Weekly edition · Week 35

25 to 31 August 2025

89 rounds and $2B raised. The biggest: Commonwealth Fusion Systems, $863M.

Rounds: 89 -16%
Capital raised: $2B -38%
Median round: $6.7M -5%

vs the week of 18 to 24 Aug · 4-week average $2.8B-29%

The week in charts

Climate & Energy took 44% of the capital this week, up from 19% the week of 18 to 24 Aug. Commonwealth Fusion Systems alone raised $863M, 43% of it.

The 10 biggest rounds

The 10 biggest rounds raised $1.3B, 66% of the total.

Mega-rounds against the rest

One round, Commonwealth Fusion Systems at $863M, made 43% of the capital.

Rounds of $100M or more, 25 to 31 August 2025
	Rounds	Capital
$100M or more	1	$863M
The rest	88	$1.1B

Capital raised per day

The busiest day: Thu 28 Aug, $1.1B across 13 rounds.

Capital raised per day, 25 to 31 August 2025
Day	Rounds	Capital	Biggest round
Mon 25 Aug	25	$336M	Paragraf, $55M
Tue 26 Aug	24	$344M	Aerospacelab, $65.3M
Wed 27 Aug	20	$185M	Leal Therapeutics, $30M
Thu 28 Aug	13	$1.1B	Commonwealth Fusion Systems, $863M
Fri 29 Aug	7	$52M	Deftpower, $14.6M
Sat 30 Aug	0	$0K
Sun 31 Aug	0	$0K

Where the capital went

Climate & Energy raised $884M, 44% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 25 to 31 August 2025
Sector	Capital	Share	Rounds
Climate & Energy	$884M	44%	4
AI	$313M	16%	32
Robotics & Hardware	$202M	10%	5
Web3	$185M	9%	9
Fintech	$174M	9%	12
Health	$169M	8%	9
Other	$30.8M	2%	4
Enterprise software	$21M	1%	4
Consumer	$11.8M	<1%	9
Cybersecurity	$5.5M	<1%	1

Most active investors

Blume Ventures joined 3 rounds, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 33 rounds over the last 8 weeks.

Rounds joined so far, the last 8 weeks
Investor	Week 28	Week 29	Week 30	Week 31	Week 32	Week 33	Week 34	Week 35
Y Combinator	6	8	13	19	20	23	31	33
General Catalyst	3	6	7	9	12	15	18	19
Andreessen Horowitz	1	5	7	13	14	15	17	17
Insight Partners	2	3	7	10	12	13	14	15
Sequoia Capital	2	3	5	5	8	10	13	13

Where the rounds were

United States raised $1.5B, 73% of the capital. Rounds in 23 countries.

The cities that raised

Devens raised $863M, more than all of Europe ($285M). Rounds from 27 cities.

Rounds by stage

Seed was the most common stage: 30 rounds, median $3.5M. The median round size is under each column.

Rounds by stage, 25 to 31 August 2025
Stage	Rounds	Median round
Pre-Seed	10	$1.4M
Seed	30	$3.5M
Series A	19	$16.7M
Series B	8	$38M
Series C	1	$55M
Series D	1	$32M
Growth	4	$17.2M
Other or undisclosed	16	$4.6M

Sectors against the week of 18 to 24 Aug

Biggest gain: Climate & Energy, +$271M. Biggest drop: AI, -$1B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 18 to 24 Aug
Sectors	25 to 31 August 2025	the week of 18 to 24 Aug	Change
Climate & Energy	$884M	$614M	+$271M
Web3	$185M	$90.2M	+$95M
Robotics & Hardware	$202M	$108M	+$94.4M
Health	$169M	$136M	+$32.8M
Other	$30.8M	$51.9M	-$21.1M
Consumer	$11.8M	$47.1M	-$35.3M
Fintech	$174M	$245M	-$70.9M
Cybersecurity	$5.5M	$230M	-$225M
Enterprise software	$21M	$339M	-$318M
AI	$313M	$1.3B	-$1B

Countries against the week of 18 to 24 Aug

Biggest gain: United Kingdom, +$93.2M. Biggest drop: United States, -$806M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 18 to 24 Aug
Countries	25 to 31 August 2025	the week of 18 to 24 Aug	Change
United Kingdom	$135M	$42M	+$93.2M
Australia	$36.8M	$14.4M	+$22.5M
Sweden	$3.7M	$51.9M	-$48.2M
Saudi Arabia	$12.3M	$74.9M	-$62.6M
Germany	$4.9M	$75.2M	-$70.3M
India	$111M	$204M	-$93.1M
Brazil	$3.7M	$127M	-$123M
United States	$1.5B	$2.3B	-$806M