A tale of two markets: Series As slow as syndicates drive megarounds

With a month left in 2025, the private financing landscape points to a tough year for series A rounds, with the number of financings declining each year since 2021. But companies that do raise are more likely to secure larger sums, with $200 million–plus series As hitting a decade high. Behind the trend is an investor base that has grown cautious about going it alone — big syndicates are back, while single-investor deals have fallen to a 10-year low.

The picture that emerges is one of haves and have-nots, plus some investor herding. Investors don’t want to stick their neck out, but once they find an opportunity, they’ll fund it well...