US Tech Update – Q1 2025

Update on venture capital activity in the US in Q1 2025. The most funded cities, sectors, and international benchmarks.

Key findings

• US startups raised $85.5B in Q1 2025, the second largest quarterly total on record.
• US startups closed 1,023 rounds of $2M or more in Q1 2025, fewer than at the same point in any year since 2020.
• OpenAI's $40B round in March 2025 was larger than the $33.4B raised by all startups outside the US in Q1 2025.
• US energy tech startups raised $4B in Q1 2025, over 50% of global energy tech funding and the highest US share in more than five years.
• The Bay Area took 68% of all US venture capital raised in Q1 2025, its $57.7B up 408% on the same period in 2024.