Where Do Startup Funds Ultimately Flow? A Complete Anatomy of Labor Costs, R&D, and AI Infrastructure

This structure, consisting of 45% labor costs and 30% R&D, reflects early-stage startups' decisions to secure technological superiority over growth first. The Whereabouts of $425 Billion In 2025, the global venture capital market poured a total of $425 billion (approx. 580 trillion KRW) into the startup ecosystem over the course of the year. According to Crunchbase data, $425 billion flowed into more than 24,000 private companies worldwide in the form of venture and growth investments in 2025, a 30% increase from the previous year, marking the third-highest annual investment scale since the peak in 2021–2022. So, where is this astronomical amount of capital actually being used? When startups receive investment funds, the money is often broadly generalized simply as 'company operating expenses.' However, as competition intensifies and investors demand profitability more rigorously in the …