All Stories
The Week’s 10 Biggest Funding Rounds: Biotech Dominates A Busy Week
Want to keep track of the largest startup funding deals in 2025 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board. This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here. This week offered a change of pace on the giant round front as it was a biotech company, rather than an AI startup, at the top of the ranks. Kailera Therapeutics, a developer of obesity therapeutics, led with a $600 million Series B. Other sizable financings went to companies offering fractional aircraft ownership, fintech services and hair loss treatments. 1. Kailera Therapeutics, $600M, biotech: Waltham, Massachusetts-based Kailera Therapeutics, which focuses on treatments for obesity, announced a $600 million Series B financing led by Bain Capital Private Equity. The company plans to initiate Phase 3 trials by year end for an injectable therapy to treat obesity. 2. Bond, $350M, aviation: Bond, a company offering fractional ownership for its fleet of private aircraft, raised $350 million in debt and equity funding. The financing consisted of $320 million in debt and equity from funds and accounts managed by Kohlberg Kravis Roberts along with $30 million in equity investment from founding partners. 3. (tied) Deel, $300M, payroll and compliance: HR and payroll platform Deel picked up $300 million in fresh funding. Ribbit Capital, Andreessen Horowitz, and Coatue led the financing. The round set a $17.3 billion valuation for the 6-year-old company, which said it recently surpassed $1 billion in annual recurring revenue. 3. (tied) Vantaca, $300M, business software: Vantaca, a provider of software for homeowners associations and management companies, said it secured a growth investment of more than $300 million led by Cove Hill Partners. The financing set a $1.25 billion valuation for the Wilmington, North Carolina-based company. 5. Kardigan, $254M, biopharma: Kardigan, a startup focused on developing cardiovascular drugs, closed on $254 million in a Series B backed by T. Rowe Price, Fidelity, Sequoia Heritage and Arch Venture Partners. The round brings total funding to date to more than $554 million, per Crunchbase data. 6. Upgrade, $165M, fintech: Upgrade, a provider of consumer loans, credit cards and online accounts, pulled in $165 million in a Series G financing led by Neuberger Berman. Launched in 2017, San Francisco-based Upgrade has raised more than $750 million in venture funding to date, per Crunchbase data. 7. VeraDermics, $150M, dermatology, hair regrowth: New Haven, Connecticut-based VeraDermics, a startup developing therapeutics for dermatologic conditions, raised $150 million in a Series C round led by SR One. Funding will go toward ongoing trials for an oral therapeutic designed for hair regrowth. 8. Pelage Pharmaceuticals, $120M, hair loss treatment: Pelage Pharmaceuticals closed a $120 million Series B round co-led by Arch Venture Partners and Google’s GV. The Los Angeles startup is focused on a topical small molecule designed to reactivate dormant hair follicle stem cells for men and women experiencing hair loss. 9. Peptilogics, $78M, therapeutics: Pittsburgh-based Peptilogics, a developer of surgical therapeutics to treat and prevent serious medical device infections, raised $78 million in a Series B2 financing. Presight Capital, Thiel Bio and Founders Fund led the round. 10. MD Integrations, $77M, telehealth: Telehealth platform MD Integrations landed $77 million in growth financing from Updata Partners and Denali Growth Partners. The New York-based company works with digital health brands to provide access to a network of doctors for patient consultations. Methodology We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the period of Oct. 11-17. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week. Illustration: Dom Guzman
New To Silicon Valley? What I Wish I’d Known As An Immigrant Founder Back In 2017
By Vasyl Dub Despite President Donald Trump recently imposing a $100,000 application fee on new H-1B visas, San Francisco remains a magnet for international AI founders keen to tap into the epicenter of innovation. I was one of those wide-eyed entrepreneurs back in 2017, when I first packed my bags and moved from my native Ukraine to SF to scale my startup, Animal ID. Unfortunately, I ended up returning home demoralized and depressed as my trip had led to so many rejections. However, I eventually realized that the problem wasn’t my tech — it was that I hadn’t understood the unspoken rules of Silicon Valley. After spending years trying to break into the Valley, things finally turned around for me. Now, as a startup mentor at Stanford University and Alchemist Accelerator, and founder of Raisable Founders Hub, I’ve made it my mission to help founders, especially immigrant entrepreneurs, avoid the unnecessary mistakes I made. My approach boils down to a few simple steps: shift your mindset, build a relevant network, validate your idea deeply, and then build your strategy. This is critical for founders navigating today’s funding frenzy. Here’s what I wish I’d known when I first set foot in Silicon Valley: Understand the principles by which the Valley livesVasyl Dub Silicon Valley runs on trust, and trust is something that needs to be earned. Therefore, it’s best to start building it long before you arrive: Do your research and connect online with people you’d like to meet up with. Make sure you have something to offer. The Valley rewards those who contribute first. Building a startup here is different from anywhere else due to extremely high costs, relentless competition and a generally much faster pace of doing things. All of this will test your adaptability — which is a key skill investors will be on the lookout for. The right mindset can’t be bought, but it can be developed by immersing yourself in the ecosystem and engaging with the right people. Surround yourself with like-minded people Silicon Valley is filled with people who will challenge everything you do from day one. The people you surround yourself with can either fuel your growth or drain your momentum. Don’t waste time chasing generic networking opportunities. Instead: The bottom line is: Focus on nurturing authentic connections that can flourish into long-term collaborations. Ask for advice first, then intros Many founders obsess over getting investor introductions. But an intro without the right preparation is a wasted opportunity. Instead of fixating on warm intros, focus on validating your ideas. Explain to everyone you meet how your solution solves a specific problem and why your team is the best to do it. Absorb their feedback and use it all as an opportunity to refine your pitch. Every discussion helps you understand how to frame your value proposition more effectively. Seek out great mentors. The best ones don’t give you answers — they help you ask better questions. Finally, not every interaction needs to lead to fundraising, the goal should be to build a sustainable company — so be open to any and all opportunities or connections that come your way. You never know, the next person you meet could become a future co-founder, adviser, customer or even a lifelong friend. Vasyl Dub is a startup mentor at Stanford University and Alchemist Accelerator, and founder at Raisable Founders Hub. Related reading: Illustration: Dom Guzman
Cybersecurity Startup Investors Pulled Back In Q3
After a lively first half of the year for cybersecurity startup funding, investors pulled back some in the third quarter. In total, investors put just over $3.3 billion globally into seed- through growth-stage rounds for cybersecurity-focused companies, per Crunchbase data. That’s about a third lower than the prior quarter, a robust period for dealmaking, but still about a third above year-ago levels. Deal counts also declined sequentially in Q3, but still exceeded year-ago totals. Megarounds of note As usual, much of the quarter’s fundraising tally came from a few big rounds. For Q3, the largest round went to Quantinuum, a quantum computing unicorn that isn’t a pure-play cybersecurity company but does cite encryption and data protection among the core use cases for its technology. The Broomfield, Colorado-based company, which was spun out of Honeywell, closed a $600 million Series B in August led by Nvidia’s venture arm. The next-largest financing was a $230 million Series C for Austin, Texas-based Ontic, a provider of intelligence tools for corporate security. In third place was San Francisco-based Vanta, an AI-enabled security and compliance platform that pulled in a $150 million Series D. For a broader listing, below we ranked 10 of the largest cybersecurity-related financings of the quarter. Exits The quarter also brought a couple good-sized startup exits of both the IPO and M&A variety. Netskope, a cloud-security provider, delivered on the IPO front, raising more than $900 million in a well-received September debut. Founded in 2012, the Santa Clara, California-based company previously raised $1.4 billion in early- through late-stage financing. As for acquisitions, the largest was Tokyo-based Mitsubishi Electric’s purchase of San Francisco-based Nozomi Networks, a 12-year-old company focused on protecting critical infrastructure from cyber threats, in a deal reportedly valued at around $1 billion. Ups and downs So are these still bullish times for cybersecurity investment? While investment to the space was down sequentially this quarter, the drop does not appear sufficiently dramatic or prolonged to draw broad conclusions. On public markets, major cybersecurity indexes continue to perform well, and, among newcomers, Netskope has held steady. So, that looks encouraging. On the M&A side, we’re also still waiting for a final conclusion of Google’s planned $32 billion acquisition of cybersecurity provider Wiz, announced in March. If the deal passes regulatory muster and closes, it would rank as the largest startup acquisition to date and mark another upbeat development for the security sector. For now, we’ll keep an eye out to see if there are any stronger headwinds portending a shift in direction for the space. Related Crunchbase list and query: Related reading: Illustration: Dom Guzman
Deel Lands $300M At $17.3B Valuation Amid Spying Saga, Uptick In HR Software Funding
HR and payroll platform Deel has raised $300 million in fresh funding at a $17.3 billion valuation. The deal was led by new investor Ribbit Capital and previous investors Andreessen Horowitz and Coatue Management. Other investors including General Catalyst and Green Bay Ventures also participated. The round for New York-based Deel comes as funding for HR tech startups overall has seen an uptick this year. Through mid-September, HR software startups globally have raised $1.9 billion in venture funding this year, per Crunchbase data. That’s just under the $2 billion raised by such startups in all of 2024. U.S.-based human resources software startups have raised a combined $1.2 billion, up from the $1.1 billion raised last year. Still, this year’s figures are a far cry from 2021’s banner figures, when startups in the sector raised $10.5 billion globally, per Crunchbase data. Deel’s new round also follows an ugly and closely watched corporate espionage scandal between Deel and rival Rippling, which itself raised a $450 million Series G round at a $16.8 billion valuation earlier this year, despite the drama. Investors were apparently more interested in Deel’s business metrics than the Rippling saga. Deel said it posted $100 million in revenue last month for the first time, and closed out its third consecutive year of profitability. It hit $1 billion in ARR earlier this year and says it now counts more than 37,000 businesses as customers, processing $22 billion in payroll a year. The company, which has now raised nearly $1.3 billion from investors since its founding in 2019, said it will use the cash infusion for strategic acquisitions, to expand its geographic reach to more than 100 countries by 2029, and to accelerate its automation and AI-powered offerings. “Deel — itself a fully remote, global company with employees in over 100 countries — is uniquely positioned to build products for global expansion,” Ribbit Capital founder Micky Malka said in a statement. “The company and its leadership have a limitless opportunity ahead of them.” Related Crunchbase query: Related reading: Illustration: Dom Guzman
These Are Some Leading Spaces For AI Investment At Seed And Early Stage
Given that a majority of U.S. startup investment goes to artificial intelligence companies these days, there’s clearly a wide variety of newcomers getting funded. So where are seed- and early-stage investors placing their bets? To shed some light on this question, we analyzed a dataset of AI-focused startups that raised at least a few million dollars in seed- or early-stage funding this year. While it was a varied crew, a few areas stood out as particularly popular. These include: back-office tools, robotics, drug development and healthcare automation. Stepped-up early-stage funding to these areas comes as the most prominent generative AI startups have largely matured to later stage. Much of the current early-stage generation of startups, by contrast, is focused less on broad, general purpose AI models and more on solving problems and automating tasks within specific industries. Without further ado, here are the four areas that caught our eye. No. 1: Back-office automation Back-office automation was one of the more popular themes for AI-related seed- and early-stage investment, per Crunchbase data, and seemingly for good reason. Tasks related to accounting, payroll, compliance and other back-office functions pose a significant cost to all businesses. But back-office burdens can be particularly daunting for smaller businesses, which lack the economies of scale of larger rivals. As such, that’s where a number of startups are focusing their endeavors. For a sense of where funding is going, we put together a sample list of 10 companies that raised seed- or early-stage rounds this year with a back-office automation focus. No. 2: Robotics Anyone who’s ever performed a dull, dirty or difficult physical task has probably fantasized about having a robot take over. In recent quarters, a surge of funding to startups at the intersection of AI and robotics means that fantasy is now poised to move at least closer to reality. Per Crunchbase data, we’re seeing a particularly strong wave of investment activity at seed and early stage. To illustrate, we put together a sample list of 14 companies funded so far this year. No. 3: AI tools for healthcare High on the wish list of many health providers is the ability to spend more time providing care and less on recordkeeping and compliance-related tasks. A slew of recently funded startups at the intersection of healthcare and AI are looking to assist in this goal with tools to automate some of the more tedious and repetitive tasks. To illustrate, we used Crunchbase to assemble a representative sample list of 10 companies in this area that raised seed- or early-stage funding. That list, however, is only a small portion of the full population of startups in the space funded this year, for which we also provide a sample query. No. 4: Drug development and medical research The intersection of AI and biotech is also a vibrant area for seed- and early-stage funding. So far in 2025, this has manifested most noticeably in a series of megarounds for Lila Sciences, a Cambridge, Massachusetts, startup working on what it calls a “scientific superintelligence platform” for life sciences, chemistry and materials science. Beyond Lila, however, a raft of other startups in AI and biotech have also raised good-sized seed- and early-stage rounds this year. Below, we aggregated a sample of 10 companies that stood out. But wait, there’s more While this article focused on four investment themes, there were quite a few more that stood out in our query. These included legal tech, go-to-market offerings, chip design, and innovations around AI-enabled voice and audio. As is typical at seed and early stage, the promise of all these areas sounds quite enticing. We’ll see in a few years, however, if visions of a less tedious back-office, more robot-enabled workforce, more streamlined healthcare system, and faster and more effective medical research come to fruition. Related Crunchbase lists and queries: Illustration: Dom Guzman
The Great ‘AI Bubble’ Debate
A question that appears to be polarizing the tech community, once again: Are we in a bubble? Bubbles emerge when a market becomes irrationally optimistic, causing the price of assets to diverge from their fundamental value. The critical moment is the formation of a recursive loop where price growth creates FOMO that pulls in more capital that further accelerates price growth. The end result is an increasingly unstable house of cards. AI investment differs in two major ways from this historical pattern: First, unlike previous bubbles (e.g. dotcom) there is significant revenue being generated by the underlying companies — implying real fundamental value. While questions have been raised about how much of this revenue is just recirculated capital, the growth is undeniable. Second, these are private companies that aren’t easily accessed by investors, and the biggest names are selective about who gets on their cap table. Typically, bubbles play out in more liquid public markets, where sentiment can drive extreme swings in buy and sell activity. Price vs. value The final question: To what extent has price diverged from value? For clarity, valuation is an opinion on the future, whereas pricing reflects the current fundraising market, so this is a mostly subjective issue. One investor might believe foundation models are the future of how we engage with technology, while another might just see them as an evolution of SaaS. Both are valid, and the speculative nature of VC means there should always be a range of perspectives. However, venture capital is also influenced by herd behavior, with inflows being influenced by simple narratives about opportunity. Research shows that where investors concentrate on a particular sector, it tends to push up prices without implying better outcomes in future. That appears to align with venture capital activity in AI, as investors complain more frequently about the terms they’re faced with on competitive deals. So, there is definitely some discomfort in the market. There is significant enthusiasm for AI, genuine optimism about the future, but also concern for how deals are playing out. Investors are gambling huge amounts of capital on the future of AI, too afraid to make an error of omission. A risk bubble The best way to consider might be in similar terms to Bill Gurley’s take on the venture market in 2015, which is that it’s a risk bubble, rather than a valuation bubble: “All of this suggests that we are not in a valuation bubble, as the mainstream media seems to think. We are in a risk bubble. Companies are taking on huge burn rates to justify spending the capital they are raising in these enormous financings, putting their long-term viability in jeopardy. Late-stage investors, desperately afraid of missing out on acquiring shareholding positions in possible ‘unicorn’ companies, have essentially abandoned their traditional risk analysis. Traditional early-stage investors, institutional public investors, and anyone with extra millions are rushing in to the high-stakes, late-stage game.” In conclusion, it doesn’t appear correct to characterise AI as a bubble in the traditional sense. Instead, venture capitalists have chosen huge systematic risk (undiversifiable reliance on AI), rather than the usual idiosyncratic risk (diversifiable across sectors) — which jeopardizes performance if the future doesn’t match up with today’s optimistic enthusiasm. The bear case is probably not a total bust like 2000, but a mini-correction more similar to 2022. While portfolios won’t be wiped out, capital will end up locked away in overcapitalized private-market giants for longer than is comfortable for anyone involved, again. Dan Gray, a frequent guest author for Crunchbase News, is the head of insights at Equidam, a platform for startup valuation. Related reading: Illustration: Dom Guzman
Why Accel Led A Round For Fintech Startup Campfire For The Second Time In Under 4 Months
Campfire, an AI-powered accounting startup, has raised $65 million in a Series B round just months after closing on a Series A. Accel and Ribbit Capital co-led the round, which brings the San Francisco-based startup’s total raised to $103.5 million since its 2023 inception. Most founders count themselves fortunate if they go a couple of years between each venture round. However, in every cycle, there are a few outliers who raise funds much faster. The past couple of years have offered plenty of examples of those types of companies. According to Crunchbase data, a sizable cohort of companies has progressed from Series A to Series C between 2023 and this year. Several have managed to scale all three stages in less than 12 months. John Glasgow and Paul Nichols of Campfire. Courtesy photo. In Campfire’s case, a common history between Campfire CEO and founder John Glasgow and John Locke, partner at Accel, was a factor in the fast fundraising pattern. The two first met when Glasgow was working at Invoice2go, a startup that was acquired by fintech giant Bill in July 2021 for $625 million. Locke was also an investor in Invoice2go, where Glasgow was a vice president of business development and partnerships before the acquisition. Glasgow eventually left Bill, which he joined after the buyout, to start Campfire with the goal of building an AI-native ERP, or enterprise resource planning software, for “modern” finance and accounting teams at mid-sized and enterprise companies. Campfire participated in startup accelerator Y Combinator’s Summer 2023 batch. “We went our first two years since YC with just $3.5 million in funding,” Glasgow said in an interview. “And we still had about half of it. But then we felt an intense market pull, so we raised a Series A.” The startup went on to raise $35 million in a Series A funding round led by Accel this past June. Since that round, Campfire has quadrupled its team from 10 to 40 employees, according to Glasgow. After Campfire’s last raise, several Accel portfolio companies reached out to demo Campfire, in addition to other companies that had generally heard about its offering for the first time, according to Locke. “The demand is quite a bit higher than what we even anticipated,” he said. “And we want to make sure that John and the team are appropriately enough capitalized to meet that demand.” Campfire’s customers include Decagon, Replit, CloudZero, TwelveLabs and Tilt, among others. Overall, the demand for new ERPs is high, and that’s evidenced by the amount of venture dollars flowing into the space. DualEntry on Oct. 2 announced a $90 million Series A raise co-led by Lightspeed Venture Partners and Khosla Ventures at a $415 million valuation. And on Aug. 6, Rillet announced that it raised $70 million in a Series B funding round co-led by Andreessen Horowitz and Iconiq Capital. Meanwhile, for Locke, having worked with Glasgow previously was also another factor in his feeling comfortable in writing another check into the company so soon after his first. “This is the second time that he and I have worked together, and I have a tremendous amount of confidence in John as a leader and recruiter,” he said. “And he’s added some really terrific people to the company in a short amount of time.” Related Crunchbase queries: Related reading: Illustration: Dom Guzman
Exclusive: B2B Marketing Analytics Startup Dreamdata Lands $55M Series B
Dreamdata, a B2B marketing analytics platform, has secured a $55 million Series B round of funding, the company told Crunchbase News exclusively. PeakSpan Capital led the round, which included participation from InReach Ventures, Angel Invest, Curiosity Venture Capital and Crowberry Capital. With this latest financing, Dreamdata — which has dual headquarters in Copenhagen, Denmark, and New York — has raised $67 million since its 2018 inception. The company’s last raise was in December 2022 with an $8 million Series A led by Signals Venture Capital. CEO Nick Turner declined to reveal at what valuation Dreamdata raised its latest round, saying only that it was “an incredibly significant increase” when compared to its previous venture funding. Dreamdata’s goal is to provide “the most complete B2B buyer journey map anywhere by joining ads, website visits, emails, CRM … into one clean timeline per account,” according to Turner. Examples of functions its platform can perform include syncing “high-intent” audiences to ad platforms such as Google or Meta, triggering notifications to a sales team, or running marketing workflows. “That gives marketers a trustworthy ‘single source of truth’ to see what’s working, prove ROI, and then act on it, with AI assistance,” Turner said. “We do both activation and attribution. We’re not just a reporting tool; we are building the operational infrastructure for the B2B marketer.” Clio, Finastra, Cognism, Oyster and Turing are among its “thousands” of customers. AI has had a profound effect on many sectors such as biotech and cybersecurity, as many startups have added the technology to their platforms. Marketing is no exception, as Dreamdata is only the most recent marketing tech startup to get funding. In February, marketing and personalization startup Hightouch locked up an $80 million Series C led by Sapphire Ventures, minting it as a new unicorn at a $1.2 billion valuation. Also in February, Toronto-based StackAdapt raised a $235 million growth round led by Teachers’ Venture Growth — the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. The startup has a multichannel programmatic advertising platform that uses AI and automation to help with digital marketing efforts. Overall, global venture funding to sales and marketing tech startups totaled $5.9 billion through Oct. 10, 2025, per Crunchbase data. That’s down 11.9% compared to the $6.7 billion raised in the same time period in 2024. Sustainable growth Dreamdata operates its business under a SaaS model with a component of usage-based pricing. The company has more than doubled its annual recurring revenue while maintaining the same number of employees it had one year ago (50), according to Turner. “We are operating with disciplined ambition via sustainable growth,” he said, noting that Dreamdata is focused on growing its business in Europe and North America. One of Dreamdata’s biggest differentiators from traditional competitors, such as Adobe’s Marketo Measure/Bizible, Turner claims, is that it’s designed for “forward-looking action” as opposed to focusing on what happened in the past. Matt Melymuka, co-founder and managing partner of PeakSpan Capital, leads the GTM technology investing at the venture firm and said he’s been partnering with companies in the space for over 15 years. “It is with that long-tenured perspective and context that I have developed a deep appreciation for the problem Dreamdata is solving. Accurate revenue attribution has been a persistent challenge for years and years, and the problem today is complex and multi-faceted,” he told Crunchbase News via email. “The modern customer journey is convoluted, spanning numerous channels and disparate touchpoints, so understanding with high confidence what contributes most to a conversion is incredibly complex.” In Melymuka’s view, Dreamdata’s offering solves the challenge of revenue attribution while also leveraging signal data and AI to support activation and execution. “Relative to other solutions in the market, Dreamdata delivers far and away the quickest time to value – despite the complexity underpinning the solution,” he said. Related Crunchbase query: Related reading: