European Series A valuations
PitchBook groups Series A with Series B. Here is what those rounds are priced at in Europe, 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
- €47.8M
- Series A and B together
- 2025: €32.8M · up 45.5% by H1 2026
- PitchBook, H1 2026
- Top quarter
- €120M
- 75th percentile pre-money
- PitchBook, H1 2026 · Estimated
- Top 10%
- €280M
- 90th percentile pre-money
- PitchBook, H1 2026 · Estimated
- Median round
- €17.1M
- Amount raised
- 2025: €13.5M · up 26.3% 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 Series A or B round was priced at €47.8M pre-money in the first half of 2026, up 45.5% on 2025. The median round was €17.1M, up 26.3% on 2025.
PitchBook groups Series A with Series B, so this median is likely higher than a Series A alone would be. A first institutional round will usually be priced below it.
By our estimate, the median round sold about 26% of the company. The spread is wide: a quarter of rounds were priced above about €120M.
The full tables
| Sector | 25th percentile | Median | 75th percentile | 90th percentile |
|---|---|---|---|---|
| All companies | €23M | €47.8M | €120M | €280M |
| AI & ML | €27M | €55.2M | €140M | €320M |
| SaaS | €29M | €59.5M | €150M | €340M |
| Fintech | €14M | €29M | €71M | €170M |
| Healthtech | €13M | €25.9M | €63M | €150M |
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.