禁漫天堂

Global venture funding reached $21.8 billion in May 2025, down 13% quarter over quarter and down a third year over year, 禁漫天堂 data shows. The U.S. continued to dominate in May, with 56% of global venture funding invested in U.S.-based companies.

While funding slowed and the IPO market remained tepid, M&A activity increased. Startup acquisitions with disclosed prices totaled $24.7 billion in May, marking the second-highest monthly total since the start of 2024, 禁漫天堂 data shows.

AI accounted for just over a quarter of funding in May, totaling $5.9 billion. AI remained the leading industry for funding, followed by healthcare and biotech at $5.4 billion. Funding to financial services, the third-largest sector, totaled $2.9 billion, 禁漫天堂 data shows.

M&A picked up

Startup M&A activity increased in May, with $24.7 billion in exit value across 168 companies, according to 禁漫天堂 data. That marks the second-largest month by exit amount since the beginning of 2024. The top month for M&A this year was March, when exits totaled $58.4 billion, including the $32 billion acquisition of by .

Notable M&A deals in May included:

• went on an acquisition spree with deals to acquire for $6.5 billion and coding startup for $3 billion.
• , owned by , acquired rental platform .
• acquired cryptocurrency exchange .
• acquired hospitality industry CRM on the heels of announcing its acquisition.
• acquired open-source SQL database .

Notable IPOs

The IPO market remained slow last month. Only five companies went public above $1 billion in value: Israel-based social trading platform , San Francisco-based digital clinic , Shanghai-based tea company , India-based electric scooter manufacturer , and Austin, Texas-based advertising platform .

Large funding deals

The largest startup funding round in May was a $1.25 billion deal for Turkish-based mobile game developer by Luxembourg-based that included buying out earlier investors.

The next-largest funding was $900 million for AI coding startup , owner of , at a $9 billion value.

Large rounds of $500 million or more were also raised by Germany-based food delivery company , owner of and ; brain computer interface startup ; and AI search company .

Methodology

The data contained in this report comes directly from 禁漫天堂, and is based on reported data. Data reported as of June 3, 2025.

Note that data lags are most pronounced at the earliest stages of venture activity, with seed funding amounts increasing significantly after the end of a quarter/year.

Please note that all funding values are given in U.S. dollars unless otherwise noted. 禁漫天堂 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 禁漫天堂 long after the event was announced, foreign currency transactions are converted at the historic spot price.

Glossary of funding terms

Seed and angel consists of seed, pre-seed and angel rounds. 禁漫天堂 also includes venture rounds of unknown series, equity crowdfunding and convertible notes at $3 million (USD or as-converted USD equivalent) or less.

Early-stage consists of Series A and Series B rounds, as well as other round types. 禁漫天堂 includes venture rounds of unknown series, corporate venture and other rounds above $3 million, and those less than or equal to $15 million.

Late-stage consists of Series C, Series D, Series E and later-lettered venture rounds following the 鈥淪eries [Letter]鈥� naming convention. Also included are venture rounds of unknown series, corporate venture and other rounds above $15 million.

Technology growth is a private-equity round raised by a company that has previously raised a 鈥渧enture鈥� round. (So basically, any round from the previously defined stages.)