PitchBook：2025年一季度电子商务风险投资趋势报告（英文版）

In Q1 2025, e-commerce enablement VC deal activity outperformed Q4 2024 levels in both deal count (up 14.5%) and value (up 7.1%). The 134 transactions closed marked the highest deal count since Q1 2023, and the $2.9 billion invested was the highest deal value since Q4 2023 ($3.2 billion). The past nine quarters represent a new steady state in e-commerce, averaging $2.4 billion across 119 rounds, albeit with pressure to the downside. Looking at the broader trend, the 2014 to 2019 period marked