Understand how your CPM compares. Dive into benchmark data by industry, region, and campaign type
December 2024 - December 2025
Detailed observation of presented data
The Venture Capital & Investment category ran hot on CPM in 2025, with costs that were consistently higher and far more volatile than the global all‑industry benchmark. The year opened with a sharp jump from a soft December base, drifted lower into spring, then accelerated through late Q3 and spiked dramatically in Q4—culminating in a triple‑digit November. Compared to the steadier global pattern, this category’s CPM curve showed bigger swings and a steeper year‑end surge.
This analysis is based on $3B worth of advertising data from our dataset, which provides strong directional benchmarks. This analysis explores ad performance trends for Venture Capital & Investment across all countries compared to the global benchmark.
Across December 2024 to November 2025, Venture Capital & Investment CPM averaged 31.7, ranging from a low of 11.78 in December to a high of 102.65 in November. The period began subdued, then jumped nearly threefold in January to 34.03 (+189% MoM) before easing back to 16.96 in March and 16.14 in April. Mid‑year CPMs hovered in the high‑teens to low‑20s (May at 21.55; July at 17.03; August at 23.30).
Momentum shifted in late summer: CPM nearly doubled from August to September (23.30 to 46.55), ticked higher in October (48.85), and then surged to 102.65 in November—an additional +110% month‑over‑month. From the December starting point, that’s an eightfold rise by November.
Volatility was a defining feature. Absolute month‑to‑month swings averaged 12.34 points, which is large relative to the category’s own mean (about 39% of average CPM).
The category followed a recognizable rhythm but with amplified moves. After a soft December base, costs lifted sharply in January, then softened through late Q1 and Q2—consistent with lighter demand following the holiday period. The mid‑year trough clustered between March and July (16–17 range) with a modest rebound in May. Late Q3 marked a regime change: CPMs climbed in August and then stepped up materially in September and October, ahead of an outsized November peak that reflects intense late‑year competition typical of Q4.
Against the global all‑industry benchmark (average 19.9 over the same months), Venture Capital & Investment CPMs averaged 59% higher. The gap oscillated: the category sat below global levels in December (−42%), March (−11%), April (−13%), June (−11%), and July (−12%). The narrowest spread appeared in May (+9% above global). The widest gap came in November, when the category’s 102.65 CPM ran 305% above the global 25.33. Late‑year differences also widened in September (+137%) and October (+127%).
Volatility further distinguished the category: average monthly movement was roughly 12.34 points versus just 1.17 for the global benchmark—about 10× more volatile. While the global trend rose gradually from December to November (+24%), Venture Capital & Investment CPMs accelerated sharply in the back half, ending the period at their peak.
This CPM analysis of Facebook Ads benchmarks shows that Venture Capital & Investment across all countries carries higher, more variable impression costs than the global average, with subdued spring pricing and an aggressive Q4 run‑up. Understanding Facebook Ads CPM benchmarks for the Venture Capital & Investment industry globally helps marketers place category‑level ad costs and performance within a clear, data‑driven context.
Insights & analysis of Facebook advertising costs
Cost Per Mille (CPM) is the cost advertisers pay for 1,000 impressions of their Facebook ad. In the Venture Capital & Investment industry, Facebook ad costs can be influenced by seasonal trends and market competition. Geographic targeting affects ad costs based on market competition and user engagement in different regions. Different campaign objectives lead to varying costs based on how Facebook optimizes for your specific goals. The data shown represents median values across multiple campaigns, and individual results may vary based on ad quality, audience targeting, and campaign optimization.
We use the median CTR because the underlying distribution of click-through rates is highly skewed, with a small share of campaigns achieving extremely high CTRs. These outliers can inflate a simple average, making it less representative of what most advertisers actually experience. By using the median—which sits at the midpoint of all campaigns—we provide a more rigorous and realistic benchmark that reflects the true underlying data model and helps you set attainable performance expectations.
Note: This data represents industry median values and benchmarks. Your actual costs may vary based on specific targeting, ad creative quality, and campaign optimization.
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All data is sourced from over $3B in Facebook ad spend, collected across thousands of ad accounts that use Superads daily to analyze and improve their campaigns. Every data point is fully anonymized and aggregated—no individual advertiser is ever exposed.
This dataset updates frequently as new ad data flows in. It will only get bigger and better.
CPMs are heavily influenced by competition, seasonality (e.g., Q4 costs more), audience size, and ad quality. Smaller audiences and lower relevance scores often lead to higher CPMs.
Different campaign objectives, bidding strategies, and even time of day can change your CPM. For example, conversion campaigns usually have higher CPMs than traffic ones. Also, broad targeting tends to drive lower CPMs.
In most industries, CPMs range from $5 to $18 depending on the region and objective. Retail and e-comm campaigns often sit at the higher end. Our live data above shows a breakdown by country and industry.
Both matter, but audience quality (intent + match with your offer) usually has more impact than pure size. However, extremely tight audiences often lead to expensive CPMs due to limited delivery opportunities.
Depends on your goal. For awareness, CPM is more relevant. For performance campaigns, CPC and CPA matter more. But all are connected—inefficient CPMs can inflate your entire funnel.
Discover detailed cost benchmarks for different Facebook advertising metrics:
Average cost per click benchmarks across industries
Cost per thousand impressions across different markets
Benchmark click-through rates for Facebook ads
Cost per lead across different markets
Average cost per purchase benchmarks across industries
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