CB Insights – State of Venture, Q1 2025

The main theme of the report is the analysis of global deals, funding, and market exits of private venture companies in the first quarter of 2025.

Key findings include: 20% of all venture deals in 2025 are attributed to companies engaged in artificial intelligence (AI), marking a record high. Early-stage deals (seed and Series A) accounted for 70% of AI deals in the first quarter of 2025. A record number of large early-stage AI company deals ($100M+) were recorded in the first quarter of 2025. The average early-stage deal size reached $2.7M, setting a new high. There were 12 exits via mergers and acquisitions (M&A) valued at $1B+, setting a new record. Global venture funding reached $121B, despite a decline in the number of deals.