The total number of venture capital (VC) deals with disclosed funding rounds has registered a marginal decline during the first three quarters (Q1-Q3) of 2025 compared to the same period in 2024, reflecting an ongoing recalibration of investor risk appetite.
The VC deal volume with disclosed funding rounds fell by 2 per cent from 7,807 in Q1-Q3 2024 to 7,666 in Q1-Q3 2025.
Meanwhile, the composition of deal activity highlights a reorientation within the market, with the trend between early-stage rounds (Seed and Series A) and late-stage rounds (Series B and beyond) remaining in contrast, according to data and analytics company GlobalData.
The number of early-stage rounds contracted by 3 per cent to 5,871 from 6,082 deals during Q1-Q3 2025, compared to Q1-Q3 2024, while growth and late-stage rounds demonstrated a 4 per cent increase from 1,725 (three quarters last year) to 1,795 during the same period this year.
“While overall VC activity has slightly declined, the shift toward growth-stage resilience signals a maturing investment mindset that prizes demonstrable metrics. This shift in strategy may be a response to the economic uncertainties that have characterized the global market in recent years,” Aurojyoti Bose, Lead Analyst at GlobalData, said.
“This trend suggests that while early-stage startups may be struggling to secure funding, relatively more established companies are still attracting investor interest. Investors appear to be prioritising quality over quantity, focusing on companies with solid fundamentals and clear paths to profitability,” Bose said.
“The overall picture is one of cautious normalisation: investors are pruning early-stage deal flow while continuing to support established growth stories. And the trend is likely to continue as they recalibrate their strategies in response to economic conditions,” Bose added.
Published on November 11, 2025
