In July 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
Invested capital ($B) structure by valuation segments*, July 2025
*Excludes 1 xAI deal in Jul 2025 for $10.0B with a post-money valuation of $75.0B in the Later Stage VC round
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In July 2025, a total of $8.9B was raised in Series B and above rounds, with $4.4B coming from Series B and $2.0B from Series C, $1.2B 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, the end of 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 July 2025 for companies valued at $1B+ was $200M (+8% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $29M (+7% MoM), $53M (+5% MoM) and $118M (+50% MoM), respectively.
The median round size in July 2025 for companies valued at $1B+ was $200M (+8% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $29M (+7% MoM), $53M (+5% MoM) and $118M (+50% 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 July, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 29 months and 30 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength; in July, the median time between rounds in the $1B+ segment was 10 months.
The extension of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution; in July, the median time between rounds in the $100-250M, $250-500M and $500M-1B segments was 22 months, 29 months and 30 months, respectively.
At the same time, companies with valuations of $1B+ are raising money faster as investors bet on assets with higher financial strength; in July, the median time between rounds in the $1B+ segment was 10 months.
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 July, the median post-money valuation in the $1B+ segment was $2.03B (-24% MoM), while for the $100-250M, $250-500M and $500-$1B segments the figure reached $0.15B (+15% MoM), $0.31B (+5% MoM) and $0.79B (+27% MoM), respectively.
Fact
In July 2025, the median valuation step-up for the $1B+ segment was 2.6x, while for companies valued at $100-250M, $250-500M, and $500-1000M, the figure reached 2.0x, 2.2x, and 1.6x, respectively.
In July 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, July 2025
Exits & Bankruptcies
The number of VC exits reached 17 in July 2025 – 14 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 3 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits skyrocketed to $74B, up 359% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (98) and July (97) 2024, but in the second half of 2024, the number of bankruptcies began to decline and in July 2025 returned to a level close to that of 2021-2022, totaling 33 cases
Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits skyrocketed to $74B, up 359% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (98) and July (97) 2024, but in the second half of 2024, the number of bankruptcies began to decline and in July 2025 returned to a level close to that of 2021-2022, totaling 33 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
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xAIxAI– developer of AI models and products designed to enable conversational AI and information retrieval
- Industry: AI & ML, Mobile, SaaS
- Round size: $10B (Later Stage VC)
- Round date: 01 Jul 2025
- Total funding: $22.17B
- Valuation: $75.00B
- Investors: Innova Capital Partners, Regah Ventures, Morrison Seger, Parkway Venture Capital, Pittco Management
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RampRamp – developer of a financial transaction platform designed to help users spend less
- Industry: AI & ML, FinTech, Mobile, SaaS
- Round size: $500M (Series E2)
- Round date: 30 Jul 2025
- Total funding: $2.52B
- Valuation: $22.50B
- Investors: GV, General Catalyst, Founders Fund, Lightspeed Venture Partners, Khosla Ventures
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Perplexity AIPerplexity AI – developer of AI-based information search tools designed to answer questions and explore topics
- Industry: AI & ML,Mobile, SaaS
- Round size: $600M (Series E)
- Round date: 18 Jul 2025
- Total funding: $1.51B
- Valuation: $18.00B
- Investors: Nvidia, ServiceNow Ventures, DAMAC, Qatar Investment Authority, Accel
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Bilt RewardsBilt Rewards – developer of a rewards platform that allows tenants to earn points for renting
- Industry: FinTech, Mobile, Real Estate Technology, SaaS
- Round size: $250M (Later Stage VC)
- Round date: 10 Jul 2025
- Total funding: $813.3M
- Valuation: $10.75B
- Investors: General Catalyst, GID Investment Advisers, United Wholesale Mortgage
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Thinking Machines LabThinking Machines Lab –company engaged in research and development of AI products aimed at expanding understanding and personalizing AI systems
- Industry: AI & ML
- Round size: $2B (Seed Round)
- Round date: 17 Jul 2025
- Total funding: $2B
- Valuation: $10.00B
- Investors: Andreessen Horowitz, Nvidia, GV, Lightspeed Venture Partners, Accel Management Company
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.
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