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Research on the technology capital markets, written for founders and boards raising $1M-$100M - not for the mega-round headlines.

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Market Intelligence / H1 2026

Technology Capital Markets Review

Record capital. Unprecedented concentration.

$510 billion went into startups in the first half of 2026 - more than all of 2025 combined - yet most companies never felt it. The H1 review covers the two-track market beneath the headline: the rounds actually clearing at $1M-$100M, the terms behind them, Europe's four-year high, the record venture debt market, and five theses for raising in H2.

$510B

H1 2026 global funding

70%+

Q2 capital into AI

$24B

Europe Q2 - 4-year high

$68.8B

US venture debt record

Read the review (PDF)

The series

Published quarterly

The Technology Capital Markets Review is published each quarter, synthesising Crunchbase, Carta, PitchBook and Runway Growth Capital data with the firm's view of live transaction conditions. The next edition - Q3 2026 - publishes in October.

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