European venture capital: $25 billion in the third quarter, +77%, three-quarters of which for AI

According to Crunchbase, AI captured $18.8 billion of the funds raised in Europe, a record share, driven by Mistral AI, Nscale and Helsing.

European start-ups raised $25 billion in the third quarter of 2026, up from $14 billion a year earlier, an increase of 77%, according to Crunchbase data. We have to go back to the third quarter of 2022 to find such a level. AI captured 18.8 billion, or 75% of the total, an unprecedented proportion.

Mistral in the lead, the United Kingdom leading the way

The largest deal is Mistral AI's $3.5 billion Series D, billed as the largest ever round of funding by a European-based company. This is followed by a $3.36 billion convertible bond for Nscale, a $1.8 billion Series E for Helsing and $1.2 billion for Quantum Systems.

By country, the United Kingdom leads with 7.5 billion, ahead of Germany (5 billion) and France (4.8 billion), then Sweden, the Netherlands and Spain. Late rounds concentrated 17.3 billion on 83 companies, seed 2 billion on more than 750. Europe accounted for 16% of global venture capital over the period.