PitchBook年二季度企业SaaS风险投资趋势（英）

EMERGING TECH RESEARCHEnterprise SaaS VC TrendsVC activity across the enterprise SaaS ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Enterprise SaaS VC TrendsInstitutional Research GroupAnalysisDerek Hernandez Senior Research Analyst, Enterprise SaaS and Infrastructure SaaS derek.hernandez@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan and Jenna O’MalleyPublished on August 15, 2025Enterprise SaaS landscape 3Enterprise SaaS VC ecosystem market map 4VC activity 5Enterprise SaaS VC deal summary 22CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Enterprise SaaS VC Trendslandscape on this pagedrag & drop from the librarydelete me before exporting :)Enterprise SaaS landscapeOther application softwareCustomer relationshipmanagementEnterprise resource planningSupply chain managementAnalytic platformsKnowledge management systemsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Enterprise SaaS VC TrendsEnterprise SaaS VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Enterprise SaaS VC TrendsVC activityDeal activityQ2 2025 performance by enterprise software-as-a-service (SaaS) companies came down to earth in terms of deal value. While a sharp decline QoQ, Q2 saw a respectable total raise of $22 billion across 751 deals. This compares with $60.3 billion raised across 818 deals in Q1. Excluding the $40 billion megadeal by OpenAI in the first quarter, this represents a meaningful uptick of 8.4% QoQ, despite a modest decrease in deal count of 8.2% QoQ. Although OpenAI, Anthropic, and xAI get a lot of attention, the hundreds of deals within enterprise SaaS are flush with AI-native and AI-enabled solutions every quarter. We expect this trend to strengthen in 2025 and beyond. Only one deal topped $1 billion in Q2: the $2.5 billion raise by Anduril Industries at a valuation of $30.5 billion. Peter Thiel’s Founders Fund supported the deal with a significant $1 billion investment. Excluding the over $1 billion megadeals of the past four quarters, we have seen a remarkable and steady rise in overall investment in enterprise SaaS, from $15 billion in Q2 2024 to nearly $20 billion today. Enterprise solutions addressing the everyday needs of firms around the globe continue to be well funded, even during this period of greater uncertainty. Exits in Q2 2025 dipped slightly QoQ to 100—down from 105 in Q1—but remain strong compared with the prior market softness in 2022 and 2023. Meanwhile, exit value recovered QoQ to $9.1 billion, up from the sharp dip to $4.2 billion in Q1. The most significant exits were Hinge Health ($2.3 billion IPO), Weights & Biases ($1.7 billion M&A), Hidden Road ($1.3 billion M&A), and MNTN ($1.1 billion IPO). This demonstrates a healthy return to IPOs along with continued M&A strength. In addition, the quarter recorded 68 acquisitions, 28 buyouts,