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The State of Venture Report H1 2025
A detailed look into venture performance throughout H1 of 2025, clarifying uncertain times through timely data and candid analysis for GPs, LPs, and founders.
Inside the report
AngelList Funds Outperform Benchmarks
Cambridge Associates recently released 2024 venture benchmarks. AngelList funds are consistently equal or higher across IRR and DPI—and heavily outperformed on TVPI for older vintages.
AI Dominance Accelerates
41.5% of AngelList deals went to AI/ML startups in H1 2025—nearly double 2024's rate. Robotics surged even more dramatically, capturing 29% of all capital despite just 3.3% of deal volume.
Series A & Series B Valuations Rise
Seed valuations remain steady while Series A and Series B rise. Median Pre-Seed and Seed valuations at the 50th percentile held flat relative to 2024, while later rounds ticked up slightly.
Archive
- Raising Institutional Capital: A Practical Readiness Guide for Venture Firms Report
- The State of Venture 2024 Report
- The Emerging Manager’s Guide: How to plan your Fund I Report
- The State of U.S. Early Stage Venture & Startups: 3Q23 Report
- The State of U.S. Early Stage Venture & Startups: 2Q23 Report
- The State of U.S. Early-Stage Venture: 1Q23 Report