Deal count rises as total capital grows faster

Deal volume in the 90 days to 13 November 2026 rose from 670 to 706, up 5.4%, while total capital raised climbed from €23.26B to €28.2B, up 21.2%. Capital is growing roughly four times faster than deal count, pointing to larger average round sizes rather than more companies being funded — the average round across the window stands at €39.9M, well above the €5M median, underscoring how concentrated the growth is among large deals.

That concentration is visible at the top of the market: the ten largest rounds total €13.4B, accounting for 47.5% of all capital raised in the period. The single biggest round, Mistral AI's €3B raise in France, is closely trailed by two Nscale rounds in the UK worth €2.95B and €2.59B, which together total €5.5B. Fal.ai's €1.15B round in Türkiye, Return's €835M round in the Netherlands, and Fractile's €692M round in the UK round out the largest six deals, illustrating how a small number of outsized rounds are driving most of the capital growth while deal count rises only modestly.

AI-generatedWritten by an AI model from Tech.eu Funding Explorer data (2026-11-15). Figures are checked against the underlying data and each draft is reviewed by an independent second model before publishing; anything unverifiable is held back. Not investment advice. Labelled for AI transparency (EU AI Act Art. 50, applicable from 2 Aug 2026).