Weekly edition · Week 45

3 to 9 November 2025

117 rounds and $3.7B raised. The biggest: Metropolis, $500M.

Rounds: 117 -9%
Capital raised: $3.7B +5%
Median round: $4.1M -49%

vs the week of 27 Oct to 2 Nov · 4-week average $5.6B-33%

The week in charts

AI took 42% of the capital this week, up from 40% the week of 27 Oct to 2 Nov. $3.7B in all, up 5% on the week of 27 Oct to 2 Nov.

The 10 biggest rounds

The 10 biggest rounds raised $2.5B, 68% of the total.

Mega-rounds against the rest

9 of 117 rounds made 65% of the capital.

Rounds of $100M or more, 3 to 9 November 2025
	Rounds	Capital
$100M or more	9	$2.4B
The rest	108	$1.3B

Capital raised per day

The busiest day: Wed 5 Nov, $1.5B across 30 rounds.

Capital raised per day, 3 to 9 November 2025
Day	Rounds	Capital	Biggest round
Mon 3 Nov	24	$543M	AAVantgarde Bio, $141M
Tue 4 Nov	30	$767M	Beacon Software, $250M
Wed 5 Nov	30	$1.5B	Ripple, $500M
Thu 6 Nov	27	$867M	Metropolis, $500M
Fri 7 Nov	6	$89.7M	Upway, $60M
Sat 8 Nov	0	$0K
Sun 9 Nov	0	$0K

Where the capital went

AI raised $1.6B, 42% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 3 to 9 November 2025
Sector	Capital	Share	Rounds
AI	$1.6B	42%	51
Health	$767M	21%	18
Web3	$532M	14%	6
Cybersecurity	$486M	13%	4
Climate & Energy	$108M	3%	7
Robotics & Hardware	$102M	3%	7
Fintech	$80.5M	2%	6
Other	$62.4M	2%	6
Consumer	$12M	<1%	8
Enterprise software	$7.4M	<1%	4

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 35 rounds over the last 8 weeks. The lead changed hands once.

Rounds joined so far, the last 8 weeks
Investor	Week 38	Week 39	Week 40	Week 41	Week 42	Week 43	Week 44	Week 45
Y Combinator	3	8	12	16	21	25	32	35
General Catalyst	4	6	7	9	15	18	22	26
Accel	4	6	11	14	20	20	22	22
Lightspeed Venture Partners	2	4	8	11	13	13	16	18
Sequoia Capital	1	3	3	6	6	9	12	14

Where the rounds were

United States raised $2.7B, 73% of the capital. Rounds in 26 countries.

The cities that raised

San Francisco raised $1.2B, more than all of Europe ($547M). Rounds from 39 cities.

Rounds by stage

Seed was the most common stage: 52 rounds, median $3.5M. The median round size is under each column.

Rounds by stage, 3 to 9 November 2025
Stage	Rounds	Median round
Pre-Seed	18	$1.3M
Seed	52	$3.5M
Series A	17	$25M
Series B	7	$25M
Series C	2	$93M
Series D	2	$350M
Growth	6	$17.6M
Other or undisclosed	13	$3M

Sectors against the week of 27 Oct to 2 Nov

Biggest gain: Web3, +$482M. Biggest drop: Consumer, -$466M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 27 Oct to 2 Nov
Sectors	3 to 9 November 2025	the week of 27 Oct to 2 Nov	Change
Web3	$532M	$50.5M	+$482M
Health	$767M	$303M	+$464M
Cybersecurity	$486M	$33.3M	+$453M
AI	$1.6B	$1.4B	+$142M
Climate & Energy	$108M	$53.6M	+$54.1M
Other	$62.4M	$83.9M	-$21.4M
Robotics & Hardware	$102M	$268M	-$166M
Enterprise software	$7.4M	$383M	-$375M
Fintech	$80.5M	$478M	-$397M
Consumer	$12M	$478M	-$466M

Countries against the week of 27 Oct to 2 Nov

Biggest gain: United States, +$480M. Biggest drop: India, -$237M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 27 Oct to 2 Nov
Countries	3 to 9 November 2025	the week of 27 Oct to 2 Nov	Change
United States	$2.7B	$2.2B	+$480M
Canada	$250M	$5.7M	+$244M
Germany	$99.9M	$11M	+$88.9M
France	$82.7M	$94.9M	-$12.2M
Bulgaria	$7.6M	$104M	-$96.4M
Italy	$145M	$283M	-$139M
Sweden	$3.2M	$179M	-$176M
India	$33.6M	$271M	-$237M