Weekly edition

Week 49, 2025 (1 Dec to 7 Dec)

92 rounds and $4.3B raised. The biggest: Kalshi, $1B.

No rounds on week 48 to compare with

Rounds
92 new
Capital raised
$4.3B new
Median round
$11.8M new

The week in charts

AI took 38% of the capital this week.

Mega-rounds against the rest

12 of 92 rounds made 70% of the capital.

13% of the rounds were of $100M or more 13%of the rounds12 of 9270% of the capital came from rounds of $100M or more 70%of the capital$3B of $4.3B
Rounds of $100M or more, Week 49, 2025 (1 Dec to 7 Dec)
RoundsCapital
$100M or more12$3B
The rest80$1.3B

Capital raised per day

The busiest day: Tue 2 Dec, $1.9B across 21 rounds.

Capital raised per day, Week 49, 2025 (1 Dec to 7 Dec) Mon 1 Dec: $730M, 15 rounds; Tue 2 Dec: $1.9B, 21 rounds; Wed 3 Dec: $532M, 30 rounds; Thu 4 Dec: $470M, 19 rounds; Fri 5 Dec: $590M, 7 rounds; Sat 6 Dec: $0K, 0 rounds; Sun 7 Dec: $0K, 0 rounds $1B$2B Mon 1 Tue 2 Wed 3 Thu 4 Fri 5 Sat 6 Sun 7 $1.9B
Capital raised per day, Week 49, 2025 (1 Dec to 7 Dec)
DayRoundsCapitalBiggest round
Mon 1 Dec15$730MBlack Forest Labs, $300M
Tue 2 Dec21$1.9BKalshi, $1B
Wed 3 Dec30$532MAntithesis, $105M
Thu 4 Dec19$470MCurative, $150M
Fri 5 Dec7$590MCastelion, $350M
Sat 6 Dec0$0K
Sun 7 Dec0$0K

Where the capital went

AI raised $1.6B, 38% of the capital. Choose a sector to filter the rounds below.

Capital by sector, Week 49, 2025 (1 Dec to 7 Dec) 38% AI AI $1.6B 52 rounds 38% Robotics & Hardware $670M 5 rounds 16% Health $335M 7 rounds 8% Climate & Energy $227M 5 rounds 5% Enterprise software $159M 8 rounds 4% Other sectors $1.2B 15 rounds 29%
Capital by sector, Week 49, 2025 (1 Dec to 7 Dec)
SectorCapitalShareRounds
AI$1.6B38%52
Other$1.1B25%4
Robotics & Hardware$670M16%5
Health$335M8%7
Climate & Energy$227M5%5
Enterprise software$159M4%8
Fintech$105M2%6
Web3$37M<1%2
Consumer$19.5M<1%2
Cybersecurity$8.1M<1%1

The 10 biggest rounds

The 10 biggest rounds raised $2.8B, 65% of the total.

The 10 biggest rounds, Week 49, 2025 (1 Dec to 7 Dec)Kalshi: $1B; Castelion: $350M; Eon: $300M; Black Forest Labs: $300M; ICEYE: $175M; Curative: $150M; Mujin: $133M; 7AI: $130M; Protego Biopharma: $130M; Antithesis: $105M Kalshi $1B · Series E Castelion $350M · Series B Eon $300M · Series D Black Forest Labs $300M · Series B ICEYE $175M · Series E Curative $150M · Series B Mujin $133M · Series D 7AI $130M · Series A Protego Biopharma $130M · Series B Antithesis $105M · Series A

Everyone who raised

92 companies raised $4.3B. A bigger tile is a bigger round.

Every company that raised, Week 49, 2025 (1 Dec to 7 Dec)AEISPBLMHOCGZThe 69 biggest rounds, Week 49, 2025 (1 Dec to 7 Dec)AEISPBLM

The 69 biggest of 92. Open on a wider screen for all of them, or see every round below.

Most active investors

General Catalyst joined 4 rounds, leading 2, more than any other investor.

Most active investors, Week 49, 2025 (1 Dec to 7 Dec)General Catalyst: 4 rounds, 2 led; Andreessen Horowitz: 4 rounds, 1 led; Sequoia Capital: 3 rounds, 1 led; Lightspeed Venture Partners: 3 rounds, 1 led; Plug and Play: 3 rounds, 0 led; WestBridge Capital: 2 rounds, 2 led; Union Square Ventures: 2 rounds, 2 led; Salesforce Ventures: 2 rounds, 1 led; Felicis: 2 rounds, 1 led; Initialized Capital: 2 rounds, 1 ledLedJoined General Catalyst 4 rounds · 2 led Andreessen Horowitz 4 rounds · 1 led Sequoia Capital 3 rounds · 1 led Lightspeed Venture Partners 3 rounds · 1 led Plug and Play 3 rounds WestBridge Capital 2 rounds · 2 led Union Square Ventures 2 rounds · 2 led Salesforce Ventures 2 rounds · 1 led Felicis 2 rounds · 1 led Initialized Capital 2 rounds · 1 led

Where the rounds were

United States raised $3.2B, 74% of the capital. Rounds in 18 countries.

Capital by country, Week 49, 2025 (1 Dec to 7 Dec)United States: $3.2B; Germany: $317M; Finland: $175M; France: $151M; Japan: $133M; United Kingdom: $117M; India: $77.8M; Spain: $69.1M; Netherlands: $19.2M; Chile: $14M; Italy: $8.8M; Switzerland: $8.1M United States $3.2B · 43 rounds Germany $317M · 3 rounds Finland $175M · 1 round France $151M · 7 rounds Japan $133M · 1 round United Kingdom $117M · 11 rounds India $77.8M · 10 rounds Spain $69.1M · 3 rounds

The cities that raised

New York raised $1.5B, more than all of Europe ($873M). Rounds from 28 cities.

Capital by city, Week 49, 2025 (1 Dec to 7 Dec)New York: $1.5B; Torrance: $421M; Espoo: $175M; Austin: $150M; Boston: $135M; San Jose: $133M; Tokyo: $133M; San Francisco: $114M; London: $111M; Paris: $110M; Seattle: $88.6M; Barcelona: $65.6M New York $1.5B · 8 rounds Torrance $421M · 2 rounds Espoo $175M · 1 round Austin $150M · 1 round Boston $135M · 2 rounds San Jose $133M · 2 rounds

Rounds by stage

Series A was the most common stage: 23 rounds, median $19.8M. The median round size is under each column.

Rounds by stage, Week 49, 2025 (1 Dec to 7 Dec) 13 Pre $2M 22 Seed $5.9M 23 A $20M 14 B $57M 1 C $100M 2 D $217M 3 E+ $175M 1 Growth $65M 13 Other $8.5M
Rounds by stage, Week 49, 2025 (1 Dec to 7 Dec)
StageRoundsMedian round
Pre-Seed13$2M
Seed22$5.9M
Series A23$19.8M
Series B14$57M
Series C1$100M
Series D2$217M
Series E+3$175M
Growth1$65M
Other or undisclosed13$8.5M

All rounds

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