More capital. Fewer deals. What H1 2026 tells us about European tech

Throughout the year we track various data points across the European tech ecosystem, and the mid-year mark is a great time to review numbers and highlight significant milestones and what the implications might be, as well as identify trends. Half year data (three year view, €B) Comparing the same (H1) three-year period, the data points to a market increasingly defined by capital concentration rather than deal volume. H1 2024 was the funding peak, with €50.1 billion invested across around 2,000 d