Mistral AI leads disclosed funding
Its $3.5B round represents 52% of the $6.6B disclosed across this edition. Developing the best generative AI models.
September 2026 Startup Funding Report
49 funding rounds and $6.6B disclosed. Mistral AI leads the edition; explore the companies, investors and stage breakdown.
Sep 1–Sep 30, 2026 · 49 announced rounds
49Funding rounds
$6.6BDisclosed capital · 49 rounds
$14MMedian disclosed round
01 / The takeaways
The month in funding
AI: 12 rounds
Arlequin AI, autoMEE, bilt.me are among the companies in the most active sector by number of rounds in this edition.
29 early-stage rounds
Pre-seed, seed and Series A account for 29 of the 49 announcements. These rounds total $575.2M in disclosed funding.
02 / Capital allocation
Funding by sector
Compare disclosed funding by the companies’ primary sector.
Explore the underlying roundsAI$4.3B
12 roundsSpace$633.1M
3 roundsRobotics$580M
1 roundHealthtech$431.1M
6 roundsDeeptech$254.1M
5 roundsLegaltech$114.1M
1 roundSoftware$98.2M
5 roundsFintech$92.6M
6 roundsHRtech$81M
2 roundsGaming$19.6M
2 roundsSports$10.6M
1 roundRetail software$5.4M
1 roundEnergy$3.4M
1 roundE-commerce$2.9M
2 roundsCybersecurity$2M
1 roundBeyond the headline
Take out the three biggest rounds.
The remaining capital went to smaller rounds. Compare the totals before and after removing the three largest deals.
All disclosed funding$6.6B
Without the top three$2B
Sep 1–Sep 30, 202603 / Standout rounds
Largest funding rounds
04 / Market structure
Stages & geography.
By stage
| Stage | Rounds | Capital | Median |
|---|---|---|---|
| Series B | 8 | $508.5M | $51.4M |
| Seed | 11 | $92.9M | $3.6M |
| Growth | 4 | $57.7M | $8.1M |
| Series C+ | 8 | $5.5B | $295M |
| Pre-seed | 9 | $20.4M | $1.8M |
| Series A | 9 | $461.8M | $32.5M |
By country
| Country | Rounds | Capital | Median |
|---|---|---|---|
| Sweden | 5 | $193.3M | $16.5M |
| Poland | 1 | $2.6M | $2.6M |
| Finland | 2 | $191.3M | $95.6M |
| United Kingdom | 5 | $224.6M | $13.3M |
| Belgium | 4 | $78.9M | $12.8M |
| Italy | 3 | $49.9M | $3.3M |
| Ukraine | 1 | $2M | $2M |
| Romania | 1 | $567.8K | $567.8K |
| France | 9 | $3.7B | $32.5M |
| Estonia | 1 | $700K | $700K |
| Netherlands | 4 | $828.3M | $138.3M |
| Spain | 2 | $125.6M | $62.8M |
| Germany | 6 | $635.6M | $32.4M |
| Portugal | 1 | $580M | $580M |
| Norway | 1 | $5.7M | $5.7M |
| Ireland | 1 | $18M | $18M |
| Canada | 1 | $5.4M | $5.4M |
| Luxembourg | 1 | $14M | $14M |
05 / Investors
Most active investors in this edition
| Investor | Rounds | Led | Recent investments |
|---|---|---|---|
| 01Balderton Capital | 3 | 0 | SpottThe Exploration Company |
| 026 Degrees Capital | 2 | 0 | Verda (formerly DataCrunch)Conveo |
| 03Bessemer Venture Partners | 2 | 0 | The Exploration CompanyWonderful |
| 04Cherry Ventures | 2 | 0 | Spiich LabsThe Exploration Company |
| 05EQT | 2 | 0 | Mistral AIThe Exploration Company |
| 06Firstminute Capital | 2 | 0 | StandardXBenford |
| 07Index Ventures | 2 | 0 | Mistral AIWonderful |
| 08Innovation Industries | 2 | 0 | MorphotonicsEUCLYD |
| 09Insight Partners | 2 | 0 | MetaviewWonderful |
| 10Northzone | 2 | 0 | RayonTandem Health |
06 / The full selection
All funding rounds
49 rounds · $6.6B disclosed · $14M median
| Company | Amount | Stage / sector | Lead investor | Announced |
|---|---|---|---|---|
| TEKEVER Drone-based services designed to thwart maritime-based threats. | $580M | Series C+ Robotics | — | |
| Xayn (Noxtua) Berlin-based legal-tech startup (previously Xayn). | €100M | Series C+ Legaltech | — | |
| Benford Benford is a registered audit firm in Norway with its proprietary engine, AuditOS, live and running client audits today. | €5M | Pre-seed Fintech | — | |
| Biolevate Biolevate helps medical writers go faster with a platform that uses NLP and visual document reading to assisting in writing. | €30M | Series A Healthtech | — | |
| Gamindo Gamindo is a gaming platform where people can convert time spent by playing video games in donations to no-profit organizations. | €1.4M | Seed Gaming | — | |
| Lightspring The French deeptech startup uses 3D lithography to manufacture optical interfaces directly on photonic chips, targeting a packaging process that accounts for around half of a photonic chip’s cost. | €3.1M | Seed Deeptech | — | |
| Morphotonics nanoimprint technology. | €40M | Series B Deeptech | — | |
| Spott Spott, an AI-native applicant tracking system (ATS) and customer relationship management (CRM) platform for recruitment agencies. | $21M | Series A HRtech | — | |
| Verda (formerly DataCrunch) the European provider of AI computing infrastructure. | $189M | Series B Deeptech | — | |
| W4 Games W4 Games is a provider of enterprise technology and support for the open-source Godot Engine. | $18M | Series B Gaming | — | |
| Thri5 AI software that connects retail planning with daily store execution. | $5.4M | Seed Retail software | Whitecap Venture Partners, Mistral Venture Partners | |
| EUCLYD EUCLYD is building AI infrastructure that aims to solve the compute and memory hurdle. | €200M | Series A AI | — | |
| Kaiko A provider of cryptocurrency market data, analytics, and indices for institutional-grade, regulatory-compliant solutions. | $57M | Series B Fintech | — | |
| Tandem Health AI medical assistants and clinical workflow software for healthcare providers. | $100M | Series B Healthtech | Scaleup Europe Fund | |
| Arlequin AI French startup specialising in AI applied to data operations. | €28M | Series A AI | — | |
| Fundcraft fundcraft is on a mission to create a robust digital infrastructure for asset managers. | €12M | Growth Fintech | — | |
| Implicity Implicity developed a remote monitoring platform for patients with connected pacemakers and defibrillators. | €35M | Growth Healthtech | — | |
| Mistral AI Developing the best generative AI models. | €3B | Series C+ AI | PSG Equity, Samsung Electronics | |
| The Exploration Company The Exploration Company develops vehicles and technology for space exploration. | $450M | Series C+ Space | — | |
| Rightcharge Electric car charge point and EV-friendly energy tariff comparison site. | £500K | Growth E-commerce | — | |
| Conveo Conveo is a qualitative research platform that conducts in-depth, AI-moderated interviews. | $50M | Series A Software | — | |
| HyImpulse a provider of hybrid propulsion systems for satellite transport. | €50M | Series A Space | — | |
| Wonderful Netherlands-based enterprise AI agent platform provider. | $550M | Series C+ AI | — | |
| PLD Space Develops space technologies. | €108M | Series C+ Space | — |
TEKEVER$580M
Drone-based services designed to thwart maritime-based threats.
Xayn (Noxtua)€100M
Berlin-based legal-tech startup (previously Xayn).
Benford€5M
Benford is a registered audit firm in Norway with its proprietary engine, AuditOS, live and running client audits today.
Biolevate€30M
Biolevate helps medical writers go faster with a platform that uses NLP and visual document reading to assisting in writing.
Gamindo€1.4M
Gamindo is a gaming platform where people can convert time spent by playing video games in donations to no-profit organizations.
Lightspring€3.1M
The French deeptech startup uses 3D lithography to manufacture optical interfaces directly on photonic chips, targeting a packaging process that accounts for around half of a photonic chip’s cost.
Morphotonics€40M
nanoimprint technology.
Spott$21M
Spott, an AI-native applicant tracking system (ATS) and customer relationship management (CRM) platform for recruitment agencies.
the European provider of AI computing infrastructure.
W4 Games$18M
W4 Games is a provider of enterprise technology and support for the open-source Godot Engine.
Thri5$5.4M
AI software that connects retail planning with daily store execution.
Whitecap Venture Partners, Mistral Venture Partners
EUCLYD€200M
EUCLYD is building AI infrastructure that aims to solve the compute and memory hurdle.
Kaiko$57M
A provider of cryptocurrency market data, analytics, and indices for institutional-grade, regulatory-compliant solutions.
Tandem Health$100M
AI medical assistants and clinical workflow software for healthcare providers.
Scaleup Europe Fund
Arlequin AI€28M
French startup specialising in AI applied to data operations.
Fundcraft€12M
fundcraft is on a mission to create a robust digital infrastructure for asset managers.
Implicity€35M
Implicity developed a remote monitoring platform for patients with connected pacemakers and defibrillators.
Mistral AI€3B
Developing the best generative AI models.
PSG Equity, Samsung Electronics
The Exploration Company develops vehicles and technology for space exploration.
Rightcharge£500K
Electric car charge point and EV-friendly energy tariff comparison site.
Conveo$50M
Conveo is a qualitative research platform that conducts in-depth, AI-moderated interviews.
HyImpulse€50M
a provider of hybrid propulsion systems for satellite transport.
Wonderful$550M
Netherlands-based enterprise AI agent platform provider.
PLD Space€108M
Develops space technologies.
07 / Further reading
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