PitchBook：2025年消费技术展望报告（英文版）

2 E-commerce: A VC-backed B2C brand, likely in clothing or apparel, will reach a nine-figure valuation by leveraging a user-generated-content ecosystem like Roblox as a novel distribution channel. p. 5 Gaming: The number of investors active in gaming will fall further as the sector remains underinvested relative to public market capitalization. VC-backed content developers will struggle to siphon market share from incumbents. p. 8 Retail fintech: Fintech investments will increase in the Asia-