In 2026, European VC fundraising continued to concentrate around specialist funds targeting DeepTech, DefenceTech, AI, FinTech, quantum, BioTech, climate technologies, and early-stage software infrastructure.
Based on fund announcements reported this year, the ten largest VC vehicles identified account for approximately €3.29 billion in capital.
This list ranks the funds by 2026 fund size, rather than capital already deployed, and highlights the investment focus of each, and selected companies connected to its portfolio or investment activity. All sourced from EU-Startups coverage.
Kembara – €750 million
Barcelona-based Kembara leads the 2026 list with a reported €750 million first close for its €1 billion DeepTech fund.
The firm is targeting growth-stage European DeepTech companies, with a focus on Series B and Series C rounds. Its areas of interest include AI, robotics, compute, clean energy, SpaceTech, dual-use and DefenceTech, and advanced materials.
As per our previous report from February, the fund is expected to back around 20 companies.
E2D – €500 million
E2D, a Franco-German growth vehicle created by Earlybird and AVP, ranks second having reported in June a €500 million fund focused on Europe’s DefenceTech and dual-use scaling gap.
The vehicle is designed to support growth-stage companies, with plans to invest in around 20 startups and an average ticket size of approximately €25 million. Given the recency of the announcement, no specific investments have been named so far, but the fund’s mandate is centred on dual-use technologies and DefenceTech
The fund is focused on early-stage pan-European technology companies and forms part of Earlybird’s broader strategy under its “perpetual active ownership” model.
In accordance with this model, only active partners will own Earlybird; ownership will always be transferred to active partners. While several European VC firms are exploring partial sales or external ownership, Earlybird follows a different approach by preserving independence and making sure those running the firm have skin in the game.
Mouro Capital – €347 million
London-based Mouro Capital secured a €343.7 million first close for its third fund in May, secured from Banco Santander, the fund is geared to to back founders rewiring financial services through technology.
In addition to FinTech, the firm invests, AI, data, and infrastructure companies, with a particular focus on technologies reshaping financial services.
ElevenLabs and Sakana AI are among companies connected to Mouro Capital’s investment activity, placing the fund within the broader European push into AI-enabled financial infrastructure.
Seedcamp – €279 million
Seedcamp, a British first check investor, raised €279 million in June to back the next generation of European startups. Based in London, the firm has previously backed companies including Revolut, Wise, UiPath, Synthesia, and Fluidstack.
The capital is allocated between €192 million ($220 million) for Seedcamp VII, the first check fund, and €87 million ($100 million) for the Select fund, which focuses primarily on backing portfolio winners as they scale toward Series B and beyond.
Seedcamp’s new fund launch forms part of a wider wave of European venture fund activity focused on early-stage technology, AI, science-led startups, university spinouts, climate infrastructure and software for underdigitised industries.
daphni Blue is focused on early-stage science-based startups operating across biology, chemistry, physics, mathematics, and life sciences. Our previous reports cite that the fund writes tickets ranging from €500k to €10 million, with follow-on capacity of up to €20 million. Companies connected to daphni Blue include OWLO, EverDye, Karavela, and Neotis
Quantonation Ventures – €220 million
Quantonation Ventures is another to watch, having raised €220 million in February for its flagship quantum and deep-physics fund.
Based in Paris, the firm focuses on quantum technologies and adjacent deep-physics sectors. Since launching in 2018, Quantonation has invested globally across more than 10 countries, backing companies in quantum computing, networking, sensing, materials, adjacent supply chain, and broader deep-physics domains.
This fund, Quantonation Venture’s second, was more than twice the size of Quantonation’s first €91 million vintage, which reportedly performed in the top quartile globally, reflecting growing a conviction that quantum and deep-physics technologies are moving beyond scientific promise toward industrial systems, enterprise deployment, and real supply chains
Kurma Partners – €215 million
Fellow Parisians Kurma Partners closed their €215 million Biofund IV in April. This healthcare and BioTech investor backs companies from inception through to growth, with a focus on therapeutics for severe or incurable diseases.
Previous investments include Laigo Bio and exits include Amolyt Pharma, Emergence Therapeutics, and Corlieve Therapeutics.
Kurma also collaborates closely with Argobio Studio, a dedicated BioTech startup launchpad co-founded with Bpifrance.
2150 – €210 million
In January of this year, London-based 2150 closed its €210 million Fund II, bringing its assets under management to €500 million.
The firm invests in climate-driven urban systems and the industries that power cities, and its strategy covers technologies connected to the built environment, infrastructure, industrial efficiency, and decarbonisation.
At the time of the announcement, 2150 had backed 27 companies, with the firm claiming to have mitigated over a megatonne of CO2 equivalent per year.
b2venture – €150 million
Berlin-based b2venture reached the €150 million hard cap for Fund V in January. The firm invests in early-stage European startups and describes its approach as industry-agnostic, with a focus on scalable and defensible technologies.
Previous portfolio companies include DeepL, 1KOMMA5°, Raisin, SumUp, Nelly, Urban Sports Club, Araris Biotech, and Neura Robotics. Fund V investments include Nautica Technologies, Hive Robotics, Augmented Industries, and Assemblean.
The firm backs founders by combining direct and fund investments, supported by a community of more than 350 angel investors – founders, operators, and industry leaders who contribute capital, expertise, and networks to help startups grow.
E2D, a Franco-German growth vehicle created by Earlybird and AVP, ranks second having reported in June a €500 million fund focused on Europe’s DefenceTech and dual-use scaling gap. 
Seedcamp, a British first check investor, raised €279 million in June to back the next generation of European startups. Based in London, the firm has previously backed companies including Revolut, Wise, UiPath, Synthesia, and Fluidstack. 
