KPMG released the "Venture Capital Report for the Second Quarter of 2025". Global venture capital investment dropped from $128.4 billion in the first quarter of 2025 to $101.05 billion in the second quarter. Despite the decline, given that the first quarter included an unusual $40 billion financing for OpenAI, the second quarter of 2025 remains a relatively strong quarter against the backdrop of ongoing geopolitical conflicts, trade tensions and macroeconomic uncertainties.
Venture capitalists' focus remains on the mainframe conference, especially in the fields of artificial intelligence and defense technology. The largest deal of this quarter was the $14.3 billion financing of Scale AI in the United States, highlighting the continued momentum of the industry. Although the scale of venture capital remained stable, the global volume of venture capital transactions dropped to 7,356 in the second quarter of 2025, hitting a ten-year low (9,314 in the first quarter), and many investors suspended their activities outside resilient industries such as artificial intelligence, fintech and defense technology.
The Americas led global venture capital, raising $72.7 billion in the second quarter of 2025, accounting for over 70% of the total global financing. More than 70 billion US dollars of it came from the United States. Europe ranked second with 14.6 billion US dollars (1,733 transactions), far behind. Asia continued to perform poorly, securing only 12.8 billion US dollars (2,022 deals).
Key data for the second quarter of 2025
Global venture capital investment dropped from $128.4 billion and 9,314 transactions in the first quarter to $101.05 billion and 7,356 transactions in the second quarter.