byMediaBoost

Monthly edition

October 2025

567 rounds and $23.8B raised. The biggest: Reflection AI, $2B.

Rounds
567 -3%
Capital raised
$23.8B -32%
Median round
$8M +12%

vs September 2025

The month in charts

AI took 40% of the capital this month, down from 74% in September. $23.8B in all, down 32% on September.

The 10 biggest rounds

The 10 biggest rounds raised $9.8B, 41% of the total.

The 10 biggest rounds, October 2025Reflection AI: $2B; Polymarket: $2B; Crusoe: $1.4B; Base Power: $1B; Oura: $900M; Chobani: $650M; Kailera Therapeutics: $600M; Stoke Space: $510M; Nscale: $433M; Tubulis: $358M Reflection AI $2B · Series B Polymarket $2B · Strategic Crusoe $1.4B · Series E Base Power $1B · Series C O Oura $900M · Series E Chobani $650M · Growth Kailera Therapeutics $600M · Series B Stoke Space $510M · Series D Nscale $433M · Venture Tubulis $358M · Series C

Mega-rounds against the rest

47 of 567 rounds made 70% of the capital.

8% of the rounds were of $100M or more 8%of the rounds47 of 56770% of the capital came from rounds of $100M or more 70%of the capital$16.7B of $23.8B
Rounds of $100M or more, October 2025
RoundsCapital
$100M or more47$16.7B
The rest520$7.1B

Capital raised per day

The busiest day: Thu 9 Oct, $2.7B across 30 rounds.

Capital raised per day, October 2025 Wed 1 Oct: $905M, 26 rounds; Thu 2 Oct: $443M, 22 rounds; Fri 3 Oct: $172M, 7 rounds; Sat 4 Oct: $0K, 0 rounds; Sun 5 Oct: $821K, 1 round; Mon 6 Oct: $347M, 22 rounds; Tue 7 Oct: $2.6B, 34 rounds; Wed 8 Oct: $2B, 32 rounds; Thu 9 Oct: $2.7B, 30 rounds; Fri 10 Oct: $484M, 12 rounds; Sat 11 Oct: $0K, 0 rounds; Sun 12 Oct: $0K, 0 rounds; Mon 13 Oct: $266M, 19 rounds; Tue 14 Oct: $2.7B, 40 rounds; Wed 15 Oct: $997M, 35 rounds; Thu 16 Oct: $2.4B, 36 rounds; Fri 17 Oct: $54.6M, 11 rounds; Sat 18 Oct: $0K, 0 rounds; Sun 19 Oct: $0K, 0 rounds; Mon 20 Oct: $540M, 18 rounds; Tue 21 Oct: $712M, 23 rounds; Wed 22 Oct: $929M, 36 rounds; Thu 23 Oct: $2B, 24 rounds; Fri 24 Oct: $63.3M, 9 rounds; Sat 25 Oct: $130K, 1 round; Sun 26 Oct: $0K, 0 rounds; Mon 27 Oct: $686M, 14 rounds; Tue 28 Oct: $1.4B, 41 rounds; Wed 29 Oct: $457M, 29 rounds; Thu 30 Oct: $759M, 30 rounds; Fri 31 Oct: $256M, 15 rounds $1B$2B$3B 1 6 13 20 27 $2.7B W40$1.5B W41$8.1B W42$6.4B W43$4.2B W44$3.6B
Capital raised per day, October 2025
DayRoundsCapitalBiggest round
Wed 1 Oct26$905MNscale, $433M
Thu 2 Oct22$443MDualEntry, $90M
Fri 3 Oct7$172MSupabase, $100M
Sat 4 Oct0$0K
Sun 5 Oct1$821KKomu (ex-Contestio), $821K
Mon 6 Oct22$347MNanoPhoria Bioscience, $97.5M
Tue 7 Oct34$2.6BPolymarket, $2B
Wed 8 Oct32$2BBase Power, $1B
Thu 9 Oct30$2.7BReflection AI, $2B
Fri 10 Oct12$484MKalshi, $300M
Sat 11 Oct0$0K
Sun 12 Oct0$0K
Mon 13 Oct19$266MEcorobotix, $105M
Tue 14 Oct40$2.7BOura, $900M
Wed 15 Oct35$997MTubulis, $358M
Thu 16 Oct36$2.4BChobani, $650M
Fri 17 Oct11$54.6MScap Hologram, $25.7M
Sat 18 Oct0$0K
Sun 19 Oct0$0K
Mon 20 Oct18$540MOpenEvidence, $200M
Tue 21 Oct23$712MSesame, $250M
Wed 22 Oct36$929MUniphore, $260M
Thu 23 Oct24$2BCrusoe, $1.4B
Fri 24 Oct9$63.3MValthos, $30M
Sat 25 Oct1$130KDraiven, $130K
Sun 26 Oct0$0K
Mon 27 Oct14$686MMercor, $350M
Tue 28 Oct41$1.4BFireworks AI, $250M
Wed 29 Oct29$457MFruitist, $150M
Thu 30 Oct30$759MBending Spoons, $270M
Fri 31 Oct15$256MSnapmint, $115M

Where the capital went

AI raised $9.5B, 40% of the capital. Choose a sector to filter the rounds below.

Capital by sector, October 2025 40% AI AI $9.5B 246 rounds 40% Health $4.1B 64 rounds 17% Climate & Energy $2.1B 33 rounds 9% Enterprise software $1.3B 52 rounds 6% Consumer $1.3B 28 rounds 5% Other sectors $5.5B 144 rounds 23%
Capital by sector, October 2025
SectorCapitalShareRounds
AI$9.5B40%246
Health$4.1B17%64
Other$2.6B11%31
Climate & Energy$2.1B9%33
Enterprise software$1.3B6%52
Consumer$1.3B5%28
Robotics & Hardware$1.1B5%36
Fintech$1.1B5%44
Cybersecurity$438M2%19
Web3$214M<1%14

Most active investors

Y Combinator joined 22 rounds, leading 3, more than any other investor.

Most active investors, October 2025Y Combinator: 22 rounds, 3 led; General Catalyst: 15 rounds, 6 led; Accel: 12 rounds, 7 led; Bessemer Venture Partners: 11 rounds, 8 led; Bpifrance: 10 rounds, 1 led; Lightspeed Venture Partners: 9 rounds, 3 led; Sequoia Capital: 9 rounds, 1 led; GV: 8 rounds, 1 led; Andreessen Horowitz: 7 rounds, 4 led; Khosla Ventures: 7 rounds, 4 ledLedJoined Y Combinator 22 rounds · 3 led General Catalyst 15 rounds · 6 led Accel 12 rounds · 7 led Bessemer Venture Partners 11 rounds · 8 led Bpifrance 10 rounds · 1 led Lightspeed Venture Partners 9 rounds · 3 led Sequoia Capital 9 rounds · 1 led GV 8 rounds · 1 led Andreessen Horowitz 7 rounds · 4 led Khosla Ventures 7 rounds · 4 led

The investor race, last 6 weeks

Ranked by rounds joined so far. Y Combinator finished first with 29 rounds over the last 6 weeks.

The investor race, the last 6 weeksY Combinator: ranks 1, 1, 1, 1, 1, 1, 29 rounds; Accel: ranks 4, 2, 2, 2, 2, 2, 18 rounds; General Catalyst: ranks 3, 4, 4, 4, 3, 3, 18 rounds; Lightspeed Venture Partners: ranks 2, 3, 3, 3, 4, 4, 14 rounds; Bessemer Venture Partners: ranks 5, 5, 5, 5, 5, 5, 12 rounds W39W40W41W42W43W44 Y Combinator 29 rounds · 3 led Accel 18 rounds · 9 led General Catalyst 18 rounds · 6 led Lightspeed Venture Pa… 14 rounds · 6 led Bessemer Venture Part… 12 rounds · 9 led
Rounds joined so far, the last 6 weeks
InvestorWeek 39Week 40Week 41Week 42Week 43Week 44
Y Combinator5913182229
Accel2710161618
General Catalyst235111418
Lightspeed Venture Partners269111114
Bessemer Venture Partners11471012

Where the rounds were

United States raised $16.7B, 70% of the capital. Rounds in 44 countries, 4 with no country disclosed.

Capital by country, October 2025United States: $16.7B; United Kingdom: $1.3B; Finland: $900M; Germany: $680M; India: $637M; France: $568M; Italy: $474M; Netherlands: $436M; Sweden: $363M; Israel: $180M; Australia: $176M; Switzerland: $139M United States $16.7B · 193 rounds United Kingdom $1.3B · 56 rounds Finland $900M · 1 round Germany $680M · 23 rounds India $637M · 65 rounds France $568M · 51 rounds Italy $474M · 18 rounds Netherlands $436M · 17 rounds

The cities that raised

New York raised $4.9B, more than all of Asia ($927M). Rounds from 86 cities.

Capital by city, October 2025New York: $4.9B; San Francisco: $2.2B; Denver: $1.4B; Austin: $1B; London: $902M; Los Angeles: $732M; San Diego: $600M; Kent: $510M; South San Francisco: $455M; Milan: $429M; Amsterdam: $389M; Munich: $376M New York $4.9B · 30 rounds San Francisco $2.2B · 31 rounds Denver $1.4B · 3 rounds Austin $1B · 4 rounds London $902M · 29 rounds Los Angeles $732M · 9 rounds

Rounds by stage

Seed was the most common stage: 191 rounds, median $4.5M. The median round size is under each column.

Rounds by stage, October 2025 64 Pre $1.3M 191 Seed $4.5M 112 A $15M 50 B $35M 27 C $96M 7 D $35M 9 E+ $260M 15 Growth $60M 92 Other $5.9M
Rounds by stage, October 2025
StageRoundsMedian round
Pre-Seed64$1.3M
Seed191$4.5M
Series A112$15M
Series B50$34.6M
Series C27$96M
Series D7$35M
Series E+9$260M
Growth15$60M
Other or undisclosed92$5.9M

Sectors against September 2025

Biggest gain: Climate & Energy, +$1.6B. Biggest drop: AI, -$16.5B. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, October 2025 against September 2025Climate & Energy: +$1.6B; Health: +$1.5B; Other: +$1.1B; Consumer: +$1B; Enterprise software: +$734M; Fintech: +$234M; Cybersecurity: +$195M; Web3: -$136M; Robotics & Hardware: -$952M; AI: -$16.5B Climate & Energy +$1.6B ×4.8 Health +$1.5B +57% Other +$1.1B +68% Consumer +$1B ×4.8 Enterprise software +$734M +126% Fintech +$234M +28% Cybersecurity +$195M +81% Web3 -$136M -39% Robotics & Hardware -$952M -46% AI -$16.5B -63%
Sectors against September 2025
SectorsOctober 2025September 2025Change
Climate & Energy$2.1B$426M+$1.6B
Health$4.1B$2.6B+$1.5B
Other$2.6B$1.6B+$1.1B
Consumer$1.3B$272M+$1B
Enterprise software$1.3B$584M+$734M
Fintech$1.1B$841M+$234M
Cybersecurity$438M$242M+$195M
Web3$214M$350M-$136M
Robotics & Hardware$1.1B$2.1B-$952M
AI$9.5B$26B-$16.5B

Countries against September 2025

Biggest gain: Finland, +$516M. Biggest drop: United States, -$10.3B. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, October 2025 against September 2025Finland: +$516M; Italy: +$406M; Germany: +$406M; India: +$46.1M; United Kingdom: -$10.3M; Netherlands: -$40.4M; France: -$2.1B; United States: -$10.3B Finland +$516M +134% Italy +$406M ×6.9 Germany +$406M +148% India +$46.1M +8% United Kingdom -$10.3M -1% Netherlands -$40.4M -8% France -$2.1B -79% United States -$10.3B -38%
Countries against September 2025
CountriesOctober 2025September 2025Change
Finland$900M$384M+$516M
Italy$474M$68.4M+$406M
Germany$680M$274M+$406M
India$637M$591M+$46.1M
United Kingdom$1.3B$1.3B-$10.3M
Netherlands$436M$476M-$40.4M
France$568M$2.7B-$2.1B
United States$16.7B$27.1B-$10.3B
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