Weekly edition · Week 38

15 to 21 September 2025

145 rounds and $5.2B raised. The biggest: Figure, $1B.

Rounds: 145 +24%
Capital raised: $5.2B -27%
Median round: $8.7M +48%

vs the week of 8 to 14 Sept · 4-week average $7.2B-28%

The week in charts

AI took 54% of the capital this week, down from 59% the week of 8 to 14 Sept. $5.2B in all, down 27% on the week of 8 to 14 Sept.

The 10 biggest rounds

The 10 biggest rounds raised $2.9B, 56% of the total.

Mega-rounds against the rest

9 of 145 rounds made 55% of the capital.

Rounds of $100M or more, 15 to 21 September 2025
	Rounds	Capital
$100M or more	9	$2.9B
The rest	136	$2.4B

Capital raised per day

The busiest day: Tue 16 Sept, $2.1B across 45 rounds.

Capital raised per day, 15 to 21 September 2025
Day	Rounds	Capital	Biggest round
Mon 15 Sept	25	$1.1B	Divergent Technologies, $250M
Tue 16 Sept	45	$2.1B	Figure, $1B
Wed 17 Sept	37	$1.5B	Groq, $750M
Thu 18 Sept	28	$419M	Infra.Market, $83.1M
Fri 19 Sept	10	$148M	Nxtfood, $57.5M
Sat 20 Sept	0	$0K
Sun 21 Sept	0	$0K

Where the capital went

AI raised $2.8B, 54% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 15 to 21 September 2025
Sector	Capital	Share	Rounds
AI	$2.8B	54%	67
Robotics & Hardware	$1.3B	25%	9
Health	$287M	5%	14
Other	$234M	4%	9
Fintech	$189M	4%	11
Enterprise software	$129M	2%	10
Consumer	$116M	2%	9
Climate & Energy	$91.6M	2%	9
Web3	$33.7M	<1%	4
Cybersecurity	$30.7M	<1%	3

Most active investors

General Catalyst joined 4 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 31 rounds over the last 8 weeks. The lead changed hands once.

Rounds joined so far, the last 8 weeks
Investor	Week 31	Week 32	Week 33	Week 34	Week 35	Week 36	Week 37	Week 38
Y Combinator	6	7	10	18	20	27	28	31
General Catalyst	2	5	8	11	12	17	21	25
Andreessen Horowitz	6	7	8	10	10	15	19	19
Insight Partners	3	5	6	7	8	9	11	13
Lightspeed Venture Partners	1	2	2	3	4	8	11	13

Where the rounds were

United States raised $3.6B, 69% of the capital. Rounds in 29 countries, 3 with no country disclosed.

The cities that raised

San Jose raised $1B, more than all of Asia ($381M). Rounds from 41 cities.

Rounds by stage

Seed was the most common stage: 47 rounds, median $4.7M. The median round size is under each column.

Rounds by stage, 15 to 21 September 2025
Stage	Rounds	Median round
Pre-Seed	9	$1.5M
Seed	47	$4.7M
Series A	33	$15M
Series B	15	$48M
Series C	8	$72M
Series E+	2	$167M
Growth	2	$76.5M
Other or undisclosed	29	$5.4M

Sectors against the week of 8 to 14 Sept

Biggest gain: Robotics & Hardware, +$1.1B. Biggest drop: AI, -$1.5B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 8 to 14 Sept
Sectors	15 to 21 September 2025	the week of 8 to 14 Sept	Change
Robotics & Hardware	$1.3B	$250M	+$1.1B
Enterprise software	$129M	$26.7M	+$102M
Consumer	$116M	$20.8M	+$95.5M
Climate & Energy	$91.6M	$50.6M	+$41M
Web3	$33.7M	$11.3M	+$22.4M
Fintech	$189M	$217M	-$27.4M
Cybersecurity	$30.7M	$115M	-$84.8M
Other	$234M	$1B	-$786M
Health	$287M	$1.2B	-$914M
AI	$2.8B	$4.3B	-$1.5B

Countries against the week of 8 to 14 Sept

Biggest gain: India, +$144M. Biggest drop: France, -$1.8B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 8 to 14 Sept
Countries	15 to 21 September 2025	the week of 8 to 14 Sept	Change
India	$172M	$27.6M	+$144M
Israel	$207M	$123M	+$83.5M
United Kingdom	$320M	$247M	+$73M
Brazil	$75.3M	$38.2M	+$37.1M
Germany	$77.3M	$85.7M	-$8.3M
Switzerland	$7.5M	$81.5M	-$74M
United States	$3.6B	$4.2B	-$616M
France	$272M	$2.1B	-$1.8B