2025年第二季度全球风险投资报告（英）

Venture Pulse Q2 2025Global analysis of venture fundingKPMG. Make the Difference.July 16, 20252#Q2VC© 2025 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Welcome messageWelcome to the Q2’25 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.VC investment globally fell from $128.4 billion in Q1’25 to $101.05 billion in Q2’25. Recognizing the outlier $40 billion raise by OpenAI drove deal value up significantly in Q1’25, however, uncovers a more positive story — one that shows the strength and resilience of the VC market in the face of evolving US tariff and trade policies and ongoing geopolitical tensions and conflicts. The US attracted almost 70 percent of global VC investment in Q2’25, including all six $1 billion+ funding rounds this quarter. The AI, defencetech, and spacetech sectors accounted for the five largest deals, including Scale AI ($14.3 billion), World View ($2.6 billion), Anduril Industries ($2.5 billion), Thinking Machines Lab ($2 billion), and Safe Superintelligence ($2 billion raise). AI-driven defencetech companies also attracted the two largest deals in Europe during the quarter, including Germany-based Helsing ($683 million) and Portugal-based Tekever ($500 million). In Asia, China-based AI-driven autonomous logistics vehicles company Zelos Tech raised the largest funding round ($300 million).While defencetech and AI were the hottest sectors of investment during Q2’25, fintech also saw a fresh surge in interest. During the quarter, US-based Plaid raised $575 million, UK-based XY Miners raised $300 million, Germany-based Scalable Capital raised $174 million, and Brazil-based expense management firm Clara raised $80 million. The fintech sector also saw several successful IPO exits in the US during Q2’25, including Circle — issuer of the USDC stablecoin, digital bank Chime, and mobile investment platform eToro. Heading into Q3’25, VC investors globally are expected to remain cautious given the continued delay in exits across many sectors, rising geopolitical tensions, and ongoing uncertainties related to tariffs and other global trade policies. AI will likely remain the hottest sector of VC investment — particularly as governments continue to introduce large-scale funding programs to attract AI startups and drive ecosystem development and technology sovereignty — in addition to defencetech and spacetech, fintech, and healthtech.In this quarter’s edition of Venture Pulse, we examine these and a number of other global and regional trends, including:•The impact of tariff uncertainties on VC investment•AI investments increasingly targeting vertical solutions•The increasing attractiveness of the defencetech sector•The growing interest in fintechWe hope you find this editio