Weekly edition · Week 37

8 to 14 September 2025

117 rounds and $7.2B raised. The biggest: Mistral AI, $2B.

Rounds: 117 -3%
Capital raised: $7.2B -57%
Median round: $5.9M -41%

vs the week of 1 to 7 Sept · 4-week average $6B+21%

The week in charts

AI took 59% of the capital this week, down from 90% the week of 1 to 7 Sept. $7.2B in all, down 57% on the week of 1 to 7 Sept.

The 10 biggest rounds

The 10 biggest rounds raised $5.8B, 81% of the total.

Mega-rounds against the rest

12 of 117 rounds made 84% of the capital.

Rounds of $100M or more, 8 to 14 September 2025
	Rounds	Capital
$100M or more	12	$6B
The rest	105	$1.2B

Capital raised per day

The busiest day: Tue 9 Sept, $2.9B across 35 rounds.

Capital raised per day, 8 to 14 September 2025
Day	Rounds	Capital	Biggest round
Mon 8 Sept	21	$1.6B	Databricks, $1B
Tue 9 Sept	35	$2.9B	Mistral AI, $2B
Wed 10 Sept	33	$2.2B	PsiQuantum, $1B
Thu 11 Sept	21	$191M	Diana Health, $55M
Fri 12 Sept	7	$232M	Apex, $200M
Sat 13 Sept	0	$0K
Sun 14 Sept	0	$0K

Where the capital went

AI raised $4.3B, 59% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 8 to 14 September 2025
Sector	Capital	Share	Rounds
AI	$4.3B	59%	49
Health	$1.2B	17%	14
Other	$1B	14%	5
Robotics & Hardware	$250M	3%	7
Fintech	$217M	3%	12
Cybersecurity	$115M	2%	5
Climate & Energy	$50.6M	<1%	8
Enterprise software	$26.7M	<1%	8
Consumer	$20.8M	<1%	7
Web3	$11.3M	<1%	2

Most active investors

General Catalyst joined 4 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 33 rounds over the last 8 weeks.

Rounds joined so far, the last 8 weeks
Investor	Week 30	Week 31	Week 32	Week 33	Week 34	Week 35	Week 36	Week 37
Y Combinator	5	11	12	15	23	25	32	33
General Catalyst	1	3	6	9	12	13	18	22
Andreessen Horowitz	2	8	9	10	12	12	17	21
Insight Partners	4	7	9	10	11	12	13	15
Lightspeed Venture Partners	2	3	4	4	5	6	10	13

Where the rounds were

United States raised $4.2B, 59% of the capital. Rounds in 22 countries.

The cities that raised

Paris raised $2B, more than all of Asia ($154M). Rounds from 38 cities.

Rounds by stage

Seed was the most common stage: 31 rounds, median $3.6M. The median round size is under each column.

Rounds by stage, 8 to 14 September 2025
Stage	Rounds	Median round
Pre-Seed	11	$2M
Seed	31	$3.6M
Series A	18	$17.5M
Series B	6	$29.5M
Series C	4	$62.6M
Series D	5	$213M
Series E+	3	$1B
Growth	2	$16.4M
Other or undisclosed	37	$4.1M

Sectors against the week of 1 to 7 Sept

Biggest gain: Health, +$878M. Biggest drop: AI, -$10.5B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 1 to 7 Sept
Sectors	8 to 14 September 2025	the week of 1 to 7 Sept	Change
Health	$1.2B	$323M	+$878M
Other	$1B	$233M	+$787M
Fintech	$217M	$144M	+$72.9M
Cybersecurity	$115M	$85M	+$30.5M
Consumer	$20.8M	$45.8M	-$25M
Climate & Energy	$50.6M	$89.2M	-$38.6M
Robotics & Hardware	$250M	$388M	-$139M
Web3	$11.3M	$157M	-$146M
Enterprise software	$26.7M	$258M	-$231M
AI	$4.3B	$14.8B	-$10.5B

Countries against the week of 1 to 7 Sept

Biggest gain: France, +$2.1B. Biggest drop: United States, -$10.7B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 1 to 7 Sept
Countries	8 to 14 September 2025	the week of 1 to 7 Sept	Change
France	$2.1B	$39.9M	+$2.1B
United Kingdom	$247M	$140M	+$107M
Israel	$123M	$52M	+$71M
Belgium	$6.8M	$97M	-$90.2M
India	$27.6M	$181M	-$154M
Netherlands	$48.7M	$209M	-$160M
Finland	$66.9M	$315M	-$248M
United States	$4.2B	$15B	-$10.7B