英文【PitchBook】2025年第二季度企业SaaS风险投资趋势（英）2025

报告摘要

Overall enterprise SaaS venture capital activity declined QoQ, with 751 deals raising $22 billion, compared to Q1's 818 deals raising $60.3 billion. Despite this, there was an 8.4% quarterly increase in deal value.
Enterprise SaaS saw a rise in AI-native investments, accounting for 45% of VC dollars, with companies boasting proprietary AI integration securing higher valutions.
Deal value dynamics: AI-focused firms commanded 15x-20x ARR multiples, while traditional SaaS remained below 8x ARR.
Deal segmentation breakdown (based on $M):
- Analytic platforms: High deal value, with 654 deals in the trailing 12 months.
- CRM and ERP segments experienced varying deal counts and values.
Notable late-stage deals included Anduril Industries' $2.5B raise at $30.5B post-money.
Key exits featured IPOs and M&A, such as Hinge Health ($2.3B IPO) and Weights & Biases ($1.7B M&A).
Exit trends showed stability with 100 exits valued at $9.1B, despite a slight QoQ dip in count.
Global economic factors like eased tariff uncertainty supported continued growth in SaaS fundamentals.