2025年第一季度风险投资报告（英）

Venture Pulse Q1 2025Global analysis of venture fundingApril 16, 2025© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. 2#Q1VCWelcome messageWelcome to the Q1’25 edition of KPMG Private Enterprise’s Venture Pulse — a quarterly report highlighting the major trends, challenges, and opportunities facing the venture capital market globally and in key jurisdictions around the world.Against a backdrop of geopolitical uncertainty and renewed concerns over tariffs and trade tensions, global VC investment rose from$118 billion in Q4’24 to $126 billion in Q1’25, fueled by a wave of megadeals — including eight $1 billion+ transactions and a standout $40 billion raise by OpenAI.Despite the uptick in investment value, deal volume declined quarter-over-quarter as many VC investors paused to evaluate whether market shifts were temporary and to preserve capital in light of ongoing IPO exit delays. Deal-making also slowed as firms adapted to evolving investment considerations.The Americas attracted the largest share of VC investment globally during the quarter. The US accounted for the bulk of this investment, including a $40 billion standout deal by OpenAI, a $4.5 billion raise by Anthropic (two closings) and a $3 billion raise by Infinite Reality. VC investment in Europe remained flat quarter-over-quarter at $18 billion, led by a massive $2 billion deal by cryptocurrency exchange Binance, followed by Germany-based energy management proptech Reneo ($624 million) and UK-based AI drug discovery firm Isomorphic Labs ($600 million). VC investment in Asia fell from $18.9 billion in Q4’24 to a record low $12.9 billion in Q1’25. Singapore-based data center firm DayOne raised the largest VC deal ($1.2 billion) of the quarter followed by Chinese cleantech SE Environmental ($688 million) and India-based e-commerce company Meesho ($550 million). AI remained the hottest ticket globally. In addition to large raises by LLM-focused companies like OpenAI and Anthropic, companies focused on AI applications (e.g. augmented reality, autonomousUnless otherwise noted, all currencies reflected throughout this document are in US dollars. Data correct as of April 16 2025, and is subject to change.vehicles, robotics) and industry solutions — such as AI for mining tech company Kobold Metals ($537 million) and AI preventative health company Cera ($150 million)—also saw significant investments. Defense Tech and spacetech also continued to gain traction with VC investors.While there had been optimism that Q1’25 could mark a rebound in IPO activity in the US, lingering market uncertainties led many startups to delay their public debut plans. US-based AI infrastructure firm CoreWeave went public late in the quarter, though its relatively muted performance — and unique business model—meant it wasn’t seen as a reliable indicator for broader IPO sentiment. Sweden-based fintech Klarna had init