H2 Year-End 2025 VC Market Insights

Venture capital rebounded in 2025, but access to capital is still highly concentrated. In our 2025 Year-End VC Market Insights Report, we break down what actually changed, what didn’t, and how fundraising dynamics are evolving, based on market data and insights from the venture-backed startups we support.

Here’s what founders need to know:

26% of companies now have less than six months of runway, up from 20% in 2023

57% have under 18 months of runway, signaling rising liquidity pressure

AI represented ~65% of total VC deal value and ~40% of deal count

Early-stage activity rebounded in H2, nearing 2021 highs

Median valuations stabilized across stages, but pricing power favored top-tier companies

The recovery is real, but it is uneven.

Liquidity is improving. Exit markets are gaining momentum. Capital remains selective, and fundraising timelines are stretching longer than many founders expect.

If you are planning your next raise in 2026, understanding where capital is flowing and how investors are underwriting risk could be the difference between raising from a position of strength and scrambling to extend runway.