From Mega Rounds to Micro Funds—We Decode the Real Signals

Powered by proprietary analytics from Multiples and Dealroom, and with insights from 5+ platform partners, this report reveals how AI mega deals are distorting the VC landscape, why revenue efficiency is replacing growth-at-all-costs, and how GPs are adapting in an era where liquidity and fundamentals are back in focus.

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In this semi-annual edition, we explore:

  • Where capital is concentrating (and why)
  • The return of capital discipline and efficient growth
  • Regional winners and global strategies
  • A shift in VC models

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Download the full report and get ahead of the trends shaping 2025.

by goingvc

State of VC H1'25

Created for fund managers, LPs, and startup operators, this is your guide to the capital dynamics, regional imbalances, and structural shifts defining venture today.

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