Weekly edition · Week 28

7 to 13 July 2025

122 rounds and $3.8B raised. The biggest: iCapital, $820M.

Rounds: 122 +20%
Capital raised: $3.8B -48%
Median round: $7M -5%

vs the week of 30 Jun to 6 Jul · 4-week average $4.5B-14%

The week in charts

Fintech took 36% of the capital this week, up from 5% the week of 30 Jun to 6 Jul. $3.8B in all, down 48% on the week of 30 Jun to 6 Jul.

The 10 biggest rounds

The 10 biggest rounds raised $2.3B, 59% of the total.

Mega-rounds against the rest

7 of 122 rounds made 52% of the capital.

Rounds of $100M or more, 7 to 13 July 2025
	Rounds	Capital
$100M or more	7	$2B
The rest	115	$1.8B

Capital raised per day

The busiest day: Thu 10 Jul, $2.1B across 34 rounds.

Capital raised per day, 7 to 13 July 2025
Day	Rounds	Capital	Biggest round
Mon 7 Jul	17	$420M	wefox, $89.1M
Tue 8 Jul	26	$526M	Ninja, $254M
Wed 9 Jul	34	$645M	MaintainX, $150M
Thu 10 Jul	34	$2.1B	iCapital, $820M
Fri 11 Jul	10	$139M	Virtru, $50M
Sat 12 Jul	0	$0K
Sun 13 Jul	1	$5M	Kaleidoscope, $5M

Where the capital went

Fintech raised $1.4B, 36% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 7 to 13 July 2025
Sector	Capital	Share	Rounds
Fintech	$1.4B	36%	11
Health	$724M	19%	19
AI	$675M	18%	43
Consumer	$505M	13%	8
Enterprise software	$178M	5%	11
Climate & Energy	$131M	3%	9
Robotics & Hardware	$129M	3%	7
Web3	$83.3M	2%	6
Other	$34.8M	<1%	7
Cybersecurity	$836K	<1%	1

Most active investors

Y Combinator joined 6 rounds, leading 1, more than any other investor.

The investor race, last 6 weeks

Ranked by rounds joined so far. Y Combinator finished first with 19 rounds over the last 6 weeks. The lead changed hands 3 times.

Rounds joined so far, the last 6 weeks
Investor	Week 23	Week 24	Week 25	Week 26	Week 27	Week 28
Y Combinator	2	8	9	10	13	19
Sequoia Capital	2	6	9	14	14	16
General Catalyst	0	2	8	12	12	15
Khosla Ventures	1	3	8	9	11	13
Lightspeed Venture Partners	3	6	8	8	10	11

Where the rounds were

United States raised $2.4B, 63% of the capital. Rounds in 29 countries.

The cities that raised

New York raised $1.3B, more than all of Asia ($727M). Rounds from 42 cities.

Rounds by stage

Seed was the most common stage: 56 rounds, median $4.5M. The median round size is under each column.

Rounds by stage, 7 to 13 July 2025
Stage	Rounds	Median round
Pre-Seed	5	$1.8M
Seed	56	$4.5M
Series A	26	$15.4M
Series B	8	$45.5M
Series C	4	$135M
Series D	3	$56M
Growth	5	$250M
Other or undisclosed	15	$4.1M

Sectors against the week of 30 Jun to 6 Jul

Biggest gain: Fintech, +$990M. Biggest drop: AI, -$4.9B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 30 Jun to 6 Jul
Sectors	7 to 13 July 2025	the week of 30 Jun to 6 Jul	Change
Fintech	$1.4B	$368M	+$990M
Health	$724M	$138M	+$586M
Consumer	$505M	$179M	+$326M
Robotics & Hardware	$129M	$62.7M	+$66M
Web3	$83.3M	$33.9M	+$49.4M
Other	$34.8M	$42.1M	-$7.3M
Enterprise software	$178M	$219M	-$41.3M
Climate & Energy	$131M	$419M	-$288M
Cybersecurity	$836K	$364M	-$363M
AI	$675M	$5.6B	-$4.9B

Countries against the week of 30 Jun to 6 Jul

Biggest gain: Saudi Arabia, +$209M. Biggest drop: United States, -$3.1B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 30 Jun to 6 Jul
Countries	7 to 13 July 2025	the week of 30 Jun to 6 Jul	Change
Saudi Arabia	$259M	$50M	+$209M
Switzerland	$213M	$214M	-$831K
Germany	$114M	$179M	-$64.4M
Mexico	$6M	$170M	-$164M
India	$32.9M	$210M	-$177M
France	$60.3M	$257M	-$197M
Israel	$43M	$419M	-$376M
United States	$2.4B	$5.5B	-$3.1B