Americas

VC investment across the Americas rose meaningfully in Q4’25, reaching $95.6 billion — a 17-quarter high — across 3,725 deals, as investors grew increasingly comfortable operating in a prolonged environment of uncertainty. Despite ongoing geopolitical risks, trade tensions, and tariff-related concerns, investors across the region demonstrated a renewed willingness to deploy capital. Outside of the AI sector, however, investment activity remained concentrated in late-stage companies and businesses with proven fundamentals.

During Q4’25, the US attracted the vast majority of VC investment in the Americas, including all ten of the region’s largest deals. AI attracted standout levels of VC investment in the US during the quarter, including eight $1 billion+ deals. The US also saw $1 billion raises by fintech Kalshi and energy firm Base Power.

Outside of the US, Canada recorded a second consecutive quarter with more than $2 billion in venture capital investment, led by an $850 million raise by legal case management software firm Clio and a $536.1 million round for investment management platform Wealthsimple. In Q4’25, several other countries across the Americas also attracted $100 million-plus megadeals, including Mexico (Plata Card, $250 million) and Brazil (Creditas, $108 million).

Venture capital investment in Canada closed the year on a strong note, surpassing $2 billion for the second consecutive quarter, driven by sizable raises from legaltech firm Clio ($850 million) and fintech platform Wealthsimple ($536.1 million). AI remained a top priority for Canadian VC investors, supported in part by a strong and visible commitment from the federal government to advancing the country’s AI ecosystem.

In its 2025 federal budget, the Canadian government committed $925 million over five years to support the development of sovereign public AI infrastructure, in addition to $334 million to support the development of quantum technology companies in Canada-including those focused on defense tech solutions.¹ The government commitment is expected to drive significant interest in the AI space over the coming years, both from corporates and VC investors; in December, Microsoft announced that it would invest $7.5 billion in Canada over the next two years — for a total of $19 billion over five years — largely to build new digital and AI infrastructure.²

Venture capital investment in Brazil was relatively subdued in Q4’25, with the largest transaction of the quarter being a $108 million raise by digital lending platform Creditas. On a full-year basis, however, 2025 was a notably stronger year, with VC investment increasing from $1.8 billion to more than $3 billion year over year, albeit still below prior peak levels.

While overall deal volume remained soft in 2025, investors demonstrated a clear willingness to back companies with strong track records and proven sustainability, resulting in larger average ticket sizes for high-quality issuers. Brazil’s increasingly mature fintech ecosystem continued to attract the largest share of venture capital, with many leading platforms prioritizing geographic expansion into markets such as Mexico, Chile, Argentina, and, in select cases, the United States.

At the same time, sector diversification continued to improve, with growing investment activity across areas such as cleantech — highlighted by a $45 million equity and a $75 million debt raise by Vammo — and micromobility, including a $55.6 million round for Tembici.

The fintech sector continued to attract robust interest from VC investors across the Americas during Q4’25, with the US, Canda, and Latin America all attracting large deals in the space. In the US, event prediction betting platform Kalshi raised $1 billion, while Canada-based financial management platform Wealthsimple raised $536 billion, Mexico-based rewards credit card Plata Card raised $250 million, and Brazil-based lending platform Creditas raised $108 million.