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European venture gains momentum in H1 2026 as AI supports equity and debt activity
European venture activity strengthened in the first half of 2026, driven by continued AI adoption and a concentration of capital into larger rounds. AI now accounts for a growing share of both deal value and count, supporting overall market resilience. At the same time, sectors such as cleantech and advanced manufacturing also attracted increased investor interest. Venture debt remained active as later-stage companies continued to seek alternative financing, driving larger transaction sizes. Although exit activity moderated from 2025 levels, acquisitions continued to provide liquidity. Fundraising showed early signs of improvement, supported by larger fund closes and renewed activity across Europe’s established venture hubs.
Broader sector-based trends in equity markets are driving allocations in venture debt. AI, cleantech, and LOHAS venture debt deal value all pace above last year, while fintech, e-commerce, and broader SaaS lag.
