MAY 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
Jun 16, 2025
VC Market Report
Jun 16, 2025
Deal Count & Total Capital Invested
In May 2025, the number of deals concluded by VC-backed companies with a valuation of $100M or more decreased by 12% compared to March (113 deals) to 100 deals; year-over-year, the number of deals remained the same.
Deal count in 2024 remained 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 decrease in activity in the $250-500M segment.
Deal count in 2024 remained 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 decrease in activity in the $250-500M segment.
Deal structure by valuation segments, May 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 46% of the total number of deals in May 2025.
In total, the late-stage segment accounted for 46% of the total number of deals in May 2025.
Fact
Total capital invested in venture-backed companies worth over $100M in May was $9.5B,
down 16% or $1.8B from April ($11.3B); and down 69% year-over-year.
down 16% or $1.8B from April ($11.3B); and down 69% year-over-year.
The dynamics of venture investment volumes in 2023-2024 reflect the influence of global macroeconomic conditions, including the effect of high interest rates; in 2024, a gradual market recovery is observed, associated with improving investor sentiment, adaptation to new financing conditions, as well as the rate-cutting cycle launched by the Federal Reserve in September.
In May 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
In May 2025, the Fed kept the interest rate at 4.50% after cutting it by 0.25% (25 bps) in December 2024.
In 2025, we expect the Fed to maintain its interest rate at the current level with the possibility of further downward adjustments, which could stimulate increased activity in the VC market.
Invested capital ($B) structure by valuation segments, May 2025
Invested capital and deal count for VC companies valued at $100M+ and Fed Funds Rate, 2021-2025
- In May 2025, a total of $7.8B was raised in Series B and above rounds, with $2.5B coming from Series B, $2.1B from Series C, and $2.2B from Series E+.
- In 2024-2025, the volume of investments in the growth and late stages shows a steady increase compared to 2023.
- If the current trend continues, 2025 could be even more active for the growth and late stages, especially with the improving macroeconomic environment.
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 May 2025 for companies valued at $1B+ was $200M (+55% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $31M (+22% MoM), $43M (-14% MoM) and $80M (-19% MoM), respectively.
The median round size in May 2025 for companies valued at $1B+ was $200M (+55% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $31M (+22% MoM), $43M (-14% MoM) and $80M (-19% 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 May, in the $100-250M, $250-500M, and $500M-1B segments, the indicator was 26 months, 15 monthsand 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 May, the median time between rounds in the $1B+ segment was 12 months.
The extension of investment intervals is particularly notable for companies valued up to $1B, supporting the trend towards investor caution; in May, in the $100-250M, $250-500M, and $500M-1B segments, the indicator was 26 months, 15 monthsand 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 May, the median time between rounds in the $1B+ segment was 12 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+).
- In May, the median post-money valuation in the $1B+ segment amounted to $1.70B (-19% MoM), while for the $100-250M, $250-500M and $500-$1B segments, it reached $0.15B (+5% MoM), $0.37B (+5% MoM)and$0.60B (-10% MoM), respectively.
Fact
In May 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, it reached 1.7x, 2.0x and 2.4x, respectively.
In May 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, May 2025
Exits & Bankruptcies
The number of VC exits reached 12 in May 2025 – 9 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 fell to $16B, down 40% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (94) and July (90) 2024, but in the second half of 2024, the number of bankruptcies returned to a level close to 2021-2022 and in May 2025 amounted to 36 cases.
Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits fell to $16B, down 40% from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (94) and July (90) 2024, but in the second half of 2024, the number of bankruptcies returned to a level close to 2021-2022 and in May 2025 amounted to 36 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
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RipplingRippling – operator of a platform for automating personnel management: hiring, salaries, access and other tasks, created to simplify business operations and reduce manual labor
- Industry:Business/Productivity Software, HR Tech
- Round size: $450M (Series G)
- Round date: 09 May 2025
- Total funding: $1.85B
- Valuation: $16.80B
- Investors: GIC Private, Goldman Sachs Growth Equity, Lightspeed Venture Partners, Sequoia Capital
-
NeuralinkNeuralink – developer of an implantable brain interface designed to help people with paralysis and other neurological conditions.
- Industry: Life Sciences, AI & ML, HealthTech
- Round size: $650M (Series E)
- Round date: 27 May 2025
- Total funding: $1.34B
- Valuation: $9.00B
- Investors: Sequoia Capital, Lightspeed Venture Partners, ARK Investment Management, Qatar Investment Authority
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Wonder GroupWonder Group – developer of a cloud-based kitchen platform that delivers quality food from renowned chefs and restaurants straight to your door.
- Industry: FoodTech, Mobile
- Round size: $600M (Later Stage VC)
- Round date: 06 May 2025
- Total funding: $2.40B
- Valuation: $7.00B
- Investors: Nestlé, Jefferies Financial Group, Bain Capital Ventures, General Catalyst
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ClickHouseClickHouse – operator of a database management system for online analytical processing, designed to generate analytical reports using SQL queries.
- Industry: AI & ML, Big Data, CloudTech & DevOps
- Round size: $450M (Series C)
- Round date: 29 May 2025
- Total funding: $750M
- Valuation: $6.35B
- Investors: Khosla Ventures, Coatue Management, Lightspeed Venture Partners, BOND Capital
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AddeparAddepar – developer of software that integrates financial account data to help investment analysts make informed decisions and advise clients.
- Industry: FinTech
- Round size: $230M (Series G)
- Round date: 13 May 2025
- Total funding: $725.10M
- Valuation: $3.25B
- Investors: D1 Capital Partners, Manhattan Venture Partners, Greenoaks Capital Partners, Peter Thiel
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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