PitchBook：2025年一季度企业SaaS风险投资趋势报告（英文版）

Q1 2025 saw the greatest number of dollars invested in enterprise software-as-a-service (SaaS) companies we have ever recorded, at $58 billion, over two-thirds of which was driven by OpenAI’s $40 billion raise on March 31. The quarter flew far beyond the 2021 peak of $42.6 billion—over 36% higher—and was led by the massive investment in AI opportunities now fully gripping the investment landscape for enterprise SaaS. By comparison, the last peak in Q4 2021 was largely driven by federal stimul