Monthly edition

July 2025

506 rounds and $20.9B raised. The biggest: xAI, $5B.

Rounds
506 flat
Capital raised
$20.9B +14%
Median round
$8.6M -8%

vs June 2025

The month in charts

AI took 63% of the capital this month, up from 51% in June. $20.9B in all, up 14% on June.

The 10 biggest rounds

The 10 biggest rounds raised $9.9B, 48% of the total.

The 10 biggest rounds, July 2025xAI: $5B; Thinking Machines Lab: $2B; iCapital: $820M; Ramp: $500M; MapLight Therapeutics: $373M; Hadrian: $260M; Ninja: $254M; Bilt Rewards: $250M; Ambience Healthcare: $243M; Airalo: $220M xAI $5B · Strategic Thinking Machines Lab $2B · Seed iCapital $820M · Growth Ramp $500M · Series E MapLight Therapeutics $373M · Series D Hadrian $260M · Series C Ninja $254M · Growth Bilt Rewards $250M · Growth Ambience Healthcare $243M · Series C Airalo $220M · Series C

Mega-rounds against the rest

39 of 506 rounds made 67% of the capital.

8% of the rounds were of $100M or more 8%of the rounds39 of 50667% of the capital came from rounds of $100M or more 67%of the capital$14B of $20.9B
Rounds of $100M or more, July 2025
RoundsCapital
$100M or more39$14B
The rest467$6.9B

Capital raised per day

The busiest day: Tue 1 Jul, $5.5B across 29 rounds.

Capital raised per day, July 2025 Tue 1 Jul: $5.5B, 29 rounds; Wed 2 Jul: $650M, 23 rounds; Thu 3 Jul: $258M, 20 rounds; Fri 4 Jul: $69.9M, 6 rounds; Sat 5 Jul: $0K, 0 rounds; Sun 6 Jul: $0K, 0 rounds; Mon 7 Jul: $420M, 17 rounds; Tue 8 Jul: $526M, 26 rounds; Wed 9 Jul: $645M, 34 rounds; Thu 10 Jul: $2.1B, 34 rounds; Fri 11 Jul: $139M, 10 rounds; Sat 12 Jul: $0K, 0 rounds; Sun 13 Jul: $5M, 1 round; Mon 14 Jul: $321M, 15 rounds; Tue 15 Jul: $2.6B, 36 rounds; Wed 16 Jul: $671M, 29 rounds; Thu 17 Jul: $924M, 31 rounds; Fri 18 Jul: $137M, 10 rounds; Sat 19 Jul: $0K, 0 rounds; Sun 20 Jul: $0K, 0 rounds; Mon 21 Jul: $460M, 18 rounds; Tue 22 Jul: $734M, 35 rounds; Wed 23 Jul: $652M, 21 rounds; Thu 24 Jul: $468M, 20 rounds; Fri 25 Jul: $42.3M, 7 rounds; Sat 26 Jul: $0K, 0 rounds; Sun 27 Jul: $0K, 0 rounds; Mon 28 Jul: $635M, 14 rounds; Tue 29 Jul: $951M, 34 rounds; Wed 30 Jul: $1.2B, 19 rounds; Thu 31 Jul: $753M, 17 rounds $2B$4B$6B 1 7 14 21 28 $5.5B W27$6.5B W28$3.8B W29$4.7B W30$2.4B W31$3.5B
Capital raised per day, July 2025
DayRoundsCapitalBiggest round
Tue 1 Jul29$5.5BxAI, $5B
Wed 2 Jul23$650MClimeworks, $162M
Thu 3 Jul20$258MHIVED, $42M
Fri 4 Jul6$69.9MSkyDrive, $57.5M
Sat 5 Jul0$0K
Sun 6 Jul0$0K
Mon 7 Jul17$420Mwefox, $89.1M
Tue 8 Jul26$526MNinja, $254M
Wed 9 Jul34$645MMaintainX, $150M
Thu 10 Jul34$2.1BiCapital, $820M
Fri 11 Jul10$139MVirtru, $50M
Sat 12 Jul0$0K
Sun 13 Jul1$5MKaleidoscope, $5M
Mon 14 Jul15$321MMoonvalley, $84M
Tue 15 Jul36$2.6BThinking Machines Lab, $2B
Wed 16 Jul29$671MGRIDSERVE, $134M
Thu 17 Jul31$924MHadrian, $260M
Fri 18 Jul10$137MRadical AI, $55M
Sat 19 Jul0$0K
Sun 20 Jul0$0K
Mon 21 Jul18$460MXelix, $160M
Tue 22 Jul35$734MReka AI, $110M
Wed 23 Jul21$652MDispatch Bio, $216M
Thu 24 Jul20$468MArmada, $131M
Fri 25 Jul7$42.3MMagREEsource, $27M
Sat 26 Jul0$0K
Sun 27 Jul0$0K
Mon 28 Jul14$635MMapLight Therapeutics, $373M
Tue 29 Jul34$951MAmbience Healthcare, $243M
Wed 30 Jul19$1.2BRamp, $500M
Thu 31 Jul17$753MAnaconda, $150M

Where the capital went

AI raised $13.1B, 63% of the capital. Choose a sector to filter the rounds below.

Capital by sector, July 2025 63% AI AI $13.1B 224 rounds 63% Fintech $2B 37 rounds 10% Health $1.9B 55 rounds 9% Robotics & Hardware $834M 34 rounds 4% Climate & Energy $831M 32 rounds 4% Other sectors $2.2B 124 rounds 11%
Capital by sector, July 2025
SectorCapitalShareRounds
AI$13.1B63%224
Fintech$2B10%37
Health$1.9B9%55
Robotics & Hardware$834M4%34
Climate & Energy$831M4%32
Enterprise software$742M4%41
Consumer$649M3%22
Cybersecurity$338M2%15
Web3$318M2%20
Other$162M<1%26

Most active investors

Y Combinator joined 20 rounds, leading 2, more than any other investor.

Most active investors, July 2025Y Combinator: 20 rounds, 2 led; Andreessen Horowitz: 13 rounds, 4 led; Insight Partners: 10 rounds, 8 led; General Catalyst: 9 rounds, 5 led; Antler: 8 rounds, 1 led; Khosla Ventures: 7 rounds, 3 led; Bessemer Venture Partners: 7 rounds, 3 led; Thrive Capital: 6 rounds, 2 led; Kima Ventures: 6 rounds, 0 led; Index Ventures: 5 rounds, 3 ledLedJoined Y Combinator 20 rounds · 2 led Andreessen Horowitz 13 rounds · 4 led Insight Partners 10 rounds · 8 led General Catalyst 9 rounds · 5 led Antler 8 rounds · 1 led Khosla Ventures 7 rounds · 3 led Bessemer Venture Partners 7 rounds · 3 led Thrive Capital 6 rounds · 2 led Kima Ventures 6 rounds Index Ventures 5 rounds · 3 led

The investor race, last 6 weeks

Ranked by rounds joined so far. Y Combinator finished first with 23 rounds over the last 6 weeks. The lead changed hands twice.

The investor race, the last 6 weeksY Combinator: ranks 4, 3, 1, 1, 1, 1, 23 rounds; Andreessen Horowitz: ranks 3, 4, 4, 4, 3, 2, 16 rounds; General Catalyst: ranks 1, 2, 3, 2, 2, 3, 13 rounds; Kima Ventures: ranks 2, 1, 2, 3, 4, 4, 11 rounds; Insight Partners: ranks 5, 5, 5, 5, 5, 5, 10 rounds W26W27W28W29W30W31 Y Combinator 23 rounds · 3 led Andreessen Horowitz 16 rounds · 6 led General Catalyst 13 rounds · 6 led Kima Ventures 11 rounds Insight Partners 10 rounds · 8 led
Rounds joined so far, the last 6 weeks
InvestorWeek 26Week 27Week 28Week 29Week 30Week 31
Y Combinator1410121723
Andreessen Horowitz33481016
General Catalyst447101113
Kima Ventures489101011
Insight Partners0023710

Where the rounds were

United States raised $15.4B, 74% of the capital. Rounds in 44 countries, 1 with no country disclosed.

Capital by country, July 2025United States: $15.4B; United Kingdom: $622M; Israel: $590M; Germany: $587M; Switzerland: $459M; France: $391M; Saudi Arabia: $292M; Singapore: $237M; India: $218M; Sweden: $213M; China: $209M; Canada: $186M United States $15.4B · 210 rounds United Kingdom $622M · 30 rounds Israel $590M · 15 rounds Germany $587M · 35 rounds Switzerland $459M · 13 rounds France $391M · 28 rounds Saudi Arabia $292M · 5 rounds Singapore $237M · 3 rounds

The cities that raised

Palo Alto raised $5.2B, more than all of Europe ($2.9B). Rounds from 95 cities.

Capital by city, July 2025Palo Alto: $5.2B; San Francisco: $3.6B; New York: $2.3B; Tel Aviv: $394M; Redwood City: $388M; London: $370M; Berlin: $312M; Zurich: $302M; Riyadh: $292M; Torrance: $260M; Paris: $246M; Philadelphia: $240M Palo Alto $5.2B · 4 rounds San Francisco $3.6B · 40 rounds New York $2.3B · 41 rounds Tel Aviv $394M · 10 rounds Redwood City $388M · 2 rounds London $370M · 21 rounds

Rounds by stage

Seed was the most common stage: 174 rounds, median $4.7M. The median round size is under each column.

Rounds by stage, July 2025 43 Pre $1.8M 174 Seed $4.7M 117 A $15M 52 B $35M 21 C $82M 8 D $90M 3 E+ $50M 15 Growth $89M 73 Other $5M
Rounds by stage, July 2025
StageRoundsMedian round
Pre-Seed43$1.8M
Seed174$4.7M
Series A117$15M
Series B52$35M
Series C21$82.1M
Series D8$90M
Series E+3$50M
Growth15$89.1M
Other or undisclosed73$5M

Sectors against June 2025

Biggest gain: AI, +$3.8B. Biggest drop: Climate & Energy, -$596M. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, July 2025 against June 2025AI: +$3.8B; Health: +$685M; Fintech: +$203M; Consumer: +$82.3M; Enterprise software: -$29.1M; Web3: -$56.6M; Cybersecurity: -$298M; Robotics & Hardware: -$308M; Climate & Energy: -$596M; Other: -$890M AI +$3.8B +41% Health +$685M +56% Fintech +$203M +11% Consumer +$82.3M +15% Enterprise software -$29.1M -4% Web3 -$56.6M -15% Cybersecurity -$298M -47% Robotics & Hardware -$308M -27% Climate & Energy -$596M -42% Other -$890M -85%
Sectors against June 2025
SectorsJuly 2025June 2025Change
AI$13.1B$9.3B+$3.8B
Health$1.9B$1.2B+$685M
Fintech$2B$1.8B+$203M
Consumer$649M$567M+$82.3M
Enterprise software$742M$771M-$29.1M
Web3$318M$375M-$56.6M
Cybersecurity$338M$636M-$298M
Robotics & Hardware$834M$1.1B-$308M
Climate & Energy$831M$1.4B-$596M
Other$162M$1.1B-$890M

Countries against June 2025

Biggest gain: United States, +$3.7B. Biggest drop: Germany, -$849M. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, July 2025 against June 2025United States: +$3.7B; Switzerland: +$327M; United Kingdom: +$3.4M; France: -$232M; Israel: -$281M; Spain: -$480M; India: -$633M; Germany: -$849M United States +$3.7B +32% Switzerland +$327M ×3.5 United Kingdom +$3.4M +1% France -$232M -37% Israel -$281M -32% Spain -$480M -84% India -$633M -74% Germany -$849M -59%
Countries against June 2025
CountriesJuly 2025June 2025Change
United States$15.4B$11.7B+$3.7B
Switzerland$459M$131M+$327M
United Kingdom$622M$619M+$3.4M
France$391M$622M-$232M
Israel$590M$871M-$281M
Spain$88.2M$568M-$480M
India$218M$851M-$633M
Germany$587M$1.4B-$849M
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