创投市场频现“A+++”

Core Viewpoint - The investment landscape is shifting towards multiple rounds of financing, with a trend of "++" rounds becoming common, reflecting a cautious approach from institutions and a preference for incremental funding strategies [2][3]. Group 1: Financing Trends - Recent years have seen an increase in "+++" and "++++" financing rounds, particularly in sectors like semiconductors, biomedicine, embodied intelligence, and low-altitude economy [3][5]. - In the first half of 2025, there were 591 instances of "+ round" financing, 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 [6]. - The rise of "+ round" financing indicates that companies are splitting what would traditionally be a single round into multiple smaller rounds, extending the financing cycle [6]. Group 2: Institutional Caution - The need for multiple financing rounds arises from mismatches between financing valuations and future development expectations, as companies may not achieve significant milestones to justify moving to the next round [8]. - The current market environment encourages a cautious investment approach, with investors preferring to invest at existing round valuations, making "+ round" financing more attractive [9]. - The trend of "investing early and small" reflects a shift towards more conservative valuation practices, correcting previous overvaluations in the market [9]. Group 3: Incremental Financing Strategy - The strategy of "small steps" in financing has become the norm, where companies are advised to break down their funding needs into smaller increments to mitigate risks for investors [10]. - This approach allows companies to demonstrate progress before securing additional funding, which is crucial in high-risk sectors [10]. - The current funding environment has made it challenging for less established entrepreneurs to secure financing, with successful startups often having strong academic or corporate backgrounds [10].