PitchBook：2025年二季度电子商务风险投资趋势报告（英文版）

In Q2 2025, e-commerce enablement startups raised $3.3 billion in venture capital—up 11.4% QoQ and 40.3% YoY. Conversely, VC deal volume fell to 123 transactions, marking an 18% QoQ contraction but 8.8% increase YoY. Since the beginning of 2023, despite undulating deal value, the e-commerce technology ecosystem has settled into a steady state, averaging $3 billion in capital deployed across 134 deals per quarter, albeit with pressure to the downside on volume. The current market resembles the