2025年第二季度全球风险投资报告（英）_97页_4mb

Venture funding globally dropped by 22% to $101.05 billion in Q2'25, with AI, defense technology, and aerospace leading investments despite macroeconomic cautiousness.

In the US and Americas, nearly 70% of the $70 billion investment was concentrated in late-stage deals, highlighted by several mega-raises like Scale AI at $14.3 billion. Despite a pullback in some traditional sectors due to geopolitical & tariff risks, fintech and healthtech demonstrated strong resilience.

Europe saw a cautious but firm approach to VC investment, with defense-tech and AI solutions emerging as winners. Japan and Israel showed distinct trends with resilience in deeptech, and Germany experienced a strategic shift toward later-stage investments in key sectors.

Across Asia-Pacific, VC investment remained subdued overall but saw significant gains in India and Japan, particularly in healthcare, mobility, and homegrown AI. China displayed investor pullback due to policy changes, yet successes in autonomous logistics and cybersecurity suggest continued interest.

Key trends revealed include a growing emphasis on vertical AI applications over broad AI models, increased incorporation of specialized VC funds (including corporate participation), and focus on resilient sectors to navigate global uncertainties.

The report anticipates AI and defense-tech to remain strong in 2025, while sectors more exposed to trade tensions may see investor pullback until policy certainties are established. A focus on sustainable and hybrid (remote/hybrid) work models, along with decentralized finance (DeFi) and SPAC activity, added significant investor attention.

Despite cautious headwinds, resilient and specialized sectors continue to attract funding as venture capital markets navigate through a complex geopolitical and macroeconomic landscape.