Vestbee has compiled an extended list of venture capital funds that raised capital during the third quarter of 2026. The collection includes funds originating from the CEE region — investing both locally and across the broader European ecosystem — as well as firms headquartered in Western European markets.
Key takeaways
- Billion-scale vehicles returned to the market. Index Ventures ($2 billion), Highland Europe (€1.1 billion), and Accel ($800 million for its European fund alone) all announced raises larger than any single vehicle recorded in Q2, concentrating fresh capital at the venture and growth stages.
- Defence and dual-use capital keeps expanding. Expeditions closed a €197 million second fund at more than double its initial target, Primo Capital launched a €120 million space and dual-use vehicle, and Resist.UA opened a €50 million fund built around battlefield-tested Ukrainian technologies.
- Defence companies are increasingly becoming investors in VC funds, not just customers. BAE Systems and Keysight Technologies joined Expeditions’ €197 million Fund II, while Airbus Defence and Space became an anchor LP in Earlybird and AVP’s E2D fund. Q2 defence funding also relied heavily on public and institutional investors, including the EIF, BGK, and the NATO Innovation Fund. This signals a growing trend of industrial players investing directly in defence-focused VC funds.
- AI remains the common denominator. Index Ventures, Accel, White Star Capital, Uplift Ventures, and Nucleo Ventures all name artificial intelligence as a core focus, spanning foundation models, vertical applications, physical AI, and enterprise software.
- Public and institutional backers continue to anchor the market. The European Investment Fund anchored Auxxo's second fund and backed Expeditions and Primo Capital, the British Business Bank committed to Zinc and Tapestry VC, PFR Ventures entered venture debt through Orbit Capital, and Romania's North-West Regional Development Agency backed Nucleo Ventures.
- Public money in CEE is testing new instruments. PFR Ventures backed Orbit Capital's venture debt fund, its first move into the asset class. Until now, the region's state capital has gone almost entirely into equity.
New funds from CEE investors
- Expeditions has announced the final close of its €197 million Fund II, more than doubling its initial target, to back early-stage founders in defence and dual-use technologies, including AI, autonomy, cybersecurity, quantum, communications, and space.
- Orbit Capital has reached a €107 million second close for Venture Debt Fund II, surpassing its €100 million target. The Czech-Polish firm provides non-dilutive financing to post-Series A companies across CEE and DACH.
- Resist.UA has launched Resist 2.0, targeting up to €50 million. The fund backs Ukrainian and Ukrainian-rooted European companies developing solutions shaped by frontline requirements.
- Nucleo Ventures, formerly Fortech Ventures, has launched a €34 million fund for early-stage startups and SMEs across Central and Eastern Europe, targeting AI, cybersecurity, enterprise software, digital transformation, agritech, and healthtech.
New VC funds from Europe
- Index Ventures has raised $2 billion, comprising a $400 million seed fund, a $900 million venture fund, and $700 million added to the firm's growth vehicle, which now stands at $2.2 billion.
- Highland Europe has closed its sixth fund at €1.1 billion in commitments. The London- and Geneva-based growth-stage investor backs software and technology companies scaling into global businesses, taking its total raised since 2012 to €3.75 billion across six vehicles.
- Accel has raised $800 million for its ninth dedicated European fund, part of a $3.5 billion raise across four vehicles covering the US, Europe, India, and global expansion, with a stated focus on artificial intelligence.
- Claret Capital Partners has raised €575 million in its latest fundraising cycle, exceeding its initial €500 million target for Claret European Growth Capital Fund IV. The firm invests in companies across the biotech, healthtech, life sciences, and impact sectors.
- White Star Capital has announced the final close of Fund IV at $250 million. The firm, which operates from offices including London, Paris, Milan, and Berlin, invests at Series A and B in foundational AI models, vertical AI applications, and physical AI.
- Primo Capital has launched Primo Space 2, targeting €120 million for European space and dual-use technologies. The Milan-based firm has secured more than €70 million in expressions of interest ahead of first close, backed by Italian and European institutional investors including the EIF. Focus areas include satellite technologies, Earth observation, communications, navigation, and cybersecurity.
- Molten Ventures has reached the first close of its new Growth Fund at £175 million. The fund focuses on Series B and later-stage investments in AI, space, fintech, quantum, deeptech, and hardware companies across the UK and Europe.
- Seed Capital has closed its fifth fund at €130 million to back seed-stage startups across the Nordics. The new fund will invest in 15 to 17 companies with initial checks of €3 to €6 million. It will focus on fintech, AI-driven B2B, cybersecurity, and resilience.
- Final Frontier and Myriad Venture Partners are joining forces under the Final Frontier brand and targeting €100 million for a new fund focused on early-stage defence technology across the New Nordics and Ukraine.
- Uplift Ventures has launched its inaugural €100 million fund for European deeptech at late seed and Series A, with the aim to back up to 20 startups and selected deeptech funds across physical AI, energy, enterprise AI, and logistics.
- Sofinnova Partners, a life sciences investor, has closed its fourth MD Start fund at €82 million. Its MD Start strategy focuses on building medtech companies from inception, combining capital with clinical, scientific, and operational support. The new fund aims to support up to 8 medtech companies across Europe and the US over the next five years.
- Tapestry VC has closed its third fund at $80 million, nearly tripling its previous $30 million vehicle. The London-based firm invests at pre-seed and seed in repeat founders across Europe and the US.
- Brighteye Ventures has secured a $72 million first close of its third fund, bringing the firm’s total assets under management to $245 million. The fund will back early-stage European startups developing technologies shaping the future of learning and work.
- Connect Ventures has announced a $55 million first close for its fifth fund, targeting $80 million in total commitments to back founders at the pre-seed stage across Europe. The vehicle invests in startups across AI, infrastructure, hardware, robotics, and biotech.
- Zinc Capital Management has secured a commitment of up to £46 million from the British Business Bank for its Science-for-Impact Fund, which targets a total size of £70 million. The UK venture builder invests from the earliest stages and plans a portfolio of 80 UK deeptech startups across advanced manufacturing, clean energy, life sciences, engineering, biology, and AI.
- Auxxo has closed its Female Catalyst Fund II at €33.3 million, with the European Investment Fund as anchor investor. The Berlin-based firm invests in female founders building high-growth companies across Europe at early stages, and has launched a pan-European founder matchmaking platform alongside the close.
- NewSchool VC, a solo-GP fund, has closed its first vehicle at €10 million to back early-stage B2B technology companies, primarily in Belgium, with check sizes ranging from €100,000 to €500,000. It focuses on AI, cybersecurity, robotics, and compliance startups developing technology for traditional industries.
