Weekly edition · Week 29

14 to 20 July 2025

121 rounds and $4.7B raised. The biggest: Thinking Machines Lab, $2B.

Rounds: 121 -1%
Capital raised: $4.7B +22%
Median round: $10M +42%

vs the week of 7 to 13 Jul · 4-week average $4.5B+4%

The week in charts

AI took 71% of the capital this week, up from 18% the week of 7 to 13 Jul. Thinking Machines Lab alone raised $2B, 43% of it.

The 10 biggest rounds

The 10 biggest rounds raised $3.2B, 69% of the total.

Mega-rounds against the rest

6 of 121 rounds made 62% of the capital.

Rounds of $100M or more, 14 to 20 July 2025
	Rounds	Capital
$100M or more	6	$2.9B
The rest	115	$1.8B

Capital raised per day

The busiest day: Tue 15 Jul, $2.6B across 36 rounds.

Capital raised per day, 14 to 20 July 2025
Day	Rounds	Capital	Biggest round
Mon 14 Jul	15	$321M	Moonvalley, $84M
Tue 15 Jul	36	$2.6B	Thinking Machines Lab, $2B
Wed 16 Jul	29	$671M	GRIDSERVE, $134M
Thu 17 Jul	31	$924M	Hadrian, $260M
Fri 18 Jul	10	$137M	Radical AI, $55M
Sat 19 Jul	0	$0K
Sun 20 Jul	0	$0K

Where the capital went

AI raised $3.3B, 71% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 14 to 20 July 2025
Sector	Capital	Share	Rounds
AI	$3.3B	71%	56
Robotics & Hardware	$412M	9%	12
Enterprise software	$218M	5%	11
Fintech	$205M	4%	10
Climate & Energy	$204M	4%	5
Web3	$97.3M	2%	6
Cybersecurity	$96.6M	2%	3
Health	$88.5M	2%	6
Consumer	$24.1M	<1%	5
Other	$15.3M	<1%	7

Most active investors

Andreessen Horowitz joined 4 rounds, leading 1, more than any other investor.

The investor race, last 7 weeks

Ranked by rounds joined so far. Y Combinator finished first with 21 rounds over the last 7 weeks. The lead changed hands 3 times.

Rounds joined so far, the last 7 weeks
Investor	Week 23	Week 24	Week 25	Week 26	Week 27	Week 28	Week 29
Y Combinator	2	8	9	10	13	19	21
General Catalyst	0	2	8	12	12	15	18
Sequoia Capital	2	6	9	14	14	16	17
Khosla Ventures	1	3	8	9	11	13	15
Andreessen Horowitz	1	2	5	8	8	9	13

Where the rounds were

United States raised $3.5B, 74% of the capital. Rounds in 24 countries.

The cities that raised

San Francisco raised $2.2B, more than all of Europe ($788M). Rounds from 39 cities.

Rounds by stage

Seed was the most common stage: 41 rounds, median $4.6M. The median round size is under each column.

Rounds by stage, 14 to 20 July 2025
Stage	Rounds	Median round
Pre-Seed	14	$1.3M
Seed	41	$4.6M
Series A	28	$15.5M
Series B	14	$28.5M
Series C	5	$81.2M
Series D	1	$80M
Growth	1	$11.7M
Other or undisclosed	17	$3.5M

Sectors against the week of 7 to 13 Jul

Biggest gain: AI, +$2.6B. Biggest drop: Fintech, -$1.2B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 7 to 13 Jul
Sectors	14 to 20 July 2025	the week of 7 to 13 Jul	Change
AI	$3.3B	$675M	+$2.6B
Robotics & Hardware	$412M	$129M	+$284M
Cybersecurity	$96.6M	$836K	+$95.7M
Climate & Energy	$204M	$131M	+$73.1M
Enterprise software	$218M	$178M	+$39.7M
Web3	$97.3M	$83.3M	+$14M
Other	$15.3M	$34.8M	-$19.5M
Consumer	$24.1M	$505M	-$481M
Health	$88.5M	$724M	-$636M
Fintech	$205M	$1.4B	-$1.2B

Countries against the week of 7 to 13 Jul

Biggest gain: United States, +$1.1B. Biggest drop: Saudi Arabia, -$228M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 7 to 13 Jul
Countries	14 to 20 July 2025	the week of 7 to 13 Jul	Change
United States	$3.5B	$2.4B	+$1.1B
United Kingdom	$181M	$27.5M	+$153M
Canada	$151M	$6.6M	+$144M
Israel	$110M	$43M	+$67M
Germany	$153M	$114M	+$39.2M
Norway	$16.1M	$89.5M	-$73.4M
Switzerland	$1.9M	$213M	-$211M
Saudi Arabia	$31.5M	$259M	-$228M