European pre-seed and seed valuations
What European pre-seed and seed rounds are priced at, how big they are, and how both have moved on the year before.
- Data as of Q2 2026
- Updated 20 August 2026
- Sources: PitchBook
At a glance
- Median pre-money valuation
- €4.8M
- Pre-seed and seed together
- 2025: €5M · down 4.7% by H1 2026
- PitchBook, H1 2026
- Top quarter
- €9.5M
- 75th percentile pre-money
- PitchBook, H1 2026 · Estimated
- Top 10%
- €19M
- 90th percentile pre-money
- PitchBook, H1 2026 · Estimated
- Median round
- €1.7M
- Amount raised
- 2025: €1.3M · up 28.9% by H1 2026
- PitchBook, H1 2026
- Median dilution
- 26%
- Share of the company the round sells
- PitchBook, H1 2026 · Estimated
What the numbers say
The median European pre-seed or seed round was priced at €4.8M pre-money in the first half of 2026, down 4.7% on 2025. Rounds grew at the same time: the median raise was €1.7M, up 28.9% on 2025.
More money at a similar price means founders sold more of their company: about 26% at the median, by our estimate.
PitchBook counts pre-seed and seed together, so the median mixes both: pre-seed rounds tend to sit below it and seed rounds above. A quarter of rounds were priced above about €9.5M.
The full tables
| Sector | 25th percentile | Median | 75th percentile | 90th percentile |
|---|---|---|---|---|
| All companies | €2.4M | €4.8M | €9.5M | €19M |
| AI & ML | €2.6M | €5.2M | €10M | €21M |
| SaaS | €2.5M | €5M | €9.9M | €20M |
| Fintech | €3.3M | €6.6M | €13M | €27M |
| Healthtech | €2.4M | €4.8M | €9.5M | €19M |
PitchBook's medians; the 25th, 75th and 90th percentiles are estimated from the spread of its own chart.
Sources: PitchBook, Q2 2026 European VC Valuations Report
- PitchBook prints medians, and groups pre-seed with seed and Series A with Series B. We estimate the 25th, 75th and 90th percentiles from the spread of its own chart, scaled to each median.
- PitchBook doesn't publish dilution, so we estimate it as the median round divided by the median pre-money valuation plus the median round.
- The figures for the year before are PitchBook's. Where it prints the change, we show its figure; elsewhere we work it out from the two medians, to the nearest percent.