PitchBook年二季度供应链技术风险投资趋势（英）

EMERGING TECH RESEARCHSupply Chain Tech VC TrendsVC activity across the supply chain tech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Supply Chain Tech VC TrendsInstitutional Research GroupAnalysisJonathan Geurkink Senior Research Analyst, Mobility Tech and Supply Chain Tech jonathan.geurkink@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew Sanders, Chloe Ladwig, and Megan WoodardPublished on July 31, 2025Supply chain tech landscape 3Supply chain tech VC ecosystem market map 4VC activity 5Supply chain tech VC deal summary 19CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Supply Chain Tech VC Trends$Supply chain techlandscapeEnterprise supply chain managementWarehousing techFreight techLast-mile deliveryCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Supply Chain Tech VC TrendsSupply chain tech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Supply Chain Tech VC TrendsVC activityVC deal activity in supply chain tech softened in Q2. Tariff and trade volatility created an environment of heightened uncertainty and likely sidelined many deals as investors tried to make sense of the changing landscape. In Q2, supply chain tech deal value declined 11.9% QoQ to $2.2 billion. On a YoY basis, deal value was down 26.8%. At 135 deals, the quarterly deal count dropped 25.8% QoQ and 34.5% YoY. Deal count was at its lowest quarterly level in eight years. For the first half of the year, deal value was down 4.9% and deal count declined 21.9% from H1 2024. Among the supply chain tech segments, warehousing tech saw strong growth with deal value up 36.4% QoQ to $317.3 million, its highest level in two years. However, activity was concentrated in just 10 deals, which represents the segment’s lowest count in eight years. The last-mile delivery segment bounced sharply in the quarter to $456 million but remained far below its quarterly average of the past few years. The rebound was driven by Nuro’s $106 million late-stage deal. Deal value in the freight tech segment declined QoQ to $537 million but grew 11.7% YoY and—absent the outsized Waymo deal in Q4 2024—remained significantly above its 2023-2024 quarterly average. Deal value in the enterprise supply chain management segment fell to $420.8 million from $652.8 million in Q1 and was just below its quarterly average from the past couple of years. The supply chain tech vertical saw 15 exits in the quarter, down from 24 in Q1 2025 and 20 in Q2 2024. Notable deals in the quarter included Stord’s $200 million Series E in May. Led by Strike Capital, the deal reflected a 1.1x step-up to a $1.5 billion post-money valuation. Also in May, India-based Porter raised $200 million in a Series F round with participation from Kedaara Capital and Wellington Management. Autonomous vehicle developer Nuro raised $106 million in a Serie