The Q1 2025 report highlights a competitive venture capital landscape, with rising pre-money valuations despite a decline in deal counts across all funding stages. While seed rounds fell significantly, later-stage fundraising showed some growth, indicating a selective investment environment where only standout startups attract funding.

Polymarket is exploring a financing round that could value the company between $9 billion and $10 billion, while Kalshi is nearing a $5 billion valuation for its upcoming fundraising. Both prediction market platforms are experiencing increased activity, with Polymarket set to relaunch in the U.S. after receiving approval from the CFTC.