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Weekly edition · Week 47

17 to 23 November 2025

142 rounds and $8.8B raised. The biggest: Lambda, $1.5B.

Rounds
142 +19%
Capital raised
$8.8B +23%
Median round
$12.3M +32%

vs the week of 10 to 16 Nov · 4-week average $4.7B+89%

The week in charts

AI took 59% of the capital this week, down from 70% the week of 10 to 16 Nov. $8.8B in all, up 23% on the week of 10 to 16 Nov.

The 10 biggest rounds

The 10 biggest rounds raised $5.6B, 64% of the total.

The 10 biggest rounds, 17 to 23 November 2025Lambda: $1.5B; Luma AI: $900M; Kraken: $800M; Physical Intelligence: $600M; Picnic: $495M; Ramp: $300M; Function Health: $298M; Genspark: $275M; Suno: $250M; Flatpay: $168M Lambda $1.5B · Series E Luma AI $900M · Series C Kraken $800M · Growth Physical Intelligence $600M Picnic $495M · Growth Ramp $300M · Growth Function Health $298M · Series B Genspark $275M · Series B Suno $250M · Series C Flatpay $168M · Series D

Mega-rounds against the rest

21 of 142 rounds made 78% of the capital.

15% of the rounds were of $100M or more 15%of the rounds21 of 14278% of the capital came from rounds of $100M or more 78%of the capital$6.8B of $8.8B
Rounds of $100M or more, 17 to 23 November 2025
RoundsCapital
$100M or more21$6.8B
The rest121$2B

Capital raised per day

The busiest day: Tue 18 Nov, $3.3B across 37 rounds.

Capital raised per day, 17 to 23 November 2025 Mon 17 Nov: $1.2B, 31 rounds; Tue 18 Nov: $3.3B, 37 rounds; Wed 19 Nov: $2.2B, 34 rounds; Thu 20 Nov: $1.4B, 28 rounds; Fri 21 Nov: $670M, 12 rounds; Sat 22 Nov: $0K, 0 rounds; Sun 23 Nov: $0K, 0 rounds $2B$4B Mon 17 Tue 18 Wed 19 Thu 20 Fri 21 Sat 22 Sun 23 $3.3B
Capital raised per day, 17 to 23 November 2025
DayRoundsCapitalBiggest round
Mon 17 Nov31$1.2BRamp, $300M
Tue 18 Nov37$3.3BLambda, $1.5B
Wed 19 Nov34$2.2BLuma AI, $900M
Thu 20 Nov28$1.4BPhysical Intelligence, $600M
Fri 21 Nov12$670MPicnic, $495M
Sat 22 Nov0$0K
Sun 23 Nov0$0K

Where the capital went

AI raised $5.2B, 59% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 17 to 23 November 2025 59% AI AI $5.2B 72 rounds 59% Web3 $839M 3 rounds 10% Health $790M 15 rounds 9% Fintech $516M 8 rounds 6% Robotics & Hardware $462M 13 rounds 5% Other sectors $1B 31 rounds 12%
Capital by sector, 17 to 23 November 2025
SectorCapitalShareRounds
AI$5.2B59%72
Web3$839M10%3
Health$790M9%15
Other$567M6%11
Fintech$516M6%8
Robotics & Hardware$462M5%13
Enterprise software$166M2%9
Cybersecurity$147M2%4
Climate & Energy$123M1%4
Consumer$11.1M<1%3

Most active investors

Y Combinator joined 8 rounds, more than any other investor.

Most active investors, 17 to 23 November 2025Y Combinator: 8 rounds, 0 led; Andreessen Horowitz: 5 rounds, 3 led; Menlo Ventures: 4 rounds, 2 led; Speedinvest: 4 rounds, 2 led; Daphni: 4 rounds, 2 led; Khosla Ventures: 4 rounds, 1 led; Antler: 4 rounds, 0 led; Lightspeed Venture Partners: 3 rounds, 2 led; redalpine: 3 rounds, 0 led; Alumni Ventures: 3 rounds, 0 ledLedJoined Y Combinator 8 rounds Andreessen Horowitz 5 rounds · 3 led Menlo Ventures 4 rounds · 2 led Speedinvest 4 rounds · 2 led Daphni 4 rounds · 2 led Khosla Ventures 4 rounds · 1 led Antler 4 rounds Lightspeed Venture Partners 3 rounds · 2 led redalpine 3 rounds Alumni Ventures 3 rounds

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 37 rounds over the last 8 weeks. The lead changed hands once.

The investor race, the last 8 weeksY Combinator: ranks 3, 2, 2, 1, 1, 1, 1, 1, 37 rounds; General Catalyst: ranks 5, 5, 4, 3, 3, 2, 2, 2, 24 rounds; Andreessen Horowitz: ranks 4, 4, 3, 4, 5, 5, 4, 3, 20 rounds; Accel: ranks 1, 1, 1, 2, 2, 3, 3, 4, 19 rounds; Lightspeed Venture Partners: ranks 2, 3, 5, 5, 4, 4, 5, 5, 17 rounds W40W41W42W43W44W45W46W47 Y Combinator 37 rounds · 4 led General Catalyst 24 rounds · 9 led Andreessen Horowitz 20 rounds · 11 led Accel 19 rounds · 10 led Lightspeed Venture Pa… 17 rounds · 8 led
Rounds joined so far, the last 8 weeks
InvestorWeek 40Week 41Week 42Week 43Week 44Week 45Week 46Week 47
Y Combinator48131724272937
General Catalyst1391216202224
Andreessen Horowitz369910121520
Accel58141416161919
Lightspeed Venture Partners479912141417

Where the rounds were

United States raised $6.7B, 76% of the capital. Rounds in 21 countries.

Capital by country, 17 to 23 November 2025United States: $6.7B; Netherlands: $550M; United Kingdom: $250M; Switzerland: $221M; France: $201M; Denmark: $180M; Israel: $130M; Japan: $129M; Finland: $115M; Germany: $106M; India: $104M; Italy: $17M United States $6.7B · 59 rounds Netherlands $550M · 3 rounds United Kingdom $250M · 12 rounds Switzerland $221M · 4 rounds France $201M · 16 rounds Denmark $180M · 3 rounds Israel $130M · 3 rounds Japan $129M · 1 round

The cities that raised

San Francisco raised $3.2B, more than all of Europe ($1.7B). Rounds from 40 cities.

Capital by city, 17 to 23 November 2025San Francisco: $3.2B; Palo Alto: $1.2B; New York: $549M; Amsterdam: $532M; Cambridge: $250M; San Diego: $235M; Copenhagen: $180M; Lausanne: $150M; Tel Aviv: $130M; Tokyo: $129M; London: $118M; Helsinki: $115M San Francisco $3.2B · 11 rounds Palo Alto $1.2B · 3 rounds New York $549M · 9 rounds Amsterdam $532M · 2 rounds Cambridge $250M · 1 round San Diego $235M · 2 rounds

Rounds by stage

Seed was the most common stage: 46 rounds, median $4.6M. The median round size is under each column.

Rounds by stage, 17 to 23 November 2025 10 Pre $1.1M 46 Seed $4.6M 38 A $22M 13 B $55M 3 C $250M 3 D $115M 3 E+ $150M 9 Growth $45M 17 Other $11M
Rounds by stage, 17 to 23 November 2025
StageRoundsMedian round
Pre-Seed10$1.1M
Seed46$4.6M
Series A38$21.5M
Series B13$55M
Series C3$250M
Series D3$115M
Series E+3$150M
Growth9$45M
Other or undisclosed17$11.3M

Sectors against the week of 10 to 16 Nov

Biggest gain: Web3, +$829M. Biggest drop: Robotics & Hardware, -$367M. Change in capital raised. Only where both periods have rounds.

Change in capital by sectors, 17 to 23 November 2025 against the week of 10 to 16 NovWeb3: +$829M; Health: +$706M; Other: +$370M; Fintech: +$321M; AI: +$150M; Climate & Energy: -$88.3M; Enterprise software: -$174M; Consumer: -$245M; Robotics & Hardware: -$367M Web3 +$829M ×84 Health +$706M ×9.4 Other +$370M +188% Fintech +$321M +165% AI +$150M +3% Climate & Energy -$88.3M -42% Enterprise software -$174M -51% Consumer -$245M -96% Robotics & Hardware -$367M -44%
Sectors against the week of 10 to 16 Nov
Sectors17 to 23 November 2025the week of 10 to 16 NovChange
Web3$839M$10M+$829M
Health$790M$83.6M+$706M
Other$567M$197M+$370M
Fintech$516M$195M+$321M
AI$5.2B$5B+$150M
Climate & Energy$123M$211M-$88.3M
Enterprise software$166M$340M-$174M
Consumer$11.1M$256M-$245M
Robotics & Hardware$462M$829M-$367M

Countries against the week of 10 to 16 Nov

Biggest gain: United States, +$1.3B. Biggest drop: Australia, -$323M. Change in capital raised. Only where both periods have rounds.

Change in capital by countries, 17 to 23 November 2025 against the week of 10 to 16 NovUnited States: +$1.3B; Netherlands: +$481M; United Kingdom: +$228M; Denmark: +$176M; France: +$166M; Switzerland: +$153M; Israel: -$131M; Australia: -$323M United States +$1.3B +24% Netherlands +$481M ×8 United Kingdom +$228M ×11 Denmark +$176M ×39 France +$166M ×5.8 Switzerland +$153M ×3.3 Israel -$131M -50% Australia -$323M -99%
Countries against the week of 10 to 16 Nov
Countries17 to 23 November 2025the week of 10 to 16 NovChange
United States$6.7B$5.4B+$1.3B
Netherlands$550M$68.8M+$481M
United Kingdom$250M$21.8M+$228M
Denmark$180M$4.6M+$176M
France$201M$34.6M+$166M
Switzerland$221M$67.8M+$153M
Israel$130M$260M-$131M
Australia$3.1M$326M-$323M
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