Malahide Partners has published its H1 2026 Technology Capital Markets Review, a 12 page report on what the first half of the year actually meant for technology companies raising between $1M and $100M.
Record capital, unprecedented concentration
$510 billion went into startups in the first six months of 2026, more than all of 2025 combined. Yet most companies never felt it. Over 70% of Q2 capital went to AI, one round (Anthropic, $65B) was nearly a third of the quarter, and sixteen rounds took half of everything.
A different market underneath
Beneath the headline, a different market is moving. Europe posted its strongest quarter in four years at $24B. Series A medians are up 37% year over year. US venture debt hit an all time record of $68.8B, and Q2 was the biggest exit quarter in history.
The review covers what those numbers mean for technology companies raising $1M to $100M: the round sizes actually clearing, the terms behind them, and five theses for raising in H2.
About Malahide Partners. Malahide Partners is a capital advisory firm serving technology companies exclusively, headquartered at 124 City Road, London. The firm advises founders, boards and sponsors on equity and debt raises between $1M and $100M and on M&A, working with family offices, funds and institutional investors across Europe, the GCC and North America. Malahide Partners represents the company and runs the process end to end; it is not an investor or a fund manager.
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