PitchBook年三季度企业SaaS风险投资趋势（英）

EMERGING TECH RESEARCHEnterprise SaaS VC TrendsVC activity across the enterprise SaaS ecosystemQ32025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ3 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 Jenna O’MalleyPublished on November 14, 2025Enterprise SaaS landscape 3Enterprise SaaS VC ecosystem market map 4Quarterly analysis 5Key takeaways 5VC activity 5AI themes 7Conclusions 8Enterprise SaaS VC deal summary 21CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q3 2025 Enterprise SaaS VC TrendsEnterprise SaaS landscapeOther application softwareCustomer relationshipmanagementEnterprise resource planningSupply chain managementAnalytic platformsKnowledge management systemsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q3 2025 Enterprise SaaS VC TrendsEnterprise SaaS VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q3 2025 Enterprise SaaS VC TrendsQuarterly analysisKey takeaways • Quarterly VC funding value grew 28.3% due solely to a $10 billion xAI megadeal, which masked an otherwise 13.9% decline. Venture deal volume stabilized at a healthy postbubble level, remaining flat QoQ with 829 deals.• The IPO market reopened with major successes from Figma ($15.7 billion) and Klarna ($14.9 billion), causing total exit value to skyrocket by 206.6%. Despite high-profile IPOs, a low valuation disclosure rate of 26.7% indicates a persistent high-pressure and weak environment for the average seller.• AI has transitioned from an add-on to a core operational component in established SaaS, exemplified by its integration into Microsoft’s CRM and Hyland’s KMS.• OpenAI’s “Instant Checkout” feature signals a major strategic pivot from discovery to conversion, directly challenging traditional e-commerce and search-ad models.• New FASB guidance on software cost capitalization will impact how all software companies report R&D financials for agile development.VC activityIn Q3 2025, enterprise software-as-a-service (SaaS) companies grew deal value by 28.3% QoQ. This was buoyed by a $10 billion debt and equity raise by xAI in July, which represented one-third of the total deal value in the quarter. Notably, this was the only megadeal in the quarter as the next Source: PitchBook • Geography: Global • As of September 30, 2025Enterprise SaaS VC deal activity $49.8$63.3$63.6$154.6$116.7$80.7$83.9$113.63,2933,7723,9605,5884,8333,5383,3152,50020182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of September 30, 2025Enterprise SaaS VC exit activity $41.9$51.0$96.3$332.1$60.9$34.5$40.0$60.418220622247927525241133820182019202020212022202320242025Exit value ($B)Exit countCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q3 2025 E