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Fortune

Allie Garfinkle

Global e-commerce startup funding hits 2020s low, while 2025 U.S. holiday spending could break records

e-commerce Crunchbase

(Credit: Adam Gray—AFP via Getty Images)

The Retail Super Bowl is upon us: Black Friday through Cyber Monday is here.

And 2025 is expected to be record-breaking: The National Retail Federation anticipates that, for the first time, U.S. holiday spending will cross $1 trillion. Now, a seeming contradiction—funding for e-commerce startups is at a low.

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