Top 10 European VC Funds of 2026 So Far

Jan de Vries · 2026-07-02

European venture capital is on fire in 2026. Fundraising has been concentrating around specialist funds—think DeepTech, DefenceTech, AI, FinTech, quantum, BioTech, climate tech, and early-stage software infrastructure. Based on announcements we've tracked this year, the ten largest VC vehicles have raised about $3.58 billion combined (that's roughly €3.29 billion). Let's break down who's leading the pack, what they're backing, and why it matters. This list ranks funds by their 2026 fund size, not by how much they've already deployed. We're looking at the money they've committed to invest, which tells you where Europe's smart money is flowing right now. ### Kembara – $817 Million Barcelona-based Kembara takes the top spot with a reported $817 million first close for its $1.09 billion DeepTech fund. The firm is targeting growth-stage European DeepTech companies, focusing on Series B and Series C rounds. Their sweet spots include AI, robotics, compute, clean energy, SpaceTech, dual-use and DefenceTech, and advanced materials. According to their February announcement, they expect to back around 20 companies with this fund. ### E2D – $545 Million E2D is a Franco-German growth vehicle created by Earlybird and AVP. They reported a $545 million fund in June, aimed squarely at Europe's DefenceTech and dual-use scaling gap. The vehicle supports growth-stage companies, planning to invest in about 20 startups with an average ticket size of roughly $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 – $392 Million Berlin-based Earlybird VC closed its $392 million Fund VIII in April—its largest fund to date. This one is focused on early-stage pan-European technology companies and is part of Earlybird's "perpetual active ownership" model. Under this model, only active partners own Earlybird; ownership always transfers to active partners. While other European VC firms explore partial sales or external ownership, Earlybird keeps independence and ensures those running the firm have skin in the game. ### Mouro Capital – $374 Million London-based Mouro Capital secured a $374 million first close for its third fund in May, backed by Banco Santander. The fund is designed to back founders rewiring financial services through technology. Beyond FinTech, they invest in AI, data, and infrastructure companies, with a particular focus on technologies reshaping financial services. ElevenLabs and Sakana AI are among companies connected to their portfolio, placing Mouro Capital within Europe's broader push into AI-enabled financial infrastructure. ### Seedcamp – $304 Million Seedcamp, a British first-check investor, raised $304 million in June to back the next generation of European startups. Based in London, they've previously backed companies including Revolut, Wise, UiPath, Synthesia, and Fluidstack. The capital is split: $209 million for Seedcamp VII (the 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 new fund is part of a wider wave of European venture activity focused on early-stage tech, AI, science-led startups, university spinouts, climate infrastructure, and software for underdigitized industries. ### daphni / daphni Blue – $283 Million Paris-based daphni closed its daphni Blue fund at $283 million in January. The French VC firm has backed companies like Back Market and Swile. daphni Blue is focused on early-stage science-based startups operating across biology, chemistry, physics, mathematics, and life sciences. They typically write checks in the range of $1-5 million for initial investments. > **Quick take:** The concentration of capital in DeepTech and DefenceTech signals a strategic shift in Europe—investors are betting on foundational technologies that solve real-world problems, not just software fluff. ### What This Means for Founders If you're building a startup in Europe right now, these funds are your potential partners. The trend is clear: specialist funds dominate. Generalist VCs are becoming rarer. So if you're in AI, climate tech, or defence, you have a clear path to capital. But if you're in a less trendy space, you'll need to work harder to stand out. Also note the geographic spread: Barcelona, Berlin, London, Paris—European VC is truly pan-European now. Don't limit yourself to your home country. These funds invest across borders. ### Final Thoughts European VC in 2026 is bigger, more focused, and more strategic than ever. With $3.58 billion concentrated in just ten funds, the message is loud: Europe is serious about building world-class tech companies. Whether you're a founder or an investor, this list is your roadmap to where the smart money is going. *All figures converted from EUR to USD at approximate exchange rate of 1 EUR = 1.09 USD.*