November was another outsized month for venture funding as investors poured $39.6 billion into startups globally. The funding total was on par with October and up 28% year over year from $31 billion, according to Crunchbase data.
Capital continued to concentrate into the largest companies. A stunning 43% of venture funding last month went to just 14 companies that raised rounds of $500 million or more each. That marked the largest number of such megarounds raised in a single month in the past three years.
The largest round of all went to Jeff Bezos’ Project Prometheus, which is tackling physical intelligence. It raised $6.2 billion in its first funding.
Other billion-dollar rounds last month went to:
US dominated again
The U.S. raised just over 70% of global venture capital in November, up from 60% in October. China was the next-largest market with $2.4 billion in total funding. The U.K. and Canada were the third- and fourth-largest, 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 funding last month, with over $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 technologies, among others. Financial services was the third-largest sector for venture funding in November, with large rounds in crypto, financial operations, compliance and payments.
The major themes in venture funding played out again last month: AI led funding totals and spurred further concentration in megarounds; hardware and deep tech continued to attract strong investor attention; and the U.S. dominated as the top market for venture investment.
As we approach the end of 2025, we will be reporting more deeply into each of these trends.
Methodology
The data contained in this report comes directly from Crunchbase, and is based on reported data. Data reported is as of Dec. 2, 2025.
Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.
Please note that all funding values are given in U.S. dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historic spot price.
Glossary of funding terms
Seed and angel consists of seed, pre-seed and angel rounds. Crunchbase also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.
Early-stage consists of Series A and Series B rounds, as well as other round types. Crunchbase includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.
Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the “Series [Letter]” naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million. Corporate rounds are only included if a company has raised an equity funding at seed through a venture series funding round.
Technology growth is a private-equity round raised by a company that has previously raised a “venture” round. (So basically, any round from the previously defined stages.)
Related reading:
Illustration: Dom Guzman
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