The past year, 2025, ranked as the third strongest year in the history of venture capital, following the record-breaking peaks of 2021 and 2022, according to Crunchbase data. Beyond the overall capital deployment, the year set new historic milestones:
– the largest funding round – $40 billion for OpenAI;
– the highest private company valuation – $800 billion for SpaceX;
– and the largest acquisition – Wiz for $32 billion by Google.
Total investment volume increased by 30% compared to 2024, with 20% of capital concentrated in just five companies. AI-related businesses attracted 50% of total investment, marking an 85% year-over-year increase. The year concluded strongly, with Q4 posting 14% growth versus the same period of the previous year.
For us, the year was positive, with approximately €1.7 million growth in portfolio value.
We made follow-on investments in Eleven Fund III, Hydrogenera, and TETMET. ONDO, Native Spaces, and Icanpreneur secured new funding, while Hydrogenera completed a successful IPO on the Bulgarian Stock Exchange. We expect this momentum to continue, with at least three portfolio companies anticipated to raise new capital in 2026.
We signed a preliminary agreement to sell part of our stake in eBag through an internal transaction with another investor, HR Capital. As of the date of publication of this report, the transaction has been finalized, and MFG Invest has received proceeds of €4.8 million. At the end of February 2026, we also announced our intention to distribute an interim dividend to shareholders and provided guidance on our expected profit as of 30 June 2026.