Seed slows while Series A & B rebound
We’re publishing the first edition of our quarterly review of milestone venture rounds (Seed, Series A, and Series B) in U.S. climate tech.
What’s inside the report
- Five‑quarter trendlines by stage, modality (physical / digital / biological), and vertical
- Deal lists by stage for Q2’25
- Round size benchmarks and where megarounds are concentrating
- Practical advice for Seed–Series B founders navigating today’s market
- Deep dive into the investment activity of the most active VCs in the space over the past 12 months
- Highlighted new investor funds raised in the past 12 months
Here are the headlines and why they matter if you’re fundraising in 2025.
Q2 2025 saw a modest rebound in total investment across milestone rounds, even as Seed activity tightened further. Physical climate tech dominated dollar flow, Energy led across verticals, and Series B checks skewed to a small number of megadeals.
Top takeaways from Q2’25
- Total milestone funding rose to $1.43B (+12% QoQ; +17% vs a year ago).
- Physical tech dominated Q2, taking ~90% of dollars; digital and biological were far smaller shares than a year ago.
- Energy led the way again with 21 deals and $0.66B raised.
- Seed contracted to $0.10B (–48% QoQ; –44% vs a year ago), with the pullback most pronounced in physical and biological startups; digital Seed held up better, buoyed by AI x energy plays.
- Series A recovered to $0.53B (+50% QoQ), skewing heavily toward physical product companies—nuclear, grid hardware, solar‑thermal, modular systems, and advanced materials.
- Series B climbed to $0.80B (+9% QoQ; +76% vs a year ago), with >60% of capital in three megadeals (Base Power $200M, Electra $186M, Electra Aero $115M).