2025 SaaS Benchmarks Report by High Alpha
Contents
Introduction
Executive Summary
AI-Driven Market Rebound
Growth & Efficiency
SaaS Metrics & Trends
People
Founder Insights
Closing
Venture Capital Deal Value Returns to 2021 Levels
VC DEAL ACTIVITY Deal Count Has Remained Relatively Flat Despite Significant Increases to Deal Value
Deal Count (Actual) Deal Count (Actual + Estimated) Deal Value
Deal Value
Deal Count
$120B
6000
$100B
5000
$80B
4000
$60B
3000
! INSIGHTS
$40B
2000
Although venture deal value has significantly increased over the past four quarters, deal count has remained flat. This implies a different composition for deals over that period with a smaller number of mega deals driving an outsized share of the deal value.
$20B
1000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018
2019
2020
2021
2022
2023
2024
2025
Source: Q3 2025 Pitchbook NVCA Venture Monitor
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