Value of November VC rounds of funding down month over month

Global private equity and venture capital investments through rounds of funding declined by 30.3% month over month to $25.22 billion in November from $36.19 billion in October, according to S&P Global Market Intelligence data.

Compared to the same period a year ago, funding value in November fell 8.3% from $27.50 billion.

Volume also fell on a year-over-year basis, dropping by 22.6% to 950, the lowest monthly tally so far in 2025. Month over month, volume declined by 23.5% from 1,242.

That said, the total funding value for 2025, as of the end of November, already surpassed the full-year totals of $334.04 billion for 2024 and $287.66 billion for 2023.

Year through Nov. 30, rounds of funding have risen by 22.8% year over year, increasing to $360.48 billion from $293.59 billion. The number of deals totaled 14,095 between January and November, a decline from 15,534 in the same period in 2024.

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 global private equity deal value and volume in November. – Explore more private equity headlines.

In November, venture capital funding was primarily driven by the technology, media, and telecommunications (TMT) sector and the financials sector. The TMT sector raised $9.54 billion, which made up 37.8% of the total transaction value for the month. In comparison, the financials sector garnered $5.64 billion, contributing 22.4% to the overall funding.

The TMT sector saw 295 rounds of funding, with the application software segment accounting for 160 of the total. Application software deal volume was down 47.9% from 307 in November 2024.

Top rounds of funding

November saw three rounds of funding worth at least $1 billion each.

Lambda Inc., a California-based AI cloud infrastructure provider, raised the highest venture capital funding during the month at $1.5 billion from investors including US Innovative Technology Capital Management LLC, TWG Global LLC and US Innovative Technology Fund LP.

Reinsurance services provider Prismic Life Holding Co. LP raised $1.3 billion, and Kalshi Inc., a trading platform for event outcomes, raised $1 billion.