Looking at VC funding, these investments and deal volumes have been incredibly volatile in recent years after peaking in 2021. Companies have instead been encouraged to turn to M&A strategies for growth and liquidity. The median VC funding size was $2.8 million during the first half of 2025. 

During the first half of 2025, the median disclosed exit revenue multiples for companies in the Internet Content & Commerce subsector was 8.2 times, followed by Application Software at 4.5 times, and Payments at 4.2 times. The median disclosed M&A deal size was $70 million.