PitchBook-2025年二季度电子商务风险投资趋势（英）

EMERGING TECH RESEARCHE-Commerce VC TrendsVC activity across the e-commerce ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 E-Commerce VC TrendsInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Jenna O’Malley, and Chloe LadwigPublished on August 29, 2025E-commerce landscape 3E-commerce VC ecosystem market map 4VC activity 5E-commerce VC deal summary 25CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 E-Commerce VC TrendsE-commerce landscapePrepurchasePurchase venuePurchase mediumPostpurchaseHorizontal platformsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 E-Commerce VC TrendsE-commerce VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 E-Commerce VC TrendsVC activityVC deal value and countIn Q2 2025, e-commerce enablement startups raised $3.3 billion in venture capital—up 11.4% QoQ and 40.3% YoY. Conversely, VC deal volume fell to 123 transactions, marking an 18% QoQ contraction but 8.8% increase YoY. Since the beginning of 2023, despite undulating deal value, the e-commerce technology ecosystem has settled into a steady state, averaging $3 billion in capital deployed across 134 deals per quarter, albeit with pressure to the downside on volume. The current market resembles the 2016 to 2019 window in both deal value and volume. Deal-stage compositionIn Q2 2025, deal activity was concentrated in late-stage rounds, accounting for 36.6% of investments. Pre-seed/seed and early-stage rounds followed with an almost even split at 23.6% and 25.2%, respectively, while venture-growth rounds lagged with 14.6%, slightly above the four-year average of 13.6%. Early- and seed-stage activity has recovered modestly after bottoming out in Q2 2024, following a prolonged stretch of sequential declines beginning in H1 2023. A broad-spectrum crunch at the earliest stages of the e-commerce startup funnel continues to be an issue. Over the past two years, early-stage rounds fell from 34.6% of deals in Q1 2023 to 25.2% in Q2 2025, while seed-stage rounds fell from 34.7% to 23.6% over a similar time frame. Source: PitchBook • Geography: Global • As of June 30, 2025E-commerce VC deal activity$3.7$4.2$5.3$10.3$13.0$18.4$45.7$30.3$12.9$10.7$6.23994395206037427781,2111,01556949427320152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025E-commerce VC exit activity$5.7$0.1$1.5$12.2$2.6$5.6$34.2$5.3$20.6$5.1$1.28412222825816549784620152016201720182019202020212022202320242025Exit value ($B)Exit countCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q2 2025 E-Commerce VC TrendsVC ACTIVITYTop segmentsPostpurchase platforms drew the largest checks, securing $914.5 million across 24 transactions, while horizontal pla