November was another stellar month for venture capital funding, with investors pouring $39.6 billion into startups around the world. Total funding was comparable to October and up 28% year over year from $31 billion, according to Crunchbase data.
Capital continued to concentrate in the largest companies. Last month, 43% of venture capital funds went to just 14 companies that raised $500 million or more each. This is the highest number of such megarounds generated in a single month in the last three years.
The most important trick of all went to Jeff Bezos‘ Prometheus Projectwhich addresses physical intelligence. He raised $6.2 billion during its first financing.
Other billion-dollar fundraising rounds last month went to:
The United States dominates again
The United States raised just over 70% of global venture capital in November, up from 60% in October. China was the second largest market with total funding of $2.4 billion. The UK and Canada rank third and fourth, respectively, with $1 billion or more raised by startups in each country last month.
AI, hardware and fintech sectors lead
AI-related startups accounted for 53% of global venture capital funding last month, with more than $20 billion invested in the sector.
Hardware was another leading sector, with funding going to startups working on data centers, computer vision, robotics and defense technology, among others. Financial services was the third largest venture funding sector in November, with large funding rounds in crypto, financial operations, compliance and payments.
Major themes in venture financing played out again last month: AI dominated financing totals and spurred increased concentration in megatowers; hardware and deep technology continued to attract investors’ attention; and the United States dominated as the main market for venture capital investment.
As we approach the end of 2025, we will report in more depth on each of these trends.
Methodology
The data in this report comes directly from Crunchbase and is based on reported data. Data reported is as of December 2, 2025.
It is worth noting that data lags are more pronounced in the early stages of VC activity, with seed funding amounts increasing significantly after the end of a quarter/year.
Please note that all financing values are quoted in US dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the spot rate in effect from the date financing rounds, acquisitions, IPOs, and other financial events are reported. Even though these events were added to Crunchbase long after the event was announced, currency transactions are converted at the historical spot price.
Glossary of financing terms
Seeds and Angels consist of rounds of seeds, pre-seeds and angels. Crunchbase also includes seed rounds, equity crowdfunding, and convertible notes in amounts of $3 million (USD or converted USD equivalent) or less.
The early stage includes Series A and B rounds, as well as other types of rounds. Crunchbase includes seed rounds, venture projects and other rounds over $3 million, as well as those under $15 million.
Advanced phases include Series C, D, E and subsequent venture capital series of letters following the naming convention “Series (Letter)”. Also included are unknown series rounds, corporate projects and other rounds above $15 million. Corporate financing rounds are only included if a company has raised early-stage equity financing through a serial venture financing round.
Tech Growth is a private equity round raised by a company that has already raised a venture round. (So basically any round of the previously defined steps.)
Related reading:
Illustration: Dom Guzman
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