The total number of venture capital (VC) deals with disclosed funding rounds announced globally fell by around 3% during the first half (H1) of 2025 compared to the same period in the previous year. An analysis of the various funding rounds in H1 2025 presents a mixed picture for global VC deal activity. Early-stage funding, encompassing Seed and Series A rounds, continues to dominate the VC landscape, albeit with a slight contraction in numbers in H1 2025 compared to H1 2024. Meanwhile, growth and late-stage funding rounds* have shown some resilience, according to GlobalData, a leading data and analytics company.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While early-stage rounds have seen a decline, the increase in growth and late-stage rounds suggests a strategic pivot among investors. This overall reduction in early-stage funding highlights the cautious approach investors are adopting when investing in nascent startups. Meanwhile, the improvement in growth and late-stage funding rounds indicates that investors are willing to back mature companies that have demonstrated growth potential.”

An analysis of GlobalData’s Deals Database revealed that the total number of early-stage funding rounds declined by 4% in H1 2025 compared to H1 2025. The number of Seed rounds announced globally decreased by around 6% in H1 2025 compared to H1 2024, while Series A rounds also experienced a YoY decline of around 3%. These two rounds collectively accounted for around 80% of the total number of VC deals with disclosed funding rounds announced globally in H1 2025.

Meanwhile, the number of growth and late-stage funding rounds increased by around 3% in H1 2025 compared to H1 2024. Within growth and late-stage rounds, notably, the number of Series D rounds increased by 28% YoY in H1 2025. The growth and late-stage funding rounds collectively accounted for around 20% share of the total number of VC deals with disclosed funding rounds announced globally during H1 2025.

Bose adds: “This shift indicates a potential pivot in investor strategy, favoring established businesses over nascent startups amidst economic uncertainty. The increase in growth and late-stage funding rounds also indicates that investors are strategically reallocating their resources, prioritizing quality over quantity in their portfolios, reflecting a maturation of the VC landscape.”

*Comprising Series B onwards funding rounds