Late-stage funding has more than doubled in Europe in 2026

In 2026, late-stage funding in Europe has more than doubled compared to the previous year, according to the Europe Tech 9M report by data intelligence platform Tracxn Technologies. This report covers funding, investors, exits, unicorns, and city-level activity across Europe's technology ecosystem for the first nine months of the year.

Late-stage deals accounted for 53% of all funding, with the average deal size increasing from $68 million in 2025 to $153 million in 2026. Notable deals include a $3.5 billion Series D round by Paris-based AI company Mistral and a $1.8 billion Series E round by German defence technology company Helsing. Europe has seen a rise in the number of Unicorns, with 41 new companies valued at $1 billion or more this year, up from 16 in the first nine months of 2025.

London led the city-level activity, raising $21.6 billion, followed by Paris with $7.4 billion, Stockholm with $4.1 billion, Munich with $3.4 billion, and Berlin with $2.0 billion. AI companies raised the most money, totaling $15.7 billion, while high-performance computing groups raised $7.7 billion, military technology companies raised $5.8 billion, data centre infrastructure groups raised $5.7 billion, and drone companies raised $2.7 billion.