Q2 is closed. But the data will keep being recorded on cap tables in the weeks to come. We won't release the Q2 State of Private Markets until mid August.
In the meantime, here's what we're seeing.
Total venture funding is up. $56.5B was raised in H1 2025. $58.7B is already recorded for H1 2026.
The stage story is concentration. Seed fell nearly in half. $6.5B to $3.8B. Series B is down. $13.5B to $10.4B. Series A held flat at $12.7B. All of that compression is being absorbed by one place. Series C+. Up from $23.9B to $31.8B. The big checks are getting bigger. Everything below them is getting squeezed.
The industry story is bifurcation. Hardware nearly doubled. $8.6B to $14.3B. SaaS held steady at roughly $24B. Below those two the rows get lighter. Pharma down. Healthcare Tech down. Medical Devices collapsed from $1.7B to $585M. Advertising Tech from $335M to $65M.
Energy is the quiet story. Up from $1.2B to $2.2B. Consistent flow. No single massive week. Just steady accumulation.
.
The middle is disappearing. At both the stage level and the industry level. Capital is moving to the top and to the known winners.
Each row in the chart above represents a stage or industry. Each column is a week.
The two rows per group tell the year-over-year story. 2025 above. 2026 below. The darker the cell the more capital raised that week. White or near-white means little to no activity.
Read it horizontally to see the rhythm of a category. Some industries raise consistently every week. Others show long quiet stretches with occasional spikes.
Read it vertically to spot moments when capital moved across multiple categories at once.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Cheers,
Ashley Neville
Carta Insights
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. ©2026 Carta. All rights reserved. Reproduction prohibited.
