Value of VC funding rounds down in October, on track for yearly gain

Global rounds of funding backed with private equity and venture capital fell in value for a second consecutive month in October.

The total transaction value for the month reached $31.11 billion, reflecting a decline of more than 3% from $32.30 billion in September, according to data from S&P Global Market Intelligence.

The number of transactions dropped to its lowest year-to-date level, falling 31% to 1,007 in October from 1,469 in the previous month.

Year-over-year comparisons reveal a slight increase in transaction value, which was up nearly 3% from $30.28 billion in October 2024. However, deal volume declined 36% from 1,577 transactions a year ago.

Even with the recent downturn, the transaction value is on track for a higher total in 2025, with $324.69 billion recorded through October 31. The figure represents approximately 98% of the total for all of 2024, with two months still remaining in the year.

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

– Download a spreadsheet with data featured in this story. – Read about private equity deal trends in the global heating, ventilation and air conditioning market. – Explore more private equity coverage.

Technology, media and telecommunications (TMT) companies raised the largest amount of venture capital in October with $11.38 billion. The TMT sector accounted for 36.6% of the total funding round value across all sectors in October. Industrials and healthcare followed, accounting for 15.6% and 14.6%, respectively.

The TMT sector logged 350 rounds of funding. The application software segment accounted for 200 deals, down from 392 in October 2024.

Top rounds of funding

Reflection AI Inc.'s $2 billion series B round of funding was the largest during the month.

The AI company raised capital from investors including NVIDIA Corp., 1789 Capital Management LLC, B Capital Group Management LP, Citigroup Inc., CRV LLC, Disruptive Technology Advisers LLC, GIC Pte. Ltd. and Sequoia Capital Operations LLC.

Big Brand Tire & Service raised the second-largest round of funding, attracting approximately $1.63 billion from investors including Blue Owl Capital Inc., Iconiq Capital LLC, Warburg Pincus LLC and Percheron Investment Management LP.