Track the consumer tech market. Prepare for your raise.

Consumer tech deal activity in Q3 2025 reached 190 total deals, roughly one-third of the peak levels seen between mid-2021 and early-2022. Venture rounds plateaued, with deal counts remaining relatively flat over the past four quarters—indicating a new baseline rather than a continued decline.

Series A continued to record the highest number of deals (96 in Q3 2025), though activity fell by roughly 70% from 2022 levels. Deal activity shifted toward later rounds, with Series D transactions rebounding from their trough in early 2023.

Median deal sizes continued to rebound after falling sharply post pandemic. Series C deal size rose significantly over the course of 2025, with the median size growing from $43 million (Q1 2025) to $54 million in Q3 of this year. Series B rounds followed a similar trend, increasing from $25 million at the start of the year to $29 million in Q3 2025. This signals that average deal sizes are likely being elevated by a concentration of VC investment into AI startups.

Deal valuations increased meaningfully across all stages since the start of 2024, with no signs yet of the trend slowing. Median Series A pre-money valuations were up 36% from the previous quarter, reaching a record high of $53 million in Q3 2025. Series B deals reached a record high of $218 million in Q3 2025, up 7% from the previous quarter. Series C valuations remained the most volatile but still recorded significant increases over the past 21 months.

Companies accelerated their year-over-year growth in monthly active users (MAU), particularly at the early stages. Consumer tech companies that closed a Series A in Q3 2025 recorded median YoY MAU growth of 73%, up from 31% in the prior quarter. Series C MAU growth remained steady at 24% since the start of the year, while Series B growth rose to 53% over the same period.

Top-quartile companies significantly outpaced their peers in Q3 2025: Series A (+177% vs. +73%), Series B (+114% vs. +53%), and Series C (+90% vs. +24%).

This growth suggests that consumer tech companies are demonstrating stronger user acquisition capabilities, a core signal of product-market fit and demand.

By Q3 2025, the median time between funding rounds often exceeded 30–40 months, indicating that companies typically took more than three years to raise their next round. However, a sharp counter-trend emerged: for top-quartile startups, the time between Series A and Series B shortened to just 16 months. This shift signaled that a select group of high-performing companies was raising capital much faster than a year earlier—a trend worth monitoring as the market moves into 2026.

Over the past seven years, Series A companies typically at least doubled in size before raising a Series B, with median A→B growth rates hovering around 100–200%. In Q3 2025, this threshold eased — median growth between rounds (A→B, B→C, and C→D) had converged in the 85–110% range. This will be an interesting area to monitor heading into 2026.