Weekly edition · Week 46

10 to 16 November 2025

119 rounds and $7.1B raised. The biggest: Anysphere (Cursor), $2.3B.

Rounds: 119 +2%
Capital raised: $7.1B +91%
Median round: $9.3M +128%

vs the week of 3 to 9 Nov · 4-week average $4.5B+60%

The week in charts

AI took 70% of the capital this week, up from 42% the week of 3 to 9 Nov. Anysphere (Cursor) alone raised $2.3B, 32% of it.

The 10 biggest rounds

The 10 biggest rounds raised $4.9B, 68% of the total.

Mega-rounds against the rest

13 of 119 rounds made 73% of the capital.

Rounds of $100M or more, 10 to 16 November 2025
	Rounds	Capital
$100M or more	13	$5.2B
The rest	106	$2B

Capital raised per day

The busiest day: Thu 13 Nov, $3.9B across 34 rounds.

Capital raised per day, 10 to 16 November 2025
Day	Rounds	Capital	Biggest round
Mon 10 Nov	13	$1B	Clio, $500M
Tue 11 Nov	22	$427M	Wonderful, $100M
Wed 12 Nov	38	$1.3B	d-Matrix, $275M
Thu 13 Nov	34	$3.9B	Anysphere (Cursor), $2.3B
Fri 14 Nov	12	$443M	Firmus Technologies, $326M
Sat 15 Nov	0	$0K
Sun 16 Nov	0	$0K

Where the capital went

AI raised $5B, 70% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 10 to 16 November 2025
Sector	Capital	Share	Rounds
AI	$5B	70%	59
Robotics & Hardware	$829M	12%	11
Enterprise software	$340M	5%	16
Consumer	$256M	4%	6
Climate & Energy	$211M	3%	6
Other	$197M	3%	5
Fintech	$195M	3%	6
Health	$83.6M	1%	9
Web3	$10M	<1%	1

Most active investors

Sequoia Capital 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 34 rounds over the last 8 weeks.

Rounds joined so far, the last 8 weeks
Investor	Week 39	Week 40	Week 41	Week 42	Week 43	Week 44	Week 45	Week 46
Y Combinator	5	9	13	18	22	29	32	34
General Catalyst	2	3	5	11	14	18	22	24
Accel	2	7	10	16	16	18	18	21
Sequoia Capital	2	2	5	5	8	11	13	17
Lightspeed Venture Partners	2	6	9	11	11	14	16	16

Where the rounds were

United States raised $5.4B, 76% of the capital. Rounds in 21 countries, 1 with no country disclosed.

The cities that raised

San Francisco raised $2.8B, more than all of Asia ($444M). Rounds from 39 cities.

Rounds by stage

Seed was the most common stage: 35 rounds, median $3M. The median round size is under each column.

Rounds by stage, 10 to 16 November 2025
Stage	Rounds	Median round
Pre-Seed	14	$868K
Seed	35	$3M
Series A	19	$18M
Series B	16	$42.6M
Series C	5	$160M
Series D	2	$1.4B
Series E+	1	$500M
Growth	4	$127M
Other or undisclosed	23	$10.5M

Sectors against the week of 3 to 9 Nov

Biggest gain: AI, +$3.4B. Biggest drop: Health, -$683M. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 3 to 9 Nov
Sectors	10 to 16 November 2025	the week of 3 to 9 Nov	Change
AI	$5B	$1.6B	+$3.4B
Robotics & Hardware	$829M	$102M	+$727M
Enterprise software	$340M	$7.4M	+$333M
Consumer	$256M	$12M	+$244M
Other	$197M	$62.4M	+$135M
Fintech	$195M	$80.5M	+$114M
Climate & Energy	$211M	$108M	+$103M
Web3	$10M	$532M	-$522M
Health	$83.6M	$767M	-$683M

Countries against the week of 3 to 9 Nov

Biggest gain: United States, +$2.7B. Biggest drop: Italy, -$133M. Change in capital raised. Only where both periods have rounds.

Countries against the week of 3 to 9 Nov
Countries	10 to 16 November 2025	the week of 3 to 9 Nov	Change
United States	$5.4B	$2.7B	+$2.7B
Australia	$326M	$35.4M	+$291M
Canada	$505M	$250M	+$255M
Israel	$260M	$79M	+$181M
India	$136M	$33.6M	+$102M
Germany	$153M	$99.9M	+$53.4M
France	$34.6M	$82.7M	-$48.1M
Italy	$11.6M	$145M	-$133M