Record Highs, Record Lows: Tracking the Shifting VC Landscape
For venture capital, 2025 was remarkable for highs and lows.
Among the highs: Two of the three biggest quarters ever for venture funding took place last year.
And, the lows: Overall, firms closed a record-low number of funds.
This dichotomy inspires this edition of Venture Legal, exploring some of the ways in which the VC landscape is evolving, including:
⭐Record raises for the biggest VCs, but a difficult time for mid-level funds.
While big VC firms announce mega-fundraises, many newer and mid-level funds struggled in 2025.
⭐Venture capital goes global. VCs are traveling the world to find new investors, while India and other global markets have had robust activity.
⭐The potential upcoming IPO “mega-cycle.” Experts are predicting a possible “mega-cycle” for IPOs, and projecting what it will mean for VCs and LPs.
⭐Enterprise AI consolidation. As enterprise-focused VCs anticipate consolidation of AI spend, we may see even more M&A activity – a trend which may already be underway in LegalTech.
➡️Read the full feature story: Record Highs, Record Lows: Tracking the Shifting VC
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As the AI boom continues, the numbers can be startling. CNBC reported that AI startups have minted dozens of new billionaires this year, and there are now 498 AI unicorns with valuations of $1 billion or more, with a combined value of $2.7 trillion. For companies operating in this space, maintaining regulatory compliance has become…
