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Weekly edition · Week 44

27 October to 2 November 2025

129 rounds and $3.6B raised. The biggest: Mercor, $350M.

Rounds
129 +16%
Capital raised
$3.6B -16%
Median round
$8M -20%

vs the week of 20 to 26 Oct · 4-week average $5.8B-39%

The week in charts

AI took 40% of the capital this week, down from 67% the week of 20 to 26 Oct. $3.6B in all, down 16% on the week of 20 to 26 Oct.

The 10 biggest rounds

The 10 biggest rounds raised $2B, 56% of the total.

The 10 biggest rounds, 27 October to 2 November 2025Mercor: $350M; Bending Spoons: $270M; Fireworks AI: $250M; Whatnot: $225M; SavvyMoney: $225M; Legora: $150M; Fruitist: $150M; Sublime Security: $150M; Snapmint: $115M; EnduroSat: $104M Mercor $350M · Series C Bending Spoons $270M · Growth Fireworks AI $250M · Series C Whatnot $225M · Series F SavvyMoney $225M · Growth Legora $150M · Series C Fruitist $150M · Growth Sublime Security $150M · Series C Snapmint $115M · Series B EnduroSat $104M · Series C

Mega-rounds against the rest

11 of 129 rounds made 59% of the capital.

9% of the rounds were of $100M or more 9%of the rounds11 of 12959% of the capital came from rounds of $100M or more 59%of the capital$2.1B of $3.6B
Rounds of $100M or more, 27 October to 2 November 2025
RoundsCapital
$100M or more11$2.1B
The rest118$1.5B

Capital raised per day

The busiest day: Tue 28 Oct, $1.4B across 41 rounds.

Capital raised per day, 27 October to 2 November 2025 Mon 27 Oct: $686M, 14 rounds; Tue 28 Oct: $1.4B, 41 rounds; Wed 29 Oct: $457M, 29 rounds; Thu 30 Oct: $759M, 30 rounds; Fri 31 Oct: $256M, 15 rounds; Sat 1 Nov: $0K, 0 rounds; Sun 2 Nov: $0K, 0 rounds $500M$1B$1.5B Mon 27 Tue 28 Wed 29 Thu 30 Fri 31 Sat 1 Sun 2 $1.4B
Capital raised per day, 27 October to 2 November 2025
DayRoundsCapitalBiggest round
Mon 27 Oct14$686MMercor, $350M
Tue 28 Oct41$1.4BFireworks AI, $250M
Wed 29 Oct29$457MFruitist, $150M
Thu 30 Oct30$759MBending Spoons, $270M
Fri 31 Oct15$256MSnapmint, $115M
Sat 1 Nov0$0K
Sun 2 Nov0$0K

Where the capital went

AI raised $1.4B, 40% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 27 October to 2 November 2025 40% AI AI $1.4B 53 rounds 40% Consumer $478M 11 rounds 13% Fintech $478M 12 rounds 13% Enterprise software $383M 13 rounds 11% Health $303M 15 rounds 9% Other sectors $489M 25 rounds 14%
Capital by sector, 27 October to 2 November 2025
SectorCapitalShareRounds
AI$1.4B40%53
Consumer$478M13%11
Fintech$478M13%12
Enterprise software$383M11%13
Health$303M9%15
Robotics & Hardware$268M8%6
Other$83.9M2%3
Climate & Energy$53.6M2%9
Web3$50.5M1%5
Cybersecurity$33.3M<1%2

Most active investors

Y Combinator joined 7 rounds, more than any other investor.

Most active investors, 27 October to 2 November 2025Y Combinator: 7 rounds, 0 led; General Catalyst: 4 rounds, 1 led; Benchmark: 3 rounds, 1 led; Lightspeed Venture Partners: 3 rounds, 1 led; Peak XV Partners: 3 rounds, 1 led; Pear VC: 3 rounds, 1 led; Sequoia Capital: 3 rounds, 0 led; Bessemer Venture Partners: 2 rounds, 2 led; LocalGlobe: 2 rounds, 2 led; Fireside Ventures: 2 rounds, 2 ledLedJoined Y Combinator 7 rounds General Catalyst 4 rounds · 1 led Benchmark 3 rounds · 1 led Lightspeed Venture Partners 3 rounds · 1 led Peak XV Partners 3 rounds · 1 led Pear VC 3 rounds · 1 led Sequoia Capital 3 rounds Bessemer Venture Partners 2 rounds · 2 led LocalGlobe 2 rounds · 2 led Fireside Ventures 2 rounds · 2 led

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 33 rounds over the last 8 weeks. The lead changed hands 4 times.

The investor race, the last 8 weeksY Combinator: ranks 5, 5, 2, 2, 1, 2, 1, 1, 33 rounds; General Catalyst: ranks 1, 1, 1, 4, 4, 3, 3, 2, 26 rounds; Accel: ranks 4, 3, 4, 1, 2, 1, 2, 3, 24 rounds; Lightspeed Venture Partners: ranks 3, 4, 5, 3, 3, 5, 5, 4, 19 rounds; Bpifrance: ranks 2, 2, 3, 5, 5, 4, 4, 5, 18 rounds W37W38W39W40W41W42W43W44 Y Combinator 33 rounds · 4 led General Catalyst 26 rounds · 9 led Accel 24 rounds · 11 led Lightspeed Venture Pa… 19 rounds · 9 led Bpifrance 18 rounds · 4 led
Rounds joined so far, the last 8 weeks
InvestorWeek 37Week 38Week 39Week 40Week 41Week 42Week 43Week 44
Y Combinator1491317222633
General Catalyst48101113192226
Accel2681316222224
Lightspeed Venture Partners3571114161619
Bpifrance4681012181818

Where the rounds were

United States raised $2.2B, 63% of the capital. Rounds in 24 countries, 3 with no country disclosed.

Capital by country, 27 October to 2 November 2025United States: $2.2B; Italy: $283M; India: $271M; Sweden: $179M; Bulgaria: $104M; Brazil: $101M; France: $94.9M; United Kingdom: $74.6M; Australia: $66.2M; Israel: $42M; Denmark: $34.9M; Germany: $11M United States $2.2B · 48 rounds Italy $283M · 3 rounds India $271M · 20 rounds Sweden $179M · 5 rounds Bulgaria $104M · 1 round Brazil $101M · 5 rounds France $94.9M · 7 rounds United Kingdom $74.6M · 6 rounds

The cities that raised

San Francisco raised $502M, more than all of Asia ($313M). Rounds from 39 cities.

Capital by city, 27 October to 2 November 2025San Francisco: $502M; Los Angeles: $435M; Milan: $270M; Redwood City: $250M; Dublin: $225M; Stockholm: $178M; Mumbai: $117M; Sofia: $104M; Paris: $94.9M; New York: $82.7M; Cambridge: $80M; Portland: $79M San Francisco $502M · 4 rounds Los Angeles $435M · 3 rounds Milan $270M · 1 round Redwood City $250M · 1 round Dublin $225M · 1 round Stockholm $178M · 4 rounds

Rounds by stage

Seed was the most common stage: 39 rounds, median $5M. The median round size is under each column.

Rounds by stage, 27 October to 2 November 2025 14 Pre $1.2M 39 Seed $5M 25 A $11M 12 B $30M 7 C $150M 2 D $26M 1 E+ $225M 4 Growth $188M 25 Other $4.5M
Rounds by stage, 27 October to 2 November 2025
StageRoundsMedian round
Pre-Seed14$1.2M
Seed39$5M
Series A25$11.3M
Series B12$29.9M
Series C7$150M
Series D2$25.5M
Series E+1$225M
Growth4$188M
Other or undisclosed25$4.5M

Sectors against the week of 20 to 26 Oct

Biggest gain: Fintech, +$404M. Biggest drop: AI, -$1.4B. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, 27 October to 2 November 2025 against the week of 20 to 26 OctFintech: +$404M; Consumer: +$360M; Robotics & Hardware: +$193M; Enterprise software: +$169M; Web3: +$40.5M; Health: -$12.1M; Other: -$69.9M; Climate & Energy: -$385M; AI: -$1.4B Fintech +$404M ×6.5 Consumer +$360M ×4 Robotics & Hardware +$193M ×3.6 Enterprise software +$169M +79% Web3 +$40.5M ×5 Health -$12.1M -4% Other -$69.9M -45% Climate & Energy -$385M -88% AI -$1.4B -49%
Sectors against the week of 20 to 26 Oct
Sectors27 October to 2 November 2025the week of 20 to 26 OctChange
Fintech$478M$74M+$404M
Consumer$478M$119M+$360M
Robotics & Hardware$268M$75.3M+$193M
Enterprise software$383M$214M+$169M
Web3$50.5M$10M+$40.5M
Health$303M$315M-$12.1M
Other$83.9M$154M-$69.9M
Climate & Energy$53.6M$438M-$385M
AI$1.4B$2.8B-$1.4B

Countries against the week of 20 to 26 Oct

Biggest gain: Italy, +$259M. Biggest drop: United States, -$1.2B. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, 27 October to 2 November 2025 against the week of 20 to 26 OctItaly: +$259M; India: +$202M; Sweden: +$166M; Brazil: +$82M; France: +$55.6M; Israel: +$26M; United Kingdom: -$183M; United States: -$1.2B Italy +$259M ×12 India +$202M ×4 Sweden +$166M ×13 Brazil +$82M ×5.3 France +$55.6M +141% Israel +$26M +163% United Kingdom -$183M -71% United States -$1.2B -36%
Countries against the week of 20 to 26 Oct
Countries27 October to 2 November 2025the week of 20 to 26 OctChange
Italy$283M$24.5M+$259M
India$271M$68.4M+$202M
Sweden$179M$13.5M+$166M
Brazil$101M$19.1M+$82M
France$94.9M$39.3M+$55.6M
Israel$42M$16M+$26M
United Kingdom$74.6M$257M-$183M
United States$2.2B$3.5B-$1.2B
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