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The Dawn Of The Specialists
The year 2025 marked a continued evolution in the venture capital landscape, with emerging managers playing an increasingly prominent role. Building on patterns identified in 2024, this year saw further shifts in who is launching funds, how those funds are structured, and what strategies are proving most effective in early-stage investing.
With one of the largest and most representative samples of emerging VCs globally, this report analyzes over 850 funds launched through Decile Group’s VC Lab accelerator, offering a unique window into the emerging manager segment. Findings highlight new trends across demographics, fund models, and fundraising execution, many of which signal deeper structural changes in how venture capital is accessed and grown.…
Category: Venture Capital Trends
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The VC Data Problem
The venture capital industry is operating on flawed data, and it’s time to call it out.
If you’ve been reading headlines about the “decline in fundraising” and a “quiet year” for venture capital, you’ve been misled. The numbers being cited, primarily from PitchBook, are logically impossible and create one of the largest industry misinformation scenarios we’ve seen in years.
Let’s break down why.
The Math Doesn’t Work
Consider what we know happened in 2025:
On the startup side:
OpenAI raised $40 billion at a $300 billion valuation, the largest private tech raise ever recorded
Anthropic raised $13 billion at a $183 billion valuation
xAI raised $20 billion at a $230 billion valuation
AI startups raised a record $150 billion in 2025, surpassing the previous record of $92 billion set in 2021
North American startups raised $280 billion in 2025, up 46% from 2024
On the fund side:
Andreessen Horowitz raised $15 billion, representing 18% of all U.S.…
“I believe that everyone has a company in them that only they can build.”
AI has been credited with making San Francisco hot again. People who drifted away during the pandemic to work from anywhere or try to colonize new hotspots like Miami have returned in droves, bringing traffic, house prices, and valuations soaring once again.
So it was a surprise to hear the latest hot AI startup say this: “This company couldn’t have been built in Silicon Valley.”
Last week, at our final Venture Underground event of the year, Decile Group CEO Adeo Ressi interviewed Boardy CEO Andrew D’Souza. Boardy is an AI that acts as a super-connector, having conversations with founders and investors to understand what makes them unique, then making warm introductions between the right people.…
If there’s one irony to Silicon Valley, it’s this: A lot of fundamentally (and sometimes proudly) anti-social people are stuck playing a really, really social game.
The first half of that sentence is perhaps an unfair, sweeping statement. But the second one isn’t. If you were led to think that the startup world is a game of lone wolves, contrarians, outliers, and data-driven decisions. . . You just got here.
Startups are people-driven, not data-driven. They are more people-driven than traditional businesses, because they are personal. They are outgrowths of a founder’s dreams, quirks, needs, personality, and unique outlook on the world. And because of the cult of the founder culture in the Valley, all of that is encouraged, not discouraged. …
Introduction
Accelerators play a critical role in fueling early-stage innovation, but operating them comes with significant financial and structural challenges. Traditional venture capital funds are often too expensive, rigid, and complex for accelerator leaders to manage effectively. This is where Start Funds step in. They are designed to simplify operations, reduce costs, and create more opportunities for both accelerators and their communities.
Cost-Effective for Lean Operations
Running an accelerator is expensive. From program management to mentor engagement, the financial burden can stretch limited resources. Traditional funds add another layer of cost, often making it difficult to sustain operations. Start Funds, on the other hand, are inexpensive and don’t increase operational overhead. This makes them an ideal fit for accelerators that need to prioritize efficiency while still delivering impact.…
The Venture Trends survey of 208 emerging venture capital managers worldwide reveals strong consensus around positive market dynamics and recovery signals in Q3 2025.
The data, collected from fund managers across diverse geographies and investment stages, demonstrates remarkable alignment in optimistic trend identification. However, this consensus also presents an opportunity for more divergent thinking to uncover additional value in an increasingly competitive landscape.
Q3 2025 Venture Trends
Strong Market Recovery Confidence Among Managers
The survey indicates robust confidence in market fundamentals, with 15.4% of managers identifying “AI of Everything” as the most significant positive trend—nearly double the second-highest category. Additional positive signals include autonomous agents (8.2%), IPO and M&A market reopening (6.7%), and increasing diversity among limited partners (4.3%), painting a picture of broad-based optimism about market conditions.…
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Q3 2025 Venture Trends
The venture capital landscape today presents a fascinating study in contradictions.
While AI dominance and autonomous agents are reshaping entire industries, creating unprecedented opportunities and mega-deals, the specter of an AI bubble looms large alongside growing concerns about artificial general intelligence. We’re witnessing a simultaneous reopening of IPO and M&A windows and an investment slowdown, with LPs both increasing and decreasing their commitments depending on the sector and stage. Government tailwinds are propelling climate tech and defense startups to new heights, yet regulatory pressures and geopolitical uncertainty are creating headwinds that threaten to derail promising ventures.
What are the big Venture Trends?
Which trends will define venture capital in Q3 2025? Cast your vote in our industry survey and help shape the narrative.…
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Q2 2025 Venture Trends
While market volatility and geopolitical tensions have many investors hitting pause, experienced venture capitalists recognize this environment as an opportunity. History consistently shows that downturns produce outsized returns for those who invest against the crowd.
There are many questions…
Will the $4 trillion in capital shifting from public markets benefit Venture Capital?
Which sectors will benefit from this unstable time?
Will AI continue to reign over all?
At VC Lab, we’re seeing mixed trends emerging worldwide in venture capital. We want to know where you think the future is headed.
What are the big Venture Trends?
Which trends will define venture capital in Q2 2025? Cast your vote in our industry survey and help shape the narrative. Select your top three trends, and your insights will be featured at VC Lab’s upcoming Venture Trends event on April 10th:
👉 RSVP for Venture Trends Now: https://FI.co/e/368977…
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Q1 2025 Venture Trends
Venture capital is facing a period of rapid change and growth. What do you think the big trends are?
AI dominated our last Venture Trends survey with 22% support, the highest support in the history of the survey. Science then, venture capitalists have poured billions into AI with AI deals eating at least half of all money in Q3, including one AI deal that was 20% of all venture capital invested.
The sentiment among venture capitalists in Q4 2024 is cautiously optimistic. Despite global economic uncertainties and geopolitical tensions, there’s a growing consensus that the “VC winter” is thawing. This optimism is fueled by a few factors: an anticipated stabilization in market conditions, a strategic pivot towards value over volume in investments, and a heightened interest in ethical and sustainable ventures.…
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Q2 2024 Venture Trends
As Q2 unfolds, the venture capital ecosystem is being reshaped by the pervasive influence of AI across all sectors and investments. Institutional investors are increasingly gravitating towards AI in sustainability and ESG-focused ventures, indicating a move to tech-savvy investments. Interest in AI in biotech and health-tech is rising, aiming to solve global health issues. Moreover, there is a tightening in funding for early-stage startups, prompting a more rigorous due diligence process. However, growth-stage companies demonstrating robust revenue models and clear paths to profitability are securing significant investment rounds. The tech sector, particularly in AI and blockchain, continues to attract attention, with a cautious eye on potential regulatory changes. Q2 is shaping up to be a pivotal moment for venture capital, driving towards an AI-enhanced future.…
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Q1 2024 Venture Trends
As we transition into the first quarter of 2024, the venture capital landscape continues to exhibit promising momentum. The industry is expected to prioritize sustainability, with increased investments in eco-friendly and socially responsible ventures. The growing prominence of decentralized finance (DeFi) is expected to drive funding towards blockchain and cryptocurrency-related ventures, while artificial intelligence and machine learning startups continue to attract substantial capital despite heightened scrutiny on ethical considerations. Additionally, there is a notable emphasis on diversity and inclusion within investment portfolios, reflecting a broader commitment to fostering a more representative and equitable startup ecosystem.
Venture Trends Follow-up
We loved seeing you on January 16th for the lively Trends discussion. To provide the best recap, it would be great to get some of your personal takeaways from the event.…
The Venture Trends Q4 2023 survey shows more than half (61%) lean towards a positive outlook on the VC landscape, which underscores a generally optimistic sentiment among emerging managers worldwide. In contrast, the neutral and negative sentiments account for a smaller portion of the votes, 25.7% and 13.3% respectively.
Top Trends + Analysis
The significant portion of neutral votes hints at a careful but receptive attitude towards market movements, emphasizing a balanced approach to investment and valuation tweaks. While the fewer negative votes show that even with obstacles like the economic downturn and reduced IPO actions, the general feeling towards venture capital movements is largely positive and robust. The survey highlights that an increase in VC ethics and ethical AI are equally anticipated for the last quarter of 2023.…
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Q4 2023 Venture Trends
Navigating through Q4 of 2023, the venture capital landscape is displaying a promising momentum. While prominent Limited Partners are being strategically cautious, their smaller counterparts have embraced the chance to support emerging VC managers on a global scale. Favorable entry points are being found in valuations of early-stage startups, and later-stage startups that have trimmed expenses are drawing in fresh capital through bridge rounds. AI companies, despite market volatility, have secured substantial funding and valuations, yet they persist in facing ethical scrutiny. In addition, a set of sweeping new SEC regulations are aimed at fostering enhanced transparency and fairness within the world of venture capital.
Vote on the Trends
Please select up to three crucial trends for Q4 2023 from the given choices, and press “Submit.”…
Based on recent survey results from emerging managers worldwide, several trends are shaping the venture capital landscape for Q3 2023. We’ve analyzed the top five trends, interpreting the sentiments behind these changes.
Over half of the votes (53.6%) lean towards a positive outlook on the VC landscape, underscoring a generally optimistic sentiment among emerging managers worldwide. This is echoed by a rise in limited partner funding of venture capital in June according to VC Lab data. In contrast, the neutral and negative sentiments account for a smaller portion of the votes, 26.2% and 20.3% respectively.
The relatively high percentage of neutral votes suggests a cautious yet open stance towards the market dynamics, with a measured pace of investment and valuation adjustments being key themes.…
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Q3 2023 Venture Trends
As we moved through Q2 2023, the venture capital landscape is demonstrating positive momentum. While larger Limited Partners are exercising strategic caution, smaller Limited Partners seized the opportunity to back emerging VC managers, backing new and emerging managers worldwide. Early-stage startup valuations offered favorable entry points, and later-stage startups that cut costs have been attracting fresh capital. AI companies have amassed significant funding and valuations, proving immune to market volatility. Across the globe, venture capitalists report that this is potentially the most favorable investment climate they’ve ever experienced.
The question beckons, what’s on the horizon for Q3 2023?As we move into Q3, the landscape is shifting again. Where will the pendulum swing next in the world of venture capital? What are the trends that will redefine Q3 2023?…
Positive change is needed in the world.
A renaissance is underway that will bring the change that is needed. It started with entrepreneurship, and it is now expanding to venture capital.
Today, there are passionate entrepreneurs working to build a bright future everywhere. They are disrupting antiquated industries. They are building solutions to the grand challenges of our time. They are creating innovations that will take humanity to new levels.
The global spread of the entrepreneurial renaissance has not yet been followed by venture capital. While accelerators and angels are operating in most countries around the world, professional sources of capital are isolated to a select few cities, like Silicon Valley, London, New York and Berlin.
The few fortunate cities with thriving venture capital ecosystems have seen more change, more innovation and more wealth creation in a virtuous cycle.…
On December 13th, 2022 VC Lab hosted the latest installment of Venture Trends.
We surveyed the VC Lab community on the top trends affecting venture capital in Q1 2023. You can hear more about the results of the survey in the video above. Below are some of the key takeaways from the participant discussions on popular trends.
How will lower valuations affect the industry?
In 2022, valuations took a hit globally, though specific geographies experienced a much higher impact than others.
Late-stage startups have found it challenging to justify their valuation frothiness.
Seed stage (& pre-seed companies) fared better to hold up a broader valuation compression.
Eager investors with dry powder can now find deals priced favorably.
While FinTech and Web3 have taken a bigger hit in valuations, AgriTech, FoodTech, and AI are areas of growth and focus.…
Join us on December 13th to discuss these trends with general partners and limited partners from around the world.
Reserve a seat at Venture Trends
Q3-Q4 2022…
In Q3 and continuing into Q4, global venture capital investments fell from all-time highs. While there is uncertainty about the recession, more early-stage companies and funds are also being formed, deals are being done, and exits taking place, which still places the industry above historical averages.
What’s next for Q1 2023?
Q4 has seen significant shifts with some of the biggest movements coming out of the crypto industry. What do you believe are the top trends that will impact the beginning of 2023?
Please choose up to three top trends for Q1 2023 from the choices below, and press “Submit.”…
Join the Venture Trends event on September 20th to discuss these trends with general partners and limited partners from around the world.
Reserve a Seat at Venture Trends
Q3 2022 quieter pace…
Venture activity slowed a more normal pace in Q3 2022, as venture capitalists and limited partners took summer holidays. Both the pace of activity and the market volatility decreased.
Q2 2022 has record venture performance
Q2 2022 was one the strongest and the busiest quarters for venture capital in history. Record amounts of capital was raised. High levels of investment and high levels of returns help to create a historic quarter for the asset class.
Q4 2022 has competing forces
Competing forces have emerged in the venture ecosystem. On one side, venture capitalists have a lot of dry powder.…
Join the Venture Trends event on July 27th to discuss these trends with general partners and limited partners from around the world.
Reserve a Free Ticket Today
Q2 2022 was exceptional for venture capital, leading to historic performance in the first half of 2022.
While the stock and crypto markets both experienced crashes, capital flowed into venture. New, emerging and established funds all broke fundraising goals and records.
Despite the influx of capital, many venture capitalists and accelerators feared a downturn and warned portfolio to conserve capital and cut costs in a “Downturn Panic.” This has lead to an increase in available talent for new startups, and excessive later stage valuations have seen large declines.
Entering Q3 of 2022, the interests rates have increased and the markets have stabilized.…