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The inner German is pleased: punctual signals, zero confetti.
In Q3 2025 AEC-Tech funding, we saw a quarter that swapped hype for hygiene, and still moved the story forward.
\\ We’re tracking $807M raised in Q3 and a 0.5% share of total VC for the quarter. Cumulatively, the sector now sits at $39B in venture equity.
\\ Normalization, not weakness: post-2021 peak quarters ran +227% above the pre-2021 baseline and the average quarter is +53%; Q3 stepped down from peaks toward that long-run median zone while staying above pre-2021.
\\ By region, Europe + Israel lead on market share at 0.8%, ahead of APAC (0.5%) and North America (0.4%).
\\ Stage dynamics stayed selective but constructive: early- and late-stage rounds remain high, with Series A/B still slower and late-stage stabilizing.
\\ Capital stayed focused: Top 4 deals = 53% of Q3 funding and Top 10 = 75%Largest rounds included Aira ($175M), Terra CO2 ($125M), PassiveLogic ($74M) and Infra.Market ($54.9M, Foundamental portfolio).
And the unicorn tape? No net-new unicorns in Q3 2025. BuildOps recent new Unicorn in Q1 2025