Weekly edition · Week 39

22 to 28 September 2025

139 rounds and $3B raised. The biggest: Judi Health, $252M.

Rounds: 139 -4%
Capital raised: $3B -42%
Median round: $5.4M -38%

vs the week of 15 to 21 Sept · 4-week average $7.7B-61%

The week in charts

AI took 57% of the capital this week, up from 54% the week of 15 to 21 Sept. $3B in all, down 42% on the week of 15 to 21 Sept.

The 10 biggest rounds

The 10 biggest rounds raised $1.6B, 53% of the total.

Mega-rounds against the rest

9 of 139 rounds made 50% of the capital.

Rounds of $100M or more, 22 to 28 September 2025
	Rounds	Capital
$100M or more	9	$1.5B
The rest	130	$1.5B

Capital raised per day

The busiest day: Wed 24 Sept, $891M across 29 rounds.

Capital raised per day, 22 to 28 September 2025
Day	Rounds	Capital	Biggest round
Mon 22 Sept	30	$847M	AppZen, $180M
Tue 23 Sept	34	$621M	Judi Health, $252M
Wed 24 Sept	29	$891M	Modular, $250M
Thu 25 Sept	35	$608M	WAAT, $117M
Fri 26 Sept	10	$55M	Curefoods, $18M
Sat 27 Sept	1	$1.4M	Plazza, $1.4M
Sun 28 Sept	0	$0K

Where the capital went

AI raised $1.7B, 57% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 22 to 28 September 2025
Sector	Capital	Share	Rounds
AI	$1.7B	57%	69
Health	$361M	12%	11
Fintech	$266M	9%	14
Climate & Energy	$164M	5%	7
Web3	$148M	5%	3
Enterprise software	$103M	3%	11
Robotics & Hardware	$96.5M	3%	7
Consumer	$72.1M	2%	6
Other	$64M	2%	9
Cybersecurity	$11M	<1%	2

Most active investors

Y Combinator joined 5 rounds, 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 once.

Rounds joined so far, the last 8 weeks
Investor	Week 32	Week 33	Week 34	Week 35	Week 36	Week 37	Week 38	Week 39
Y Combinator	1	4	12	14	21	22	25	30
General Catalyst	3	6	9	10	15	19	23	25
Lightspeed Venture Partners	1	1	2	3	7	10	12	14
Andreessen Horowitz	1	2	4	4	9	13	13	13
Insight Partners	2	3	4	5	6	8	10	12

Where the rounds were

United States raised $1.8B, 59% of the capital. Rounds in 18 countries, 1 with no country disclosed.

The cities that raised

New York raised $426M, more than all of Asia ($142M). Rounds from 38 cities.

Rounds by stage

Seed was the most common stage: 53 rounds, median $5M. The median round size is under each column.

Rounds by stage, 22 to 28 September 2025
Stage	Rounds	Median round
Pre-Seed	19	$1.6M
Seed	53	$5M
Series A	21	$15M
Series B	14	$31.8M
Series C	6	$76M
Series D	1	$140M
Series E+	1	$252M
Growth	4	$141M
Other or undisclosed	20	$4.6M

Sectors against the week of 15 to 21 Sept

Biggest gain: Web3, +$114M. Biggest drop: Robotics & Hardware, -$1.2B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 15 to 21 Sept
Sectors	22 to 28 September 2025	the week of 15 to 21 Sept	Change
Web3	$148M	$33.7M	+$114M
Fintech	$266M	$189M	+$77M
Health	$361M	$287M	+$74.3M
Climate & Energy	$164M	$91.6M	+$72.1M
Cybersecurity	$11M	$30.7M	-$19.7M
Enterprise software	$103M	$129M	-$26.1M
Consumer	$72.1M	$116M	-$44.2M
Other	$64M	$234M	-$170M
AI	$1.7B	$2.8B	-$1.1B
Robotics & Hardware	$96.5M	$1.3B	-$1.2B

Countries against the week of 15 to 21 Sept

Biggest gain: Netherlands, +$168M. Biggest drop: United States, -$1.8B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 15 to 21 Sept
Countries	22 to 28 September 2025	the week of 15 to 21 Sept	Change
Netherlands	$181M	$12.6M	+$168M
United Kingdom	$477M	$320M	+$157M
Switzerland	$55.6M	$7.5M	+$48.1M
Germany	$59.1M	$77.3M	-$18.2M
India	$140M	$172M	-$31.5M
Brazil	$9.4M	$75.3M	-$65.9M
France	$182M	$272M	-$89.8M
United States	$1.8B	$3.6B	-$1.8B