Weekly edition · Week 31

28 July to 3 August 2025

91 rounds and $3.6B raised. The biggest: Ramp, $500M.

Rounds: 91 -10%
Capital raised: $3.6B +52%
Median round: $14M +92%

vs the week of 21 to 27 Jul · 4-week average $4.6B-22%

The week in charts

AI took 68% of the capital this week, up from 56% the week of 21 to 27 Jul. $3.6B in all, up 52% on the week of 21 to 27 Jul.

The 10 biggest rounds

The 10 biggest rounds raised $2.1B, 57% of the total.

Mega-rounds against the rest

11 of 91 rounds made 60% of the capital.

Rounds of $100M or more, 28 July to 3 August 2025
	Rounds	Capital
$100M or more	11	$2.2B
The rest	80	$1.4B

Capital raised per day

The busiest day: Wed 30 Jul, $1.2B across 19 rounds.

Capital raised per day, 28 July to 3 August 2025
Day	Rounds	Capital	Biggest round
Mon 28 Jul	14	$635M	MapLight Therapeutics, $373M
Tue 29 Jul	34	$951M	Ambience Healthcare, $243M
Wed 30 Jul	19	$1.2B	Ramp, $500M
Thu 31 Jul	17	$753M	Anaconda, $150M
Fri 1 Aug	6	$63.8M	Fundamental Research Labs, $33M
Sat 2 Aug	0	$0K
Sun 3 Aug	1	$1.2M	Deep.SA, $1.2M

Where the capital went

AI raised $2.4B, 68% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 28 July to 3 August 2025
Sector	Capital	Share	Rounds
AI	$2.4B	68%	50
Health	$620M	17%	10
Robotics & Hardware	$143M	4%	3
Web3	$96.3M	3%	5
Fintech	$77.5M	2%	4
Consumer	$60.9M	2%	2
Other	$45M	1%	3
Cybersecurity	$39.5M	1%	5
Enterprise software	$32.7M	<1%	5
Climate & Energy	$16.6M	<1%	4

Most active investors

Andreessen Horowitz joined 6 rounds, leading 2, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 30 rounds over the last 8 weeks. The lead changed hands twice.

Rounds joined so far, the last 8 weeks
Investor	Week 24	Week 25	Week 26	Week 27	Week 28	Week 29	Week 30	Week 31
Y Combinator	6	7	8	11	17	19	24	30
General Catalyst	2	8	12	12	15	18	19	21
Andreessen Horowitz	1	4	7	7	8	12	14	20
Sequoia Capital	4	7	12	12	14	15	17	17
Khosla Ventures	2	7	8	10	12	14	14	15

Where the rounds were

United States raised $2.8B, 78% of the capital. Rounds in 20 countries, 1 with no country disclosed.

The cities that raised

San Francisco raised $740M, more than all of Asia ($442M). Rounds from 34 cities.

Rounds by stage

Series A was the most common stage: 23 rounds, median $18.4M. The median round size is under each column.

Rounds by stage, 28 July to 3 August 2025
Stage	Rounds	Median round
Pre-Seed	11	$1.2M
Seed	20	$6.2M
Series A	23	$18.4M
Series B	10	$36M
Series C	8	$125M
Series D	1	$373M
Series E+	1	$500M
Growth	5	$20M
Other or undisclosed	12	$8.5M

Sectors against the week of 21 to 27 Jul

Biggest gain: AI, +$1.1B. Biggest drop: Cybersecurity, -$157M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 21 to 27 Jul
Sectors	28 July to 3 August 2025	the week of 21 to 27 Jul	Change
AI	$2.4B	$1.3B	+$1.1B
Health	$620M	$403M	+$218M
Web3	$96.3M	$30.6M	+$65.7M
Robotics & Hardware	$143M	$105M	+$37.7M
Consumer	$60.9M	$34.5M	+$26.3M
Other	$45M	$24.7M	+$20.3M
Fintech	$77.5M	$74.1M	+$3.4M
Climate & Energy	$16.6M	$64.8M	-$48.2M
Enterprise software	$32.7M	$94.5M	-$61.8M
Cybersecurity	$39.5M	$196M	-$157M

Countries against the week of 21 to 27 Jul

Biggest gain: United States, +$1.3B. Biggest drop: United Kingdom, -$175M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 21 to 27 Jul
Countries	28 July to 3 August 2025	the week of 21 to 27 Jul	Change
United States	$2.8B	$1.5B	+$1.3B
Israel	$255M	$122M	+$133M
South Korea	$125M	$5.1M	+$120M
Brazil	$24.3M	$2.2M	+$22.1M
France	$3.5M	$27M	-$23.5M
India	$19.8M	$68.6M	-$48.8M
Germany	$36.4M	$105M	-$68.4M
United Kingdom	$76.6M	$252M	-$175M