ARTICLE · 11 AUGUST 2025

Venture Pulse Q2'25

KPMG

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While global VC investment fell from $128.4 billion in Q1'25 to $101.05 billion in Q2, the decline was largely due to OpenAI's $40 billion megadeal in the previous quarter.

GlobalCorporate/Commercial Law

KPMG

While global VC investment fell from $128.4 billion in Q1'25 to $101.05 billion in Q2, the decline was largely due to OpenAI's $40 billion megadeal in the previous quarter. Excluding that outlier, Q2'25 activity remained relatively strong, reflecting steady investor interest across AI, defencetech, and spacetech sectors. Factoring out this outlier deal suggests a more positive, more resilient, VC market given the market headwinds.

Global highlights of Q2'25

VC investment reaches $101.05 billion across 7,356 deals
Software sees strong growth fuelled by AI momentum
Exit activity remains sluggish
Fundraising trends continue to favour midsized funds
Defensetech features in three of the top 10 global deals

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