Of those, only a couple dozen purchases had disclosed prices. Those that did, however, included some very sizable deals, valued altogether at more than $6.3 billion.<\/p>\n
For a sense of where the money is going, below we curated a list of the 12 largest disclosed-price startup-to-startup acquisitions<\/a> of the past year.<\/p>\n Biggest spenders<\/p>\n By far the largest purchase this past year came from Stripe<\/a>, one of the busiest and most deep-pocketed acquirers in all of startupland. Last October, the South San Francisco-based payments technology provider agreed to buy fintech startup Bridge<\/a> for $1.1 billion.<\/p>\n So far, 2025 is off to a brisk start as well. Just last week, spatial computing and AI unicorn Infinite Reality<\/a> acquired agentic AI company Touchcast<\/a> for $500 million in cash and stock<\/a>. And in January, New York-based e-commerce technology unicorn Rokt<\/a> paid $300 million for customer data platform mParticle<\/a>.<\/p>\n As you might suspect, the unicorns spending the most on startup M&A are a well-capitalized bunch. Stripe has raised $9.4 billion in funding to date, while Infinite Reality has secured $3.4 billion.<\/p>\n Other serial acquirers that don\u2019t habitually disclose purchase prices are also capable of writing really large checks. This includes OpenAI<\/a>, recipient of the largest funding round<\/a> in venture history, which has made three acquisitions in the past two years, per Crunchbase data.<\/p>\n Most-active buyers<\/p>\n In addition to spending a lot of money, some startups also do a lot of deals.<\/p>\n For more mature unicorns, in particular, it\u2019s not uncommon to see multiple acquisitions to date. Some of the busiest have 10 or more.<\/p>\n Using Crunchbase data, we put together a data dive into some of the most active serial acquirers, with an emphasis on those who have recently consummated purchases. Standouts include:<\/p>\n Databricks:<\/strong> Over the past five years, Databricks<\/a> has acquired at least 11 companies<\/a>. Of those deals, the largest was its $1.3 billion purchase in 2023 of MosaicML<\/a>.<\/p>\n Automattic:<\/strong> Online publishing platform Automattic<\/a> has 29 acquisitions<\/a> under its belt, of which four closed in the past two years. Of those, the biggest was its $125 million acquisition of chat app Beeper<\/a> a year ago.<\/p>\n Stripe:<\/strong> Payments unicorn Stripe has bought 16 companies<\/a> over the past 13 years. However, it only disclosed a purchase price on two of those deals, Bridge and Paystack<\/a>, which it bought for $200 million in 2020.<\/p>\n Infinite Reality:<\/strong> Six-year-old Infinite Reality has a taste for M&A. It\u2019s made 10 acquisitions<\/a> to date, including seven in the past year. Five of its acquisitions have disclosed purchase prices of $100 million or more.<\/p>\n GrubMarket:<\/strong> San Francisco-headquartered GrubMarket<\/a>, a unicorn focused on the food supply chain, has also been a busy buyer. It\u2019s carried out 54 acquisitions<\/a> to date, including many regional produce distributors and several software companies. One of the more high-profile deals was last year\u2019s purchase of Good Eggs<\/a>, a meal kit startup that previously raised over $200 million in venture funding.<\/p>\n Scopely:<\/strong> Game publisher Scopely<\/a>, which is itself owned by Savvy Games Group<\/a>, is another active acquirer. Last month, it agreed to pay $3.5 billion for Niantic<\/a>\u2019s game business. To date, Scopely has made at least 11 known acquisitions<\/a>.<\/p>\n Epic Games:<\/strong> Carey, North Carolina-based Epic<\/a> hasn\u2019t been a particularly active acquirer of late, but it has done a lot of buying over the years, with 20 acquisitions<\/a> to date. The most recent deal was an April acquisition<\/a> of Loci<\/a>, a seed-stage startup focused on AI technology for 3D content.<\/p>\n An expected evolution<\/p>\n These days, there are quite a few mature, high-valuation venture-backed companies that have chosen to stay private. Given their ample capital reserves and appetite for growth, it\u2019s not surprising to see them showing a taste for M&A.<\/p>\n With public markets in correction territory, and so many leading tech stocks down sharply in recent weeks, we could even envision private companies taking a larger role in startup M&A going forward. Since unicorns rarely disclose how much they pay for an acquisition, however, it\u2019ll be unclear what caliber of exits they\u2019re providing.<\/p>\n Related Crunchbase Pro lists:<\/p>\n Related reading:<\/p>\n
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