The State of U.S. Early-Stage Venture & Startups: H1’25
The venture market is stabilizing—here’s what our data shows.
Aug 27, 2025 — 1 min read
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Our H1 2025 State of Venture report reveals a market continuing its steady recovery, but the numbers tell a nuanced story.
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. Combined, these two sectors grabbed 60% of all deployed capital.
The COVID Hangover Persists
Companies from the "COVID Exposed" era (2018-2022) remain the weakest performers, weighed down by inflated pandemic valuations. Meanwhile, the "New Normal" cohort (2023-2024) shows surprising strength.
The silver lining? 2022-vintage funds are already outperforming 2021 funds at the same stage, suggesting recent vintages may escape the feared "lost decade."
The Performance Reality Check
While the market trends upward, venture funds have been treading water for 3.5 years.
H1 2025 State of Venture Report
Our full report dives deeper into each of these focus areas and captures additional key data points, including:
- AngelList Startup Index
- Scores by Cohort Year
- Fund Benchmark Data
- AngelList Funds vs. Cambridge Associates 2024 Benchmark Comparison
- Typical Fund Performance by Vintage Year
- Startup Benchmark Data
- Median Valuation
- Early-Stage Venture by Market
The State of Venture 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.
