The only real consistency about the asset class is it's reliably volatile. Sectors in vogue one year are out a few quarters later. Angel syndicates must increasingly compete with venture big shots. And founders who secure the biggest rounds can't assume more capital is en route. For 2025, the seed investment environment exhibited its typical quirkiness, with a few trends standing out. In particular, it was a huge year for huge rounds. Predictably, it was also a banner period for AI dealmaking. And in geographic trends, we saw the U.S. pull in a bigger-than-usual share of total investment. The concept of a seed round being very small is rather retro. Today, both eight- and nine-figure rounds are reasonably common, especially for a startup with highly regarded founders, expertise in a hot sector, and an early technological advantage. However, keep in mind: most of the rise was due to a single round. This was the $2 billion seed financing for Thinking Machines Lab, the AI startup...
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