Weekly edition · Week 30

21 to 27 July 2025

101 rounds and $2.4B raised. The biggest: Dispatch Bio, $216M.

Rounds: 101 -17%
Capital raised: $2.4B -50%
Median round: $7.3M -27%

vs the week of 14 to 20 Jul · 4-week average $4.8B-51%

The week in charts

AI took 56% of the capital this week, down from 71% the week of 14 to 20 Jul. $2.4B in all, down 50% on the week of 14 to 20 Jul.

The 10 biggest rounds

The 10 biggest rounds raised $1.3B, 56% of the total.

Mega-rounds against the rest

9 of 101 rounds made 53% of the capital.

Rounds of $100M or more, 21 to 27 July 2025
	Rounds	Capital
$100M or more	9	$1.2B
The rest	92	$1.1B

Capital raised per day

The busiest day: Tue 22 Jul, $734M across 35 rounds.

Capital raised per day, 21 to 27 July 2025
Day	Rounds	Capital	Biggest round
Mon 21 Jul	18	$460M	Xelix, $160M
Tue 22 Jul	35	$734M	Reka AI, $110M
Wed 23 Jul	21	$652M	Dispatch Bio, $216M
Thu 24 Jul	20	$468M	Armada, $131M
Fri 25 Jul	7	$42.3M	MagREEsource, $27M
Sat 26 Jul	0	$0K
Sun 27 Jul	0	$0K

Where the capital went

AI raised $1.3B, 56% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 21 to 27 July 2025
Sector	Capital	Share	Rounds
AI	$1.3B	56%	50
Health	$403M	17%	10
Cybersecurity	$196M	8%	4
Robotics & Hardware	$105M	4%	7
Enterprise software	$94.5M	4%	7
Fintech	$74.1M	3%	6
Climate & Energy	$64.8M	3%	4
Consumer	$34.5M	1%	5
Web3	$30.6M	1%	4
Other	$24.7M	1%	4

Most active investors

Y Combinator joined 5 rounds, leading 1, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 26 rounds over the last 8 weeks. The lead changed hands 3 times.

Rounds joined so far, the last 8 weeks
Investor	Week 23	Week 24	Week 25	Week 26	Week 27	Week 28	Week 29	Week 30
Y Combinator	2	8	9	10	13	19	21	26
General Catalyst	0	2	8	12	12	15	18	19
Sequoia Capital	2	6	9	14	14	16	17	19
Andreessen Horowitz	1	2	5	8	8	9	13	15
Khosla Ventures	1	3	8	9	11	13	15	15

Where the rounds were

United States raised $1.5B, 62% of the capital. Rounds in 21 countries.

The cities that raised

San Francisco raised $568M, more than all of Europe ($446M). Rounds from 36 cities.

Rounds by stage

Seed was the most common stage: 32 rounds, median $5.7M. The median round size is under each column.

Rounds by stage, 21 to 27 July 2025
Stage	Rounds	Median round
Pre-Seed	9	$2.5M
Seed	32	$5.7M
Series A	25	$12.4M
Series B	12	$36.5M
Series C	1	$37M
Series D	3	$100M
Series E+	2	$50M
Growth	2	$118M
Other or undisclosed	15	$5.5M

Sectors against the week of 14 to 20 Jul

Biggest gain: Health, +$314M. Biggest drop: AI, -$2B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 14 to 20 Jul
Sectors	21 to 27 July 2025	the week of 14 to 20 Jul	Change
Health	$403M	$88.5M	+$314M
Cybersecurity	$196M	$96.6M	+$99.4M
Consumer	$34.5M	$24.1M	+$10.4M
Other	$24.7M	$15.3M	+$9.4M
Web3	$30.6M	$97.3M	-$66.7M
Enterprise software	$94.5M	$218M	-$123M
Fintech	$74.1M	$205M	-$131M
Climate & Energy	$64.8M	$204M	-$139M
Robotics & Hardware	$105M	$412M	-$307M
AI	$1.3B	$3.3B	-$2B

Countries against the week of 14 to 20 Jul

Biggest gain: United Kingdom, +$70.9M. Biggest drop: United States, -$2B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 14 to 20 Jul
Countries	21 to 27 July 2025	the week of 14 to 20 Jul	Change
United Kingdom	$252M	$181M	+$70.9M
India	$68.6M	$41.1M	+$27.6M
Israel	$122M	$110M	+$12M
Spain	$12.1M	$49.5M	-$37.4M
France	$27M	$71.7M	-$44.7M
Germany	$105M	$153M	-$48.6M
Italy	$11.3M	$84.1M	-$72.9M
United States	$1.5B	$3.5B	-$2B