European startup funding H2 2026
Half-year report · 2026-07-01 – 2026-12-31 · in progress
Half-yearPartial — in progress through 2026-11-10
Summary
auto-generatedH2 2026 is in progress (through 2026-11-10); 1,123 rounds so far, with €27B raised in equity (excluding debt and grants) and €10B in debt.
So far 2,547 named investors have participated; figures will grow as the half-year completes and are not compared to H1 2026.
UK led by equity raised with €6.9B (25.9% of equity).
AI was the most-funded sector at €7.2B in equity (27.1%).
The ten largest rounds accounted for 41.4% of disclosed capital, led by Mistral AI's €3.0B.
168 exits were recorded this half-year worth a combined €700M.
Equity funding
€27B
excl. debt & grants · +€10B debt
Funding rounds
1,123
Companies funded
1,108
Named investors
2,547
Exits
168
Provenance: 86% of 1,124 rounds disclosed an amount · 92% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.07%
Methodology →Investments
Funding within H2 2026
by monthFunding within H2 2026 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €8.7B | 269 |
| Aug | €3.2B | 166 |
| Sep | €16B | 310 |
| Oct | €6.0B | 290 |
| Nov | €3.2B | 88 |
| Dec | €0 | 0 |
Biggest deals
top 10 by amount- 1Mistral AISeries D+ · France · Sep 2026€3.0B
- 2NscaleDebt · UK · Sep 2026€3.0B
- 3NscaleDebt · UK · Sep 2026€2.6B
- 4HelsingSeries D+ · Germany · Jul 2026€1.6B
- 5Fal.aiSeries D+ · Türkiye · Nov 2026€1.2B
- 6Quantum SystemsSeries D+ · Germany · Jul 2026€1.1B
- 7ReturnDebt · Netherlands · Nov 2026€835M
- 8NscaleDebt · UK · Jul 2026€787M
- 9FractileSeries C · UK · Oct 2026€692M
- 10Neko HealthSeries C · Sweden · Jul 2026€614M
Concentration
top 10 deals41.4%
of disclosed capital came from the ten largest rounds.
Top 10 total
€15B
Period total
€37B
Countries
Top countries
equity raisedH2 2026 — top countries — interactive chart.
Data table
| H2 2026 — top countries | |
|---|---|
| UK | €6.9B |
| Germany | €5.1B |
| France | €4.5B |
| Spain | €1.9B |
| Sweden | €1.9B |
| Netherlands | €1.4B |
| Türkiye | €1.3B |
| Switzerland | €734M |
| Portugal | €626M |
| Italy | €473M |
Capital by country
share of equityH2 2026 — capital by country — interactive chart.
Data table
| H2 2026 — capital by country | |
|---|---|
| UK | €6.9B |
| Germany | €5.1B |
| France | €4.5B |
| Spain | €1.9B |
| Sweden | €1.9B |
| Netherlands | €1.4B |
| Türkiye | €1.3B |
| Switzerland | €734M |
| Portugal | €626M |
| Italy | €473M |
| Other | €1.8B |
Geographic distribution
European countries shown · click a countryH2 2026 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2026 — top sectors — interactive chart.
Data table
| H2 2026 — top sectors | |
|---|---|
| AI | €7.2B |
| Healthtech | €3.0B |
| Fintech | €2.5B |
| Software | €2.4B |
| Robotics | €2.1B |
| Media | €1.2B |
| Cybersecurity | €1.2B |
| Energy | €1.1B |
| Space | €1.1B |
| Defence | €904M |
Capital by sector
share of equityH2 2026 — capital by sector — interactive chart.
Data table
| H2 2026 — capital by sector | |
|---|---|
| AI | €7.2B |
| Healthtech | €3.0B |
| Fintech | €2.5B |
| Software | €2.4B |
| Robotics | €2.1B |
| Media | €1.2B |
| Cybersecurity | €1.2B |
| Energy | €1.1B |
| Other | €7.2B |
Stages
Funding by stage
total euro raised by round typeH2 2026 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €306M |
| Seed | €1.3B |
| Series A | €2.4B |
| Series B | €2.9B |
| Series C | €4.0B |
| Series D+ | €8.1B |
| Early VC | €227k |
| Growth/Late | €834M |
| Debt | €10B |
| Grant | €111M |
| Other | €6.8B |
Exits
Exit activity
168
exits recorded
€700M
combined disclosed value
Exits breakdown
by typeH2 2026 — exits by type — interactive chart.
Data table
| H2 2026 — exits by type | |
|---|---|
| Acquisition | 162 |
| Merger | 5 |
| Unknown | 1 |