创投市场频现“A+++”

Core Insights - The article discusses the increasing prevalence of "++" financing rounds in the venture capital market, particularly in sectors like semiconductors, biomedicine, and embodied intelligence, indicating a shift in funding strategies for startups [1][2][4] Group 1: Financing Trends - Recent years have seen a rise in financing rounds labeled as Pre-A+, A+, A++, B+, and B++, with a notable increase in "++" rounds, reflecting a trend where companies are breaking down their financing needs into multiple smaller rounds [2][3] - In the first half of 2025, there were 591 instances of "+ round" financing in China, accounting for 15.79% of total financing transactions, with A+ rounds being the most frequent, totaling 331 occurrences, which is over 80% of the total A+ rounds in 2024 [2] Group 2: Reasons for Multiple Rounds - The necessity for multiple financing rounds often stems from a mismatch between financing valuations and the expected milestones, leading companies to extend their current financing rounds rather than moving to the next [4][5] - The current market environment encourages a cautious investment approach, with investors preferring to invest at existing valuation levels, making "+ round" financing more attractive as it allows them to enter at a lower cost while still benefiting from the company's growth [5][6] Group 3: Investment Strategy - The strategy of "small steps" in financing has become common, where companies are advised to break down their funding needs into smaller increments to demonstrate progress and reduce risk for investors [7] - This cautious approach has led to a more selective investment landscape, where only startups with strong backgrounds or connections are able to secure funding, while those with less robust business models face challenges [7]