APRIL 2026
VENTURE CAPITAL REPORT
VENTURE CAPITAL REPORT
The report analyzes the VC market in the Americas and Europe, focusing on growth- and late-stage companies. It includes statistics on deals, capital raised, valuations, funding round sizes,
and descriptions of new unicorns.
SUMMARY
Monthly Americas and Europe
VC Market Report
May 15, 2026
VC Market Report
May 15, 2026
Deal Count & Total Capital Invested
In April 2026, the number of deals concluded by VC-backed companies with a valuation of $100M or more decreased by 34% compared to March (152 deals) to 101 deals. Year-over-year, the number of deals declined by 31%.
In 2024-2025, deal count grew slightly, facilitated by the gradual easing of monetary policy by the Fed and the ECB. At the same time, interest rates remain high as of now. The decline in overall deal count in April is due to lower activity in the $250M+ segment compared to last month, except for the $500M-1B segment.
In 2024-2025, deal count grew slightly, facilitated by the gradual easing of monetary policy by the Fed and the ECB. At the same time, interest rates remain high as of now. The decline in overall deal count in April is due to lower activity in the $250M+ segment compared to last month, except for the $500M-1B segment.
Deal structure by valuation segments, April 2026
In total, the late-stage segment accounted for 50% of the total number of deals in April 2026.
Fact
Total capital invested in venture-backed companies worth over $100M in April was $15.8B, which is 31% or $7.09B less than in March ($22.9B). Compared to April last year, the investment volume increased by 17%.
In 2025, the venture capital market showed signs of recovery associated with the start of a cycle of federal funds rate cuts in September 2024. We expect that these macroeconomic dynamics, along with growth in the average size of investment rounds, increased liquidity in the exit market, and the continuing AI boom, could lead to moderate, and under favorable conditions, more pronounced growth in venture capital investment in 2026.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
In December 2025, the US Federal Reserve decided to cut the federal funds rate by 25 basis points to 3.50-3.75%, a decision that was in line with market expectations and the third in 2025.
According to the baseline forecast of the Federal Reserve Board members, the rate will be at 3.00-3.25% by the end of 2026.
Invested capital ($B) structure by valuation segments, April 2026
Number of deals with VC companies valued at $100M+ and Fed Funds Rate, 2022-2026
- In April 2026, a total of $10.7B was raised in Series B and above rounds, with $2.8B coming from Series B, $3.5B from Series C, $3.3B from Series D, and $1.1B from Series E+.
- Throughout 2023–2025, growth- and late-stage investment showed steady growth. If the current trend continues, 2026 could be even more active. AI companies are making a significant contribution to this dynamic, as they scale their businesses and monetize their products, moving on to later investment rounds, including Series D/E/F.
Median Round Size & Post-Money Valuation
Median round size by valuation segments, 2022-2026, $M
Early stages show stable dynamics in median investment round sizes, while later stages demonstrate high volatility due to the effect of individual large deals.
The median round size in April 2026 for companies valued at $1B+ was $155M (-23% MoM), while for the $100-250M, $250-500M and $500-1B segments, it reached $33M (+34% MoM), $47M (-5% MoM) and $57M (-37% MoM), respectively.
The median round size in April 2026 for companies valued at $1B+ was $155M (-23% MoM), while for the $100-250M, $250-500M and $500-1B segments, it reached $33M (+34% MoM), $47M (-5% MoM) and $57M (-37% MoM), respectively.
The trend of normalization of time intervals between rounds indicates that investors remain selective in their investments amid higher cost of capital, with startups taking longer to reach the next round criteria.
The normalization of investment intervals is particularly notable for companies valued up to $500M, supporting the trend towards investor caution. In April, the median time between rounds in the $100-250M and $250-500M segments was 19 months and 17 months, respectively.
At the same time, companies with valuations of $500M+ are raising money faster as investors bet on assets with higher financial strength. In April, the median time between rounds in the $1B+ and $500M-1B segments was 10 months and 17 months, respectively.
The normalization of investment intervals is particularly notable for companies valued up to $500M, supporting the trend towards investor caution. In April, the median time between rounds in the $100-250M and $250-500M segments was 19 months and 17 months, respectively.
At the same time, companies with valuations of $500M+ are raising money faster as investors bet on assets with higher financial strength. In April, the median time between rounds in the $1B+ and $500M-1B segments was 10 months and 17 months, respectively.
Median time between investment rounds in the 1B+ valuation segment, 2022-2026, in months
Median post-money valuation by valuation group, 2022-2026, $M
- $1B+ companies show volatility in post-money valuation. However, in 2024-2025, there is a trend toward an increase in the median valuation of unicorns ($1B+).
- At the end of April, the median post-money valuation in the $1B+ segment was $2.22B (+11% MoM), while for the $100-250M, $250-500M and $500-1B segments the figure reached $0.18B (+23% MoM), $0.32B (-13% MoM) and $0.67B (+6% MoM), respectively.
Fact
In April 2026, median valuation step-up for the $1B+ segment was 2.3x, while for companies valued at $100-250M, $250-500M, and $500-1B, it reached 1.8x, 2.3x and 3.8x, respectively.
In April 2026, unicorns ($1B+) were at the median valuation step-up level, which is explained by historically more restrained revaluation multiples at later stages, as well as heightened sensitivity of such companies to macro conditions. At the same time, current multiples (with a few exceptions) are at a level similar to early stages, which reflects continued strong investor interest in late-stage companies.
Median valuation step-up for companies with $1B+ valuation, 2022-2026
Key statistics for Growth and Late Stage companies, April 2026
Exits & Bankruptcies
The number of VC exits reached 16 in April 2026: 15 of them were made through M&A (acquisition of a controlling stake by a strategic investor) and another 1 through Buyout (acquisition of a controlling stake by a PE investor).
The total volume of deals associated with VC exits fell to $34B, which is 43% less from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in April 2026 returned to a level close to that of 2021-2022, totaling 36 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
The total volume of deals associated with VC exits fell to $34B, which is 43% less from a month earlier.
During 2023-2024, the number of bankruptcies remained at a high level with peaks in May (103) and July (99) 2024, but in the second half of 2024, the number of bankruptcies the number of bankruptcies began to decline and in April 2026 returned to a level close to that of 2021-2022, totaling 36 cases. Further dynamics will depend on macroeconomic conditions and capital availability.
Number of bankruptcies, 2022-2026
Top-5* New Rounds Raised by Companies with $1B+ Valuation
* Sorted by post-money valuation
* Sorted by post-money valuation
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AnthropicAnthropic – AI safety research company that builds reliable, interpretable, and controllable LLM systems
- Industry: AI & ML, Big Data
- Round size: $5B (Later Stage VC)
- Round date: 20 Apr 2026
- Total funding: $66.75B
- Valuation: $380.0B
- Investors: Sequoia Capital, Blackstone, Bessemer Venture Partners, General Catalyst, Insight Partners (New York), GIC Private
-
WayveWayve – company developing AI-based software for assisted and autonomous driving
- Industry: AI & ML, Autonomous cars, Mobility Tech
- Round size: $1.26B (Series D)
- Round date: 15 Apr 2026
- Total funding: $2.58B
- Valuation: $8.66B
- Investors: Innovate UK, Ontario Teachers' Pension Plan, Microsoft, SoftBank Investment Advisers, AI Venture Labs
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Flock SafetyFlock Safety – developer of a technology platform for public safety, designed to solve and prevent crime
- Industry: Robotics and Drones
- Round size: $207.90M (Series I)
- Round date: 17 Apr 2026
- Total funding: $11.65B
- Valuation: $8.40B
- Investors: Y Combinator, Andreessen Horowitz, Kleiner Perkins, SV Angel, Tiger Global Management, Founders Fund
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LegoraLegora– developer of AI-powered software for organizing legal workflows, including research, document analysis, and legal drafting
- Industry: AI & ML, Big Data, Legal Tech
- Round size: $600M (Series D)
- Round date: 30 Apr 2026
- Total funding: $866.03M
- Valuation: $5.60B
- Investors: Y Combinator, Andreessen Horowitz, Bessemer Venture Partners, General Catalyst, SV Angel, Salesforce Ventures
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Ineffable IntelligenceIneffable Intelligence – AI research company developing systems of “super-learning” devices capable of extracting knowledge from their own experience
- Industry: AI & ML
- Round size: $1.10B (Seed Round)
- Round date: 27 Apr 2026
- Total funding: $1.10B
- Valuation: $5.10B
- Investors: Sequoia Capital, EQT Ventures, Lightspeed Venture Partners, Index Ventures, Alphabet, DST Global, Nvidia, Wellcome Trust
Important notice: The figures presented in the reports for previous periods may be subject to subsequent backward-looking adjustments in later reports due to the delay in obtaining data on closed transactions and the possibility of their adjustments in the market intelligence systems used to extract deal data.
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