PitchBook-企业SaaS风险投资趋势（英）

EMERGING TECH RESEARCHEnterprise SaaS VC TrendsVC activity across the enterprise SaaS ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Enterprise SaaS VC TrendsInstitutional Research GroupAnalysisDerek Hernandez Senior Research Analyst, Enterprise SaaS and Infrastructure SaaS derek.hernandez@pitchbook.comDataNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig, Julia Midkiff and Jenna O’MalleyPublished on May 14, 2025Enterprise SaaS landscape3Enterprise SaaS VC ecosystem market map4VC activity5Enterprise SaaS VC deal summary23CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Enterprise SaaS VC TrendsEnterprise SaaSlandscapeOther application softwareCustomer relationshipmanagementEnterprise resource planningSupply chain managementAnalytic platformsKnowledge management systemsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Enterprise SaaS VC TrendsVC activityQ1 2025 saw the greatest number of dollars invested in enterprise software-as-a-service (SaaS) companies we have ever recorded, at $58 billion, over two-thirds of which was driven by OpenAI’s $40 billion raise on March 31. The quarter flew far beyond the 2021 peak of $42.6 billion—over 36% higher—and was led by the massive investment in AI opportunities now fully gripping the investment landscape for enterprise SaaS. By comparison, the last peak in Q4 2021 was largely driven by federal stimulus and near-zero-percent interest rates. These pushed a growth-at-all-costs mentality and elevated SaaS valuations to unsustainable multiples. The hangover after 2021 lasted for several years until 2024 saw a resurgence in investments, especially for the many AI opportunities that have developed. Although OpenAI, Anthropic, and xAI get much of the attention, the hundreds of deals every quarter are flush with AI-native and AI-enabled solutions. We expect this trend to strengthen into 2025 and beyond. Q1 2025 deal value was dominated by a single raise by OpenAI of $40 billion at a $300 billion post-money valuation. This massively exceeded (by 2.2x) the value of all the other 714 deals done in the quarter, which together amounted to $18 billion. By comparison, Q4 2024 was also uplifted by two megadeals by OpenAI ($6.6 billion) and xAI ($6 billion), though these together were just 31.5% the size of OpenAI’s Q1 2025 raise. Backing out the megadeals of Q1 2025 and Q4 2024, these past four quarters have been remarkably stable despite the recent market turmoil. In reverse order (excluding megadeals), Q1 2025 saw 714 companies raise $18 billion, Q4 2024 saw 731 companies raise $17.5 billion, Q3 2024 saw 710 companies raise $18.4 billion, and Q2 2024 saw 808 companies raise $15 billion. Despite the flashy foundational large language model raises, we are seeing a strong and consistent flow Source: PitchBook • Geography: Global • As of March 31, 2025Enterpris