March 2026 report

Back to earth but still concentrated

Executive Summary

March 2026 saw $35.5 billion deployed across 695 funding rounds involving 2,321 distinct investors. Capital concentration remained elevated: the ten largest deals accounted for 52.1% of all capital, led by OpenAI’s $10 billion corporate follow-on. Excluding the top ten, the remaining 685 rounds deployed $17.0 billion — a more grounded view of core venture activity.

Series A rounds led by dollar volume with 158 deals totaling $5.0 billion, while seed rounds were the most numerous at 261 deals worth $2.6 billion. Series B activity held steady at 78 rounds and $4.3 billion. The US captured 72.5% of total capital ($25.7 billion across 277 rounds), with Europe ($4.2 billion, 185 rounds) and Asia ($3.3 billion, 166 rounds) filling out the picture.

On the investor side, Y Combinator led deal participation with 30 rounds, while Andreessen Horowitz led 8 rounds — the most of any investor in March. Software, Science & Engineering, and AI remained the dominant sector categories by capital deployed.

Market Pulse

695 rounds closed in March 2026, deploying $35.5 billion in total capital. 695 distinct companies raised, backed by 2,321 investors.

The headline number carries a significant skew: OpenAI’s $10 billion after-corporate round alone represents 28.2% of the month’s total. The top 10 deals captured 52.1% of all capital deployed — $18.5 billion across just 1.4% of all rounds.

Adjusting for that concentration, the median round across stages varied widely: pre-seed rounds landed at $1.0 million, seed at $4.1 million, Series A at $17.3 million, and Series B at $34.9 million.

6-Month Capital Trend

Over the trailing six months (October 2025 through March 2026), monthly round counts ranged from 695 to 1,085. January 2026 saw $51.3 billion deployed across 875 rounds, and February spiked to $180.6 billion (driven by exceptionally large mega-rounds). March’s $35.5 billion across 695 rounds represents a return to a more typical range.

Round counts have declined steadily from the October 2025 peak of 1,085 to March’s 695 — a 36% drop over six months. This likely reflects seasonal patterns combined with ongoing market selectivity.

Stage-by-Stage View

Pre-Seed: 81 rounds deployed $153.1 million at a median of $1.0 million. Activity remains robust at the earliest stage, though round sizes stay compressed.

Seed: The most active stage by volume with 261 rounds and $2.6 billion in total capital. The median seed round came in at $4.1 million, with an average of $9.9 million reflecting a long tail of larger seed rounds.

Series A: 158 rounds deployed $5.0 billion at a median of $17.3 million. Series A continues to be the largest priced-round category by total capital.

Series B: 78 rounds at $4.3 billion, with a median of $34.9 million. Nexthop AI ($500 million) and Cloaked ($375 million) anchored the largest B rounds.

Series C: 42 rounds deploying $3.1 billion at a $44.5 million median. Sierra Space’s $550 million round led the stage.

Series D+: 23 rounds across Series D through G, collectively deploying $5.2 billion. Shield AI’s $2.0 billion Series G was the largest late-stage deal.

Corporate/SAFE/Other: 52 rounds deployed $15.2 billion, dominated by OpenAI’s $10 billion after-corporate round and PT Chandra Asri Alkali’s $800 million SAFE.

Top 10 Deals

The ten largest rounds ranged from $500 million (Mind Robotics, Series A) to $10 billion (OpenAI, after-corporate). Seven of the top ten were US-based. Notable non-US entries include Advanced Machine Intelligence (Paris, $1.03 billion seed) and Legora (Stockholm, $550 million Series D).

Geography

United States

The US accounted for 277 rounds and $25.7 billion (72.5% of global capital). San Francisco dominated with 54 rounds and $11.7 billion — much of that driven by OpenAI. New York followed with 49 rounds and $2.5 billion, establishing itself as a clear second hub. San Diego ($2.1 billion, 6 rounds) and Palo Alto ($1.4 billion, 9 rounds) rounded out the top four.

Global

Beyond the US, Europe posted 185 rounds totaling $4.2 billion, with Paris ($1.2 billion, 16 rounds) and London ($830 million, 38 rounds) leading the continent. Asia recorded 166 rounds and $3.3 billion, with Beijing ($698 million) and Shanghai ($294 million) as the top markets. Stockholm ($687 million, 8 rounds) punched above its weight among European cities.

Who Is Winning

Sector Breakdown

Software led all sector categories at $26.4 billion across 339 rounds, followed by Science & Engineering ($25.1 billion, 286 rounds) and AI ($22.8 billion, 207 rounds). These categories overlap significantly — many AI companies also tag under Software and Data. Financial Services ($4.3 billion, 86 rounds) and Health Care ($2.7 billion, 114 rounds) were the largest non-tech verticals.

Lead Investor Activity

Andreessen Horowitz led 8 rounds in March, deploying $11.1 billion in lead capital (heavily weighted by OpenAI). NEXEA also led 8 rounds, though at the other end of the size spectrum. General Catalyst led 7 rounds worth $496 million, and Accel led 6 rounds deploying $1.1 billion.

Repeat Investors

Y Combinator appeared in 30 rounds — the most active investor in March by participation. General Catalyst (16 rounds), Andreessen Horowitz (15), and Accel (10) followed. Coatue appeared in 9 rounds, concentrating on later-stage deals. Among European firms, Balderton Capital (5 rounds) and Speedinvest (5 rounds) were the most prolific.

SignalRank Qualifiers Snapshot

17 Series B rounds in March featured qualified for SignalRank Series B pro-rata underwriting. Nexthop AI ($500 million), Sunday ($165 million) and Wonderful ($150 million) topped the list. The qualifier set spanned sectors from AI infrastructure to biotech, with the majority of companies headquartered in the US.

What This Means For

VCs

Capital concentration remains a defining feature: half of all capital flows to just 10 deals. For funds outside the mega-round bracket, the competitive landscape is actually more moderate — 685 rounds split $17.0 billion, offering plenty of deployment opportunity. Series A pricing held steady with a $17.3 million median, but the gap between median and average ($31.6 million) signals a growing bifurcation in round sizes.

Founders

Seed-stage founders saw healthy activity with 261 rounds closing in March. Pre-seed remained accessible at a $1.0 million median. For Series A-stage companies, the 158 rounds completed suggest steady but selective investor behavior. The decline in total round count from October’s 1,085 to March’s 695 indicates rising selectivity — founders should prepare for longer processes.

LPs

The trailing 6-month trend shows month-to-month volatility driven by mega-rounds (February’s $180.6 billion spike). Underlying round counts have softened, dropping 36% from October. The investor quality data shows experienced investors continuing to concentrate at Series B and C — a signal that smart money sees value in growth-stage opportunities even as early-stage volume contracts.