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The Entrepreneurs Report: Private Company Financing Trends Q3 2025 (Wilson Sonsini Goodrich & Rosati)

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ReportWilson Sonsini Goodrich & RosatiJanuary 202520 pages30 min readOriginal source
Key number
90%+
Pre-Seed fundraises using SAFEs p.2
Largest segment
$550 million USD
Series C and later median valuation p.5

Summary

  • More than 90% of pre-Seed fundraises use SAFEs, which remain the clear favorite for sub-million-dollar deals.p.2
  • Valuations and round sizes increased quarter over quarter at most stages in Q3 2025.p.2
  • Nearly 40% of Seed and Series A companies in the dataset highlight AI as a key part of their mission.p.5
  • Series C and later-stage valuations declined from the previous quarter but still reached $550 million.p.5
  • Median Seed and Series A valuations in Q3 2025 matched those seen in Q2 2025.p.5

Key insights

  1. All stages except Series C were flat or above the previous quarter in pre-money median valuations.p.5
  2. Series B valuations experienced the strongest quarter in over a year.p.5
  3. Fundraise amounts move in line with valuations, showing investor appetite for substantial rounds.p.6
  4. Fintech start-ups should invest early in compliance infrastructure, including both people and technology.p.4
  5. Early-stage founders often do not understand the regulatory environment even when partnering with a bank.p.3

Topics and entities

USRegulationStartup fundingVenture capitalWilson Sonsini Goodrich & Rosati

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