Deals report · September 2026
566 startups raised $30.4B in September. Two-thirds of it went to just 65 of them.
Every pre-seed to Series C+ round we found, who led them, and what a typical round looked like in the UK, Europe and the US.
- rounds announced, pre-seed to Series C+
- 566
- raised in the rounds with a disclosed amount
- $30.4B
- the typical seed round
- $5.3M
- rounds backed by Insight Partners, the most active investor
- 15
Rounds announced in September 2026 found by MatchFund's monthly research across 2,113 investors and 21 outlets, up to 30 September 2026. Not a complete count of the market.
01 · Where the money went
Seed was a third of the rounds and 5% of the money. Series C+ took 68%.
The same 566 rounds, counted two ways: by how many there were, and by how much they raised.
Rounds
566 in all
16%16%
Seed 35%Seed 35%
25%Series A 25%
12%12%
11%11%
Money
$30.4B disclosed
13%13%
14%14%
Series C+ 68%Series C+ 68%
Pre-seed
92
rounds
- Typical
- $2M
- Raised
- $262.4M
Seed
200
rounds
- Typical
- $5.3M
- Raised
- $1.5B
Series A
142
rounds
- Typical
- $19M
- Raised
- $3.8B
Series B
67
rounds
- Typical
- $44.7M
- Raised
- $4.2B
Series C+
65
rounds
- Typical
- $142.5M
- Raised
- $20.7B
02 · The typical round
A US seed round was 1.5× the size of a UK one.
The median disclosed round at each stage, by where the company is based.
UKEurope (ex-UK)US
Pre-seed
- UK: $2.1M
- Europe (ex-UK): $2M
- US: $5.3M
- UK: $2.1M
- Europe (ex-UK): $2M
- US: $5.3M
Seed
- UK: $5M
- Europe (ex-UK): $4.5M
- US: $7.3M
- UK: $5M
- Europe (ex-UK): $4.5M
- US: $7.3M
Series A
- UK: $13.3M
- Europe (ex-UK): $16.5M
- US: $24.5M
- UK: $13.3M
- Europe (ex-UK): $16.5M
- US: $24.5M
Series B
- UK: $23.3M
- Europe (ex-UK): $49.9M
- US: $47.5M
- UK: $23.3M
- Europe (ex-UK): $49.9M
- US: $47.5M
Series C+
- UK: $98M
- Europe (ex-UK): $550M
- US: $160M
- UK: $98M
- Europe (ex-UK): $550M
- US: $160M
03 · The headline rounds
The five biggest rounds raised $10.4B between them.
#1 · SERIES C+
€3B
Mistral AI
Paris, France · AI / ML
Led by Samsung Electronics and Scaleup Europe Fund, with a16z and 22 more
#2 · SERIES C+
The Boring Company
$3B
Mobility & Aerospace
Led by United Arab Emirates, with Andreessen Horowitz and 7 more
#3 · SERIES C+
Cognition
$2B
San Francisco, United States · AI / ML
Led by Andreessen Horowitz and Accel, with Benchmark and 41 more
#4 · SERIES C+
Instinct
$1B
San Francisco, United States · AI / ML
Led by Benchmark, with Sequoia Capital and 1 more
#5 · SERIES C+
Stoke Space
$1B
Kent, United States · Mobility & Aerospace
Led by Point72 Ventures and Spark Capital, with General Innovation and 6 more
The biggest round at each stage
Pre-seed
$16M
Outerlimit
New York, United States · Cybersecurity
Led by Crane Ventures, with AlbionVC and 9 more
Seed
$58M
Physical Superintelligence
Cambridge, United States · AI / ML
Led by Breakthrough Energy Ventures, with Dragon Global and 8 more
Series A
$329.5M
barq
Saudi Arabia · Fintech & Insurtech
Backed by Noon Investments, Sohar International Bank and 1 more
Series B
CNY 3B
Tripo AI
Beijing, China · AI / ML
Led by MPCi, with Perfect World and 20 more
Series C+
€3B
Mistral AI
Paris, France · AI / ML
Led by Samsung Electronics and Scaleup Europe Fund, with a16z and 22 more
The investors behind these rounds are on MatchFund.
Tell us your stage, sector and how much you're raising. We'll show which of 2,113 active investors fit, ranked by how well.
04 · Who wrote the cheques
Insight Partners backed 15 rounds in September and led 12 of them.
The 10 most active, across every stage
LedJoined
- 1Insight Partners15 rounds · led 12
- 2Andreessen Horowitz12 rounds · led 5
- 3Alumni Ventures12 rounds
- 4Khosla Ventures11 rounds · led 5
- 5Sequoia Capital11 rounds · led 3
- 6Lightspeed Venture Partners10 rounds · led 2
- 7BoxGroup10 rounds
- 8General Catalyst9 rounds · led 4
- 9Bessemer Venture Partners8 rounds · led 3
- 10SV Angel8 rounds
The 5 most active at pre-seed
LedJoined
- 1IBB Ventures3 rounds · led 2
- 2Point Nine Capital2 rounds · led 2
- 3High-Tech Gründerfonds (HTGF)2 rounds · led 1
- 4Ovni Capital2 rounds
- 5Robin Capital2 rounds
The 5 most active at seed
LedJoined
- 1Khosla Ventures4 rounds · led 3
- 2High-Tech Gründerfonds (HTGF)4 rounds · led 1
- 3Accel3 rounds · led 2
- 4CDP Venture Capital3 rounds · led 2
- 5Foundation Capital3 rounds · led 1
The 5 most active at series a
LedJoined
- 1Alumni Ventures5 rounds
- 2Lightspeed Venture Partners4 rounds · led 1
- 3Insight Partners3 rounds · led 3
- 4Madrona Venture Group3 rounds · led 2
- 5NEA3 rounds · led 1
The 5 most active at series b
LedJoined
- 1Insight Partners6 rounds · led 5
- 2Emergence Capital4 rounds · led 2
- 3Khosla Ventures3 rounds · led 1
- 4Alumni Ventures3 rounds
- 5M123 rounds
The 5 most active at series c+
LedJoined
- 1Andreessen Horowitz7 rounds · led 2
- 2Sequoia Capital7 rounds · led 1
- 3Insight Partners6 rounds · led 4
- 4Lightspeed Venture Partners6 rounds · led 1
- 5Bessemer Venture Partners4 rounds · led 1
05 · Every round
The rounds, biggest first.
- $16MOuterlimitNew York, United States · CybersecurityCrane VenturesLEADAlbionVCEvolution Equity PartnersCharles Gorintin+7 moreSource ↗
- $15MPrime MinutePalo Alto, United States · Mobility & AerospaceEclipseLEAD8VCSource ↗
- $15MHello HavenPark City, United States · AI / MLMayfield FundLEADSource ↗
- €9MGround AGermany · DeeptechVsquared VenturesLEADQuantum SystemsGRIFRobin Capital+9 moreSource ↗
- $10MDataAgentTel Aviv, Israel · Enterprise SaaSMizmaa VenturesLEADAlicorn Venture PartnersLEADSource ↗
87 more pre-seed rounds this month
See every round, and which of their investors match you.
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Find pre-seed investors by sector
- $58MPhysical SuperintelligenceCambridge, United States · AI / MLBreakthrough Energy VenturesLEADDragon GlobalRobot VenturesSolari+6 moreSource ↗
- $53MHang Ten SystemsPalo Alto, United States · AI / MLXoraLEADMayfield FundAramco VenturesLip-Bu Tan+2 moreSource ↗
- $50MBluecore EnergyLong Beach, United States · Climate & EnergySilverton PartnersLEADSlauson & Co.Harlem CapitalChris Larsen+16 moreSource ↗
- €40MAptadir TherapeuticsMilan, Italy · Biotech & Life Sciences4Bio CapitalLEADEXTENDCDP Venture CapitalIndaco+6 moreSource ↗
- $44MSciFinSan Francisco, United States · Enterprise SaaSAltimeter CapitalLEADMadrona Venture GroupLEADFoundation CapitalS32+1 moreSource ↗
195 more seed rounds this month
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Find seed investors by sector
- $329.5MbarqSaudi Arabia · Fintech & InsurtechNoon InvestmentsSohar International BankM20 FunSource ↗
- €200MEUCLYDEindhoven, Netherlands · DeeptechSamsungLEADSomerset Capital PartnersLEADScaleup Europe FundLEADInnovation IndustriesLEAD+5 moreSource ↗
- $225MSolstice OncologyBoston, United States · Biotech & Life SciencesRA Capital ManagementLEADCanaanForbion Capital PartnersSource ↗
- $133.7MHertha MetalsConroe, United States · Industrial / MaterialsKhosla VenturesLEADDoerr CapitalLEADCEVPear VC+5 moreSource ↗
- $120MTARAustin, United States · Climate & EnergySpark CapitalLEADBuckley VenturesAlign FundSource ↗
137 more series a rounds this month
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Find series a investors by sector
- CNY 3BTripo AIBeijing, China · AI / MLMPCiLEADPerfect WorldBlueFocusSPC+18 moreSource ↗
- $300MGimlet LabsSan Francisco, United States · AI / MLAndreessen HorowitzLEADSapphire VenturesM12Arm+15 moreSource ↗
- $250MUpwindTel Aviv, Israel · CybersecurityBessemer Venture PartnersLEADPicture CapitalTCVCraft Ventures+6 moreSource ↗
- $250MMedici BrandsNew York, United States · Food & AgricultureGreenoaksLEADValor Equity PartnersLEADPeter RahalIconiq Capital+1 moreSource ↗
- $223MGMI CloudTaiwan · AI / MLARCHIVLEADNvidia Corp.RedwoodDSC Investment+4 moreSource ↗
62 more series b rounds this month
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Browse the investor directory
- €3BMistral AIParis, France · AI / MLSamsung ElectronicsLEADScaleup Europe FundLEADPSG EquityLEADa16z+21 moreSource ↗
- $3BThe Boring CompanyMobility & AerospaceUnited Arab EmiratesLEADAndreessen HorowitzSequoia CapitalHuman Capital+5 moreSource ↗
- $2BCognitionSan Francisco, United States · AI / MLAndreessen HorowitzLEADAccelLEADFounders FundLEADGeneral CatalystLEAD+40 moreSource ↗
- $1BInstinctSan Francisco, United States · AI / MLBenchmarkLEADSequoia CapitalCoatueSource ↗
- $1BStoke SpaceKent, United States · Mobility & AerospacePoint72 VenturesLEADSpark CapitalLEADGeneral InnovationGlade Brook Capital+5 moreSource ↗
60 more series c+ rounds this month
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Browse the investor directory
What counts
Pre-seed to Series C+ rounds announced in September 2026. No acquisitions, private equity or IPOs.
Where it comes from
MatchFund's monthly research across 2,113 investors' own pages and 21 news outlets. Amounts as each source states them; totals in US dollars at ECB rates of 30 September 2026.
What it isn't
Not a complete count of the market. A round is placed by the company's country, or by its investors' HQ where that isn't known (31 rounds this month).
Raising in the next six months?