November was one other exceptional month for enterprise capital funding, as investors poured $39.6 billion into startups around the world. Total funding was on par with October and increased 28% year-over-year from $31 billion, according to Crunchbase data.
Capital was still concentrated in the largest firms. A staggering 43% of enterprise capital funding last month went to just 14 firms that raised rounds of at least $500 million each. This marked the highest number of such mega-rounds collected in a single month in the last three years.
It was the biggest round of all Jeff Bezos‘ Project Prometheuswho deals with physical intelligence. It raised $6.2 billion in its first financing.
Other billion-dollar rounds last month went to:
US dominance again
In November, the United States raised just over 70% of global enterprise capital, up from 60% in October. The next largest market was China, with total funding of $2.4 billion. The UK and Canada were the third- and fourth-largest places, respectively, where startups in each country raised at least $1 billion last month.
The AI, hardware and fintech sectors are leading the way
Artificial intelligence startups provided 53% of global enterprise capital funding last month, with greater than $20 billion invested in the sector.
Hardware was the next leading sector, with funding going to startups focused on data centers, computer vision, robotics and defense technologies, among others. Financial services was the third-largest enterprise funding sector in November, with large rounds in cryptocurrencies, financial operations, compliance and payments.
The major themes of enterprise funding played out again last month: AI drove funding totals and spurred further concentration in mega rounds; computer equipment and advanced technologies proceed to attract significant investor attention; and the United States dominated as the most important market for enterprise investing.
As we approach the end of 2025, we are going to discuss each of these trends in detail.
Methodology
The data in this report comes directly from Crunchbase and is based on reported data. The data provided is from December 2, 2025.
Please note that data transfer delays are most noticeable in the earliest stages of a enterprise, with seed funding amounts increasing significantly after quarter/12 months end.
Please note that every one financing amounts are in US dollars unless otherwise noted. Crunchbase converts foreign currency to U.S. dollars at the spot rate in effect on the date financing rounds, acquisitions, IPOs and other financial events are reported. Even if these events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historical spot price.
Glossary of financing terms
Seeds and Angels consist of seed, pre-seed and angel rounds. Crunchbase also includes enterprise rounds of unknown series, equity crowdfunding, and convertible notes with a size of $3 million (in U.S. dollars or a U.S. dollar equivalent) or less.
The early stage consists of Series A and Series B rounds, in addition to other types of rounds. Crunchbase includes enterprise rounds of unknown series, corporate ventures and other rounds above $3 million and those valued at lower than or equal to $15 million.
The Late Stage consists of Series C, Series D, Series E, and later lettered expedition rounds following the “Series [Letter]” naming convention. Also included are enterprise rounds of unknown series, corporate ventures, and other rounds over $15 million. Corporate rounds are only included if the company has raised seed financing as part of a series enterprise financing round.
A technology development is a private equity round led by a company that has previously raised a “venture” round. (Basically any round from the pre-defined stages.)