H1 2025 venture capital funding up 25% globally

The value of global funding rounds backed by private equity and venture capital rose to $189.93 billion in the first half of 2025 compared with $152.24 billion for the same period in 2024, according to S&P Global Market Intelligence data.

In June, the total transaction value increased to $25.73 billion, compared with $23.38 billion in May.

Aggregate transaction values and volume may not match figures reported for preceding periods due to subsequently acquired disclosures and updates.

Antler Innovation Pte. Ltd. was the most active venture capital firm in the first half with 210 funding rounds totaling $4.1 million, according to Market Intelligence data. The second-most active was Y Combinator, with 128 funding rounds totaling $28.6 million. Andreessen Horowitz LLC ranked third, with 85 rounds totaling $119.9 million.

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The technology, media and telecommunications (TMT) sector had the highest transaction value in June, accounting for 52.7% of total investments. The sector raised $13.56 billion across 423 rounds of funding. The industrial sector followed, pulling in $4.53 billion.

Application software remained the most favored subsector within TMT, recording 207 deals, followed by system software with 45 deals. Deal volume across the 10 TMT subsectors was down compared with June 2024.

Top funding rounds

The largest venture capital transaction in June was The Founders Fund LLC's $2.5 billion series G round for defense technology manufacturer Anduril Industries Inc. Anduril will use the proceeds to tackle manufacturing and production problem sets.

The second-largest round was an Andreessen-led $2 billion investment in San Francisco-based AI systems developer Thinking Machines Lab Inc.

The Prima Materia AB-led series D round for German military AI developer Helsing GmbH came in third, at $695.3 million.