Weekly edition · Week 48

24 to 30 November 2025

90 rounds and $1.4B raised. The biggest: X-energy, $700M.

Rounds: 90 -37%
Capital raised: $1.4B -84%
Median round: $3.2M -74%

vs the week of 17 to 23 Nov · 4-week average $5.8B-75%

The week in charts

Climate & Energy took 54% of the capital this week, up from 1% the week of 17 to 23 Nov. X-energy alone raised $700M, 48% of it.

The 10 biggest rounds

The 10 biggest rounds raised $1B, 72% of the total.

Mega-rounds against the rest

One round, X-energy at $700M, made 48% of the capital.

Rounds of $100M or more, 24 to 30 November 2025
	Rounds	Capital
$100M or more	1	$700M
The rest	89	$744M

Capital raised per day

The busiest day: Mon 24 Nov, $876M across 18 rounds.

Capital raised per day, 24 to 30 November 2025
Day	Rounds	Capital	Biggest round
Mon 24 Nov	18	$876M	X-energy, $700M
Tue 25 Nov	25	$206M	Overstory, $43M
Wed 26 Nov	23	$154M	Easycep, $45M
Thu 27 Nov	16	$109M	Square Yards, $35M
Fri 28 Nov	7	$98.4M	Ripplr, $45M
Sat 29 Nov	0	$0K
Sun 30 Nov	1	$1.7M	Néosylva, $1.7M

Where the capital went

Climate & Energy raised $783M, 54% of the capital. Choose a sector to filter the rounds below.

Capital by sector, 24 to 30 November 2025
Sector	Capital	Share	Rounds
Climate & Energy	$783M	54%	10
AI	$297M	21%	32
Consumer	$124M	9%	13
Enterprise software	$122M	8%	12
Fintech	$53.5M	4%	7
Other	$34.8M	2%	4
Health	$20.2M	1%	8
Robotics & Hardware	$9.5M	<1%	3
Cybersecurity	$1.4M	<1%	1

Most active investors

ÜNLÜ Ventures joined 3 rounds, leading 3, more than any other investor.

The investor race, last 8 weeks

Ranked by rounds joined so far. Y Combinator finished first with 36 rounds over the last 8 weeks. The lead changed hands twice.

Rounds joined so far, the last 8 weeks
Investor	Week 41	Week 42	Week 43	Week 44	Week 45	Week 46	Week 47	Week 48
Y Combinator	4	9	13	20	23	25	33	36
General Catalyst	2	8	11	15	19	21	23	25
Andreessen Horowitz	3	6	6	7	9	12	17	17
Sequoia Capital	3	3	6	9	11	15	17	17
Accel	3	9	9	11	11	14	14	15

Where the rounds were

United States raised $809M, 56% of the capital. Rounds in 25 countries.

The cities that raised

Bengaluru raised $77.3M, more than all of Oceania ($33.8M). Rounds from 23 cities.

Rounds by stage

Seed was the most common stage: 32 rounds, median $2.3M. The median round size is under each column.

Rounds by stage, 24 to 30 November 2025
Stage	Rounds	Median round
Pre-Seed	9	$1.2M
Seed	32	$2.3M
Series A	15	$10M
Series B	4	$19.7M
Series C	1	$45M
Series D	1	$700M
Growth	4	$25.1M
Other or undisclosed	24	$3M

Sectors against the week of 17 to 23 Nov

Biggest gain: Climate & Energy, +$660M. Biggest drop: AI, -$4.9B. Change in capital raised. Only where both periods have rounds.

Sectors against the week of 17 to 23 Nov
Sectors	24 to 30 November 2025	the week of 17 to 23 Nov	Change
Climate & Energy	$783M	$123M	+$660M
Consumer	$124M	$11.1M	+$113M
Enterprise software	$122M	$166M	-$43.8M
Cybersecurity	$1.4M	$147M	-$145M
Robotics & Hardware	$9.5M	$462M	-$452M
Fintech	$53.5M	$516M	-$462M
Other	$34.8M	$567M	-$532M
Health	$20.2M	$790M	-$770M
AI	$297M	$5.2B	-$4.9B

Countries against the week of 17 to 23 Nov

Biggest gain: India, +$125M. Biggest drop: United States, -$5.9B. Change in capital raised. Only where both periods have rounds.

Countries against the week of 17 to 23 Nov
Countries	24 to 30 November 2025	the week of 17 to 23 Nov	Change
India	$229M	$104M	+$125M
Japan	$640K	$129M	-$128M
Switzerland	$57.5M	$221M	-$164M
France	$30.5M	$201M	-$170M
Denmark	$2.2M	$180M	-$178M
United Kingdom	$49.4M	$250M	-$201M
Netherlands	$49.6M	$550M	-$500M
United States	$809M	$6.7B	-$5.9B