Europe's Top 10 VC Funds of 2026 So Far

Jan de Vries · 2026-07-02

European venture capital is on a tear in 2026. The biggest funds are zeroing in on specialist areas like DeepTech, DefenceTech, AI, FinTech, quantum computing, BioTech, climate tech, and early-stage software infrastructure. It's a clear signal that investors are betting big on transformative technologies. Based on announcements so far this year, the ten largest VC vehicles we've identified total around $3.6 billion in capital. That's a massive war chest for Europe's startup ecosystem. Let's break down who's raising what and where they're placing their bets. This list ranks funds by their 2026 size, not by how much they've already deployed. We've highlighted each fund's focus and some portfolio companies. All data comes from EU-Startups coverage. ### Kembara Leads the Pack with $820 Million Barcelona-based Kembara tops our list with a reported $820 million first close for its $1.1 billion DeepTech fund. That's a monster raise. The firm is targeting growth-stage European DeepTech companies, focusing on Series B and Series C rounds. Their areas of interest span AI, robotics, compute, clean energy, SpaceTech, dual-use and DefenceTech, and advanced materials. According to earlier reports, this fund is expected to back around 20 companies. It's a concentrated bet on Europe's deepest tech. ### E2D: $547 Million for DefenceTech E2D, a Franco-German growth vehicle created by Earlybird and AVP, ranks second. In June, they reported a $547 million fund focused on Europe's DefenceTech and dual-use scaling gap. This is a timely play given the geopolitical landscape. The vehicle supports growth-stage companies, with plans to invest in around 20 startups and an average ticket size of about $27 million. Since the announcement is fresh, no specific investments have been named yet. But the mandate is clear: dual-use technologies and DefenceTech. ### Earlybird VC: $394 Million Fund VIII Berlin-based Earlybird VC closed its $394 million Fund VIII in April, its largest fund to date. They're focused on early-stage pan-European technology companies. What's interesting is their "perpetual active ownership" model. Only active partners will own Earlybird; ownership always transfers to active partners. While many European VC firms explore partial sales or external ownership, Earlybird keeps it independent. Those running the firm have real skin in the game. ### Mouro Capital: $376 Million for FinTech London-based Mouro Capital secured a $376 million first close for its third fund in May, backed by Banco Santander. They're backing founders who are rewiring financial services through technology. Beyond FinTech, they invest in AI, data, and infrastructure companies reshaping financial services. ElevenLabs and Sakana AI are among their portfolio companies, placing Mouro Capital right in Europe's push into AI-enabled financial infrastructure. ### Seedcamp: $305 Million for Early-Stage Seedcamp, a British first-check investor, raised $305 million in June to back Europe's next generation of startups. Based in London, they've previously backed Revolut, Wise, UiPath, Synthesia, and Fluidstack. The capital splits into $210 million for Seedcamp VII (their first-check fund) and $95 million for the Select fund, which focuses on backing portfolio winners as they scale toward Series B and beyond. Seedcamp's launch is part of a wider wave of European venture activity targeting early-stage tech, AI, science-led startups, university spinouts, climate infrastructure, and software for under-digitized industries. ### daphni Blue: $284 Million for Science Paris-based daphni closed its daphni Blue fund at $284 million in January. They've backed companies including Back Market and Swile. This fund focuses on early-stage science-based startups across biology, chemistry, physics, mathematics, and life sciences. It's a pure play on deep science commercialization. ### What This Means for European Startups These funds represent a massive vote of confidence in European innovation. The concentration on specialized areas like DeepTech, DefenceTech, and AI suggests that VCs are moving away from generalist bets. They're doubling down on sectors where Europe has genuine competitive advantages. For founders, this means more targeted capital is available. But competition for those dollars is fierce. You need to be in the right sector with the right story. ### Key Takeaways - The top 10 funds total over $3.6 billion in capital - DeepTech and DefenceTech are attracting the largest pools - Early-stage and growth-stage funds are both well represented - European VC is increasingly specialized and focused It's an exciting time for European tech. These funds will fuel the next wave of breakout companies. Whether you're a founder or an investor, paying attention to where this capital flows is essential.