byMediaBoost

Monthly edition

September 2025

582 rounds and $35B raised. The biggest: Anthropic, $13B.

Rounds
582 +49%
Capital raised
$35B ×3.6
Median round
$7.2M +2%

vs August 2025

The month in charts

AI took 74% of the capital this month, up from 36% in August. Anthropic alone raised $13B, 37% of it.

The 10 biggest rounds

The 10 biggest rounds raised $20.9B, 60% of the total.

The 10 biggest rounds, September 2025Anthropic: $13B; Mistral AI: $2B; Cerebras Systems: $1.1B; Figure: $1B; PsiQuantum: $1B; Databricks: $1B; Groq: $750M; Cognition: $400M; Sierra: $350M; Kriya Therapeutics: $320M Anthropic $13B · Series F Mistral AI $2B · Series C Cerebras Systems $1.1B · Series G Figure $1B · Series C PsiQuantum $1B · Series E Databricks $1B · Series K Groq $750M Cognition $400M Sierra $350M Kriya Therapeutics $320M · Series D

Mega-rounds against the rest

48 of 582 rounds made 78% of the capital.

8% of the rounds were of $100M or more 8%of the rounds48 of 58278% of the capital came from rounds of $100M or more 78%of the capital$27.3B of $35B
Rounds of $100M or more, September 2025
RoundsCapital
$100M or more48$27.3B
The rest534$7.7B

Capital raised per day

The busiest day: Tue 2 Sept, $13.6B across 28 rounds.

Capital raised per day, September 2025 Mon 1 Sept: $152M, 11 rounds; Tue 2 Sept: $13.6B, 28 rounds; Wed 3 Sept: $1.1B, 24 rounds; Thu 4 Sept: $1.3B, 44 rounds; Fri 5 Sept: $284M, 11 rounds; Sat 6 Sept: $453K, 1 round; Sun 7 Sept: $10.4M, 2 rounds; Mon 8 Sept: $1.6B, 21 rounds; Tue 9 Sept: $2.9B, 35 rounds; Wed 10 Sept: $2.2B, 33 rounds; Thu 11 Sept: $191M, 21 rounds; Fri 12 Sept: $232M, 7 rounds; Sat 13 Sept: $0K, 0 rounds; Sun 14 Sept: $0K, 0 rounds; Mon 15 Sept: $1.1B, 25 rounds; Tue 16 Sept: $2.1B, 45 rounds; Wed 17 Sept: $1.5B, 37 rounds; Thu 18 Sept: $419M, 28 rounds; Fri 19 Sept: $148M, 10 rounds; Sat 20 Sept: $0K, 0 rounds; Sun 21 Sept: $0K, 0 rounds; Mon 22 Sept: $847M, 30 rounds; Tue 23 Sept: $621M, 34 rounds; Wed 24 Sept: $891M, 29 rounds; Thu 25 Sept: $608M, 35 rounds; Fri 26 Sept: $55M, 10 rounds; Sat 27 Sept: $1.4M, 1 round; Sun 28 Sept: $0K, 0 rounds; Mon 29 Sept: $438M, 20 rounds; Tue 30 Sept: $2.6B, 40 rounds $5B$10B$15B 1 8 15 22 29 $13.6B W36$16.5B W37$7.2B W38$5.2B W39$3B
Capital raised per day, September 2025
DayRoundsCapitalBiggest round
Mon 1 Sept11$152MLayerX, $100M
Tue 2 Sept28$13.6BAnthropic, $13B
Wed 3 Sept24$1.1BIQM Quantum Computers, $300M
Thu 4 Sept44$1.3BSierra, $350M
Fri 5 Sept11$284MBaseten, $150M
Sat 6 Sept1$453KDectrocel, $453K
Sun 7 Sept2$10.4MIndrajaal, $5.4M
Mon 8 Sept21$1.6BDatabricks, $1B
Tue 9 Sept35$2.9BMistral AI, $2B
Wed 10 Sept33$2.2BPsiQuantum, $1B
Thu 11 Sept21$191MDiana Health, $55M
Fri 12 Sept7$232MApex, $200M
Sat 13 Sept0$0K
Sun 14 Sept0$0K
Mon 15 Sept25$1.1BDivergent Technologies, $250M
Tue 16 Sept45$2.1BFigure, $1B
Wed 17 Sept37$1.5BGroq, $750M
Thu 18 Sept28$419MInfra.Market, $83.1M
Fri 19 Sept10$148MNxtfood, $57.5M
Sat 20 Sept0$0K
Sun 21 Sept0$0K
Mon 22 Sept30$847MAppZen, $180M
Tue 23 Sept34$621MJudi Health, $252M
Wed 24 Sept29$891MModular, $250M
Thu 25 Sept35$608MWAAT, $117M
Fri 26 Sept10$55MCurefoods, $18M
Sat 27 Sept1$1.4MPlazza, $1.4M
Sun 28 Sept0$0K
Mon 29 Sept20$438MStar Therapeutics, $125M
Tue 30 Sept40$2.6BCerebras Systems, $1.1B

Where the capital went

AI raised $26B, 74% of the capital. Choose a sector to filter the rounds below.

Capital by sector, September 2025 74% AI AI $26B 271 rounds 74% Health $2.6B 62 rounds 8% Robotics & Hardware $2.1B 32 rounds 6% Fintech $841M 49 rounds 2% Enterprise software $584M 44 rounds 2% Other sectors $2.9B 124 rounds 8%
Capital by sector, September 2025
SectorCapitalShareRounds
AI$26B74%271
Health$2.6B8%62
Robotics & Hardware$2.1B6%32
Other$1.6B4%32
Fintech$841M2%49
Enterprise software$584M2%44
Climate & Energy$426M1%33
Web3$350M<1%15
Consumer$272M<1%32
Cybersecurity$242M<1%12

Most active investors

Y Combinator joined 18 rounds, leading 1, more than any other investor.

Most active investors, September 2025Y Combinator: 18 rounds, 1 led; General Catalyst: 16 rounds, 5 led; Lightspeed Venture Partners: 14 rounds, 6 led; Accel: 14 rounds, 6 led; Andreessen Horowitz: 12 rounds, 4 led; Bpifrance: 9 rounds, 3 led; Khosla Ventures: 9 rounds, 3 led; Antler: 8 rounds, 2 led; NVentures: 8 rounds, 0 led; FJ Labs: 8 rounds, 0 ledLedJoined Y Combinator 18 rounds · 1 led General Catalyst 16 rounds · 5 led Lightspeed Venture Partners 14 rounds · 6 led Accel 14 rounds · 6 led Andreessen Horowitz 12 rounds · 4 led Bpifrance 9 rounds · 3 led Khosla Ventures 9 rounds · 3 led Antler 8 rounds · 2 led NVentures 8 rounds FJ Labs 8 rounds

The investor race, last 6 weeks

Ranked by rounds joined so far. Y Combinator finished first with 22 rounds over the last 6 weeks. The lead changed hands twice.

The investor race, the last 6 weeksY Combinator: ranks 1, 1, 2, 2, 1, 1, 22 rounds; General Catalyst: ranks 2, 2, 1, 1, 2, 2, 17 rounds; Lightspeed Venture Partners: ranks 3, 4, 4, 3, 3, 3, 16 rounds; Accel: ranks 4, 5, 5, 5, 4, 4, 15 rounds; Andreessen Horowitz: ranks 5, 3, 3, 4, 5, 5, 12 rounds W35W36W37W38W39W40 Y Combinator 22 rounds · 3 led General Catalyst 17 rounds · 6 led Lightspeed Venture Pa… 16 rounds · 7 led Accel 15 rounds · 7 led Andreessen Horowitz 12 rounds · 4 led
Rounds joined so far, the last 6 weeks
InvestorWeek 35Week 36Week 37Week 38Week 39Week 40
Y Combinator2910131822
General Catalyst1610141617
Lightspeed Venture Partners158101216
Accel02481015
Andreessen Horowitz0599912

Where the rounds were

United States raised $27.1B, 77% of the capital. Rounds in 43 countries, 4 with no country disclosed.

Capital by country, September 2025United States: $27.1B; France: $2.7B; United Kingdom: $1.3B; India: $591M; Netherlands: $476M; Finland: $384M; Israel: $382M; Germany: $274M; South Korea: $264M; Switzerland: $177M; Brazil: $145M; Belgium: $145M United States $27.1B · 174 rounds France $2.7B · 51 rounds United Kingdom $1.3B · 54 rounds India $591M · 73 rounds Netherlands $476M · 29 rounds Finland $384M · 7 rounds Israel $382M · 14 rounds Germany $274M · 34 rounds

The cities that raised

San Francisco raised $15.8B, more than all of Europe ($6.2B). Rounds from 89 cities.

Capital by city, September 2025San Francisco: $15.8B; Paris: $2.3B; Palo Alto: $1.4B; San Jose: $1.2B; Sunnyvale: $1.1B; New York: $1B; London: $966M; Boston: $323M; Espoo: $305M; Denver: $300M; Los Angeles: $258M; Amsterdam: $251M San Francisco $15.8B · 22 rounds Paris $2.3B · 27 rounds Palo Alto $1.4B · 4 rounds San Jose $1.2B · 2 rounds Sunnyvale $1.1B · 2 rounds New York $1B · 31 rounds

Rounds by stage

Seed was the most common stage: 173 rounds, median $4.7M. The median round size is under each column.

Rounds by stage, September 2025 58 Pre $1.6M 173 Seed $4.7M 119 A $15M 60 B $40M 24 C $75M 14 D $133M 10 E+ $276M 10 Growth $41M 114 Other $4.2M
Rounds by stage, September 2025
StageRoundsMedian round
Pre-Seed58$1.6M
Seed173$4.7M
Series A119$15M
Series B60$39.5M
Series C24$74.5M
Series D14$133M
Series E+10$276M
Growth10$41.1M
Other or undisclosed114$4.2M

Sectors against August 2025

Biggest gain: AI, +$22.5B. Biggest drop: Climate & Energy, -$1.5B. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, September 2025 against August 2025AI: +$22.5B; Robotics & Hardware: +$1.6B; Health: +$1.4B; Other: +$1.4B; Consumer: +$115M; Fintech: +$78.4M; Web3: +$16.3M; Cybersecurity: -$69M; Enterprise software: -$375M; Climate & Energy: -$1.5B AI +$22.5B ×7.4 Robotics & Hardware +$1.6B ×4.7 Health +$1.4B +121% Other +$1.4B ×9.2 Consumer +$115M +74% Fintech +$78.4M +10% Web3 +$16.3M +5% Cybersecurity -$69M -22% Enterprise software -$375M -39% Climate & Energy -$1.5B -77%
Sectors against August 2025
SectorsSeptember 2025August 2025Change
AI$26B$3.5B+$22.5B
Robotics & Hardware$2.1B$440M+$1.6B
Health$2.6B$1.2B+$1.4B
Other$1.6B$171M+$1.4B
Consumer$272M$157M+$115M
Fintech$841M$762M+$78.4M
Web3$350M$333M+$16.3M
Cybersecurity$242M$311M-$69M
Enterprise software$584M$959M-$375M
Climate & Energy$426M$1.9B-$1.5B

Countries against August 2025

Biggest gain: United States, +$20.9B. Biggest drop: Canada, -$703M. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, September 2025 against August 2025United States: +$20.9B; France: +$2.7B; United Kingdom: +$984M; Netherlands: +$459M; Finland: +$381M; Israel: +$41.5M; India: +$10.8M; Canada: -$703M United States +$20.9B ×4.4 France +$2.7B ×1479 United Kingdom +$984M ×4.2 Netherlands +$459M ×29 Finland +$381M ×131 Israel +$41.5M +12% India +$10.8M +2% Canada -$703M -100%
Countries against August 2025
CountriesSeptember 2025August 2025Change
United States$27.1B$6.2B+$20.9B
France$2.7B$1.8M+$2.7B
United Kingdom$1.3B$305M+$984M
Netherlands$476M$16.6M+$459M
Finland$384M$2.9M+$381M
Israel$382M$340M+$41.5M
India$591M$580M+$10.8M
Canada$2.6M$706M-$703M
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