PitchBook：2025年三季度电子商务风险投资趋势报告（英文版）

E-commerce enablement startups raised $3.8 billion in Q3 2025, up 34.8% QoQ and 23.8% YoY. Conversely, deal volume fell to 117 transactions, down 9.3% QoQ and 5.6% YoY. This fundraising surge signals increasing investor confidence and a flight to quality in the sector. The quarter outperformed the nine-quarter average in deal value ($3.8 billion versus $2.9 billion) but underperformed in volume (117 versus 135). As a share of aggregate VC activity, commerce tech reached 3%, up from a local mi