April 2026 was quieter than Q1's record-shattering pace, but quiet is relative when you're still talking about $17.5 billion raised across 30 new venture capital funds in a single month.
Four funds alone accounted for roughly 83% of all capital deployed. The rest of the field? Mostly sub-$100M vehicles writing $500K–$3M checks into niche sectors and underserved geographies. Both ends of the market are active, but the gap between them has never been wider.
Here's everything you need to know about April's VC fund activity, the numbers, the themes, the firms, and what it all signals about where startup funding is heading.
The April 2026 Numbers at a Glance
- 30 VC funds closed in April 2026
- ~$17.5B in total capital raised
- 4 funds accounted for ~83% of all capital
- 16 funds were sub-$100M
- Median fund size: approximately $60M–$80M
The distribution tells you everything. At the top, mega-funds are writing $50M–$150M+ checks and competing for late-stage AI ownership. At the bottom, specialized vehicles are moving fast and lean, backing founders in niche verticals and emerging geographies that the big players overlook.
Where the capital is going:
- ~65–70% → AI, infrastructure, and industrial tech
- ~10–15% → healthcare and biotech
- ~8–10% → fintech and enterprise software
- <5% → consumer
Geographic breakdown:
- ~50% of funds are US-based
- ~30% are Europe-based
- ~20% are focused on emerging markets, including MENA, Southeast Asia, and Eastern Europe
The Big Four: Funds That Moved the Market
1. Sequoia Capital, $7B
About: Founded in 1972 and headquartered in Menlo Park, California, Sequoia Capital is one of the most storied venture capital firms in the world. With approximately $56 billion in assets under management globally, the firm has backed companies including Apple, Google, Airbnb, WhatsApp, and Stripe. It operates across the US, Europe, India, and Southeast Asia under a unified brand structure it adopted in 2023.
Alfred Lin and Pat Grady have opened their tenure at the helm of Sequoia Capital with a fundraise that sets a new record for the 54-year-old firm. The two took over as co-stewards in November 2025, succeeding Roelof Botha. Their first capital raise has closed at approximately $7 billion, directed at Sequoia's "expansion strategy", the late-stage investing arm the firm runs across the United States and Europe. The vehicle is nearly twice the size of the $3.4 billion fund the firm closed in 2022 under the same strategy.
The firm has backed two of the most prominent players in the AI race, OpenAI and, more recently, Anthropic, both of which are reportedly eyeing public listings in 2026. If those IPOs materialize, Sequoia stands to see one of its largest liquidity events in recent memory.
The fund signals a clear continuation of Sequoia's AI-first thesis at scale. Rather than diversifying, the firm is doubling down on late-stage companies that require the kind of capital that would have been unthinkable in venture just five years ago.
2. Accel, $5B
About: Founded in 1983 by Arthur Patterson and Jim Swartz, Accel built its reputation on what the founders called the "prepared mind", a philosophy of deep sector research conducted before opportunities emerge. The firm's most famous bet was its $12.7 million investment in Facebook in 2005. Today, Accel manages over $31 billion in assets across offices in Palo Alto, London, Bangalore, and Tel Aviv, with a portfolio spanning more than 800 companies including Slack, Atlassian, CrowdStrike, Dropbox, and Flipkart.
Accel announced that it raised $5 billion in fresh capital to back late-stage companies. The venture firm told Bloomberg that $4 billion will go to its late-stage Leaders Fund, for which it hopes to cut at least 20 checks, averaging $200 million each. Accel is looking to invest in companies building AI-powered technology, with a focus on software, hardware, robotics, defense tech, and data center infrastructure. Accel limited partners also poured in $650 million, which will go to a "sidecar" fund, allowing the firm to increase its investments in certain companies.
The raise is underpinned by exceptional recent portfolio performance. The firm invested in Anthropic during its Series G at a $183 billion valuation. Anthropic has since closed a round at $380 billion and is now attracting offers at roughly $800 billion, meaning Accel's stake has more than quadrupled in value in a matter of months.
"We didn't buy our way into the late stage; our portfolio brought us here," said Accel Partner Matt Weigand. "As these companies scale at a breakneck pace, our late-stage fund ensures our partnership only gets stronger as they scale from startups to global behemoths."
3. Eclipse Ventures, $1.3B
About: Founded in 2015 by Lior Susan and based in Palo Alto, California, Eclipse Ventures has built a differentiated position in venture by focusing on what it calls the "physical world", sectors where hardware, manufacturing, and real-world systems intersect with software and AI. The firm manages approximately $10 billion in assets under management and has backed companies including Cerebras Systems, Redwood Materials, Wayve, and Bedrock Robotics.
Eclipse is zeroing in on what partner Jiten Behl describes as the next big technological era. "Over the last two decades, we've seen multiple waves of innovation," Behl said. "This is the first time where stuff is going to move from our screens into the physical world; we're going to see advanced levels of intelligence, along with actual actions, in terms of solving problems in the real, physical world."
With $1.3 billion in fresh capital, split between a $591 million early-stage incubation fund and one more oriented toward growth startups, Eclipse is investing across all physical sectors, including transportation, energy, infrastructure, compute, and defense.
What sets Eclipse apart is its builder model. Rather than simply writing checks, the firm plans to incubate companies internally — assembling founding teams and identifying white-space opportunities in physical AI before the startups even exist. Eclipse also acts as an operational partner, sharing resources, customer networks, and manufacturing expertise across its portfolio companies, helping startups move from prototype to production faster.
4. JEITO Capital, $1.2B
About: Founded in 2020 by Dr. Rafaèle Tordjman, a physician, scientist, and former venture capitalist at Sofinnova Partners, JEITO Capital is a Paris-based global investment firm with a singular focus: funding clinical-stage biopharma companies, primarily in Europe, that are tackling severe diseases with high unmet medical need. The firm is known for its concentrated, patient-driven approach: rather than spreading small bets across dozens of early-stage startups, it writes large, long-term checks into a small number of companies and stays with them through clinical development and toward market access.
JEITO Capital raised over €1 billion for its second fund, Jeito II, which was above its original target. The latest fund follows a similar strategy to the €534 million that Jeito compiled for its first fund back in 2021. Jeito typically focuses on clinical-stage companies in Europe developing breakthrough therapies for severe diseases with high unmet medical needs.
Having almost doubled the money to play with for Jeito II, the company said it can now increase the average amount it invests in each biotech to up to €150 million ($175 million). JEITO founder and president Rafaèle Tordjman said the latest fund was "a strong signal for the European biopharma ecosystem, demonstrating the growing conviction that European companies can drive major therapeutic innovation and significant economic benefits with the appropriate access to financial and strategic resources."
The firm's track record speaks for itself: three portfolio company exits to date, including EyeBio's acquisition by Merck & Co. for $1.3 billion upfront and Hi-Bio's buyout by Biogen for $1.15 billion, both in 2024.
The Pattern No One Should Ignore: AI Is Now the Foundation, Not the Category
One of the most significant structural shifts visible in April's fund activity isn't about fund sizes or check sizes. It's about how AI is being categorized, or rather, how it's stopped being categorized at all.
We are no longer seeing "AI funds." What we're seeing instead is AI embedded inside every other sector:
- AI in industrial systems: supply chains, logistics, factory automation
- AI in biotech and drug development: accelerating clinical timelines and drug discovery
- AI in fintech and enterprise software: workflow automation, compliance, agentic tools
- Physical AI: autonomous vehicles, robotics, construction equipment, electric transport
Eclipse is the clearest example of this shift, explicitly positioning around "physical AI" as a thesis rather than a sector. Sequoia and Accel are scaling into AI-driven companies at the late stage across every vertical. Even JEITO, a pure-play biopharma fund, is deploying into therapeutic areas where AI is reshaping the R&D cycle.
New Venture Capital Funds That Closed in April 2026
Here's the complete list of every VC fund that closed this month, with a brief overview of each firm.
1. Sequoia Capital, $7B
Founded in 1972 and headquartered in Menlo Park, California, Sequoia Capital is one of the most storied venture capital firms in the world. With approximately $56 billion in assets under management globally, the firm has backed companies including Apple, Google, Airbnb, WhatsApp, and Stripe. This $7B expansion fund — the first raise under new co-stewards Alfred Lin and Pat Grady — is nearly twice the size of Sequoia's 2022 vehicle and is directed at late-stage investments in the US and Europe, with a heavy focus on AI. Portfolio companies including OpenAI and Anthropic are both reportedly eyeing public listings in 2026. See full breakdown above.
2. Accel, $5B
Founded in 1983, Accel manages over $31 billion in assets across Palo Alto, London, Bangalore, and Tel Aviv, with a portfolio of 800+ companies including Slack, Atlassian, CrowdStrike, and Dropbox. The $5B raise, structured as a $4B Leaders Fund V and a $650M sidecar — targets 20–25 late-stage AI companies at an average check size of $200M. The fund is backed by standout returns from Anthropic and Cursor. See full breakdown above.
3. Haystack, $85M
Founded in 2013 by Semil Shah, Haystack is a San Francisco-based early-stage VC that backs outlier founders at the pre-seed and seed stage. The core fund is now $85M. The firm also closed a companion fund, Needles III, at $25M. Partner Aashay Sanghvi leads alongside Shah. Haystack's approach is to find people early, often before there is a clear idea, and stay close through the messiest stages of company building. Notable portfolio companies include DoorDash, Suno (AI music), and Exa (AI search).
4. Earlybird Venture Capital, €360M
A Berlin-based firm founded in 1997, Earlybird VC is one of Europe's most established early-stage VCs, with a portfolio that includes N26, UiPath, and Wefox. Fund VIII closed oversubscribed at €360M — its largest-ever raise — and focuses on AI, software infrastructure, and deeptech startups across Europe.
5. JEITO Capital, €1B (~$1.2B)
Founded in 2020 by Dr. Rafaèle Tordjman, JEITO is a Paris-based global investment firm backing clinical-stage biopharma companies, primarily in Europe. Jeito II is the largest raise ever achieved by a fully independent European fund dedicated to biopharma. With up to €150M per company across 15–20 portfolio companies, the fund targets severe diseases with high unmet medical need. Three portfolio exits to date include EyeBio (acquired by Merck for $1.3B) and Hi-Bio (acquired by Biogen for $1.15B). See full breakdown above.
6. Collide Capital, $95M
Founded by Brian Hollins and Aaron Samuels (co-founder of AfroTech), Collide Capital is a Brooklyn-based early-stage VC focused on fintech, supply chain, and the future of work, with a particular emphasis on backing underrepresented founders. Fund II was backed by Goldman Sachs, JPMorgan, and major university endowments, and plans to invest in at least 30 new startups.
7. Bondstone Ventures, €50M
A European early-stage fund focused on proptech, fintech, and real-estate adjacent technology. Bondstone Ventures invests in companies building the infrastructure for a more efficient, transparent property market.
8. Herbert Ventures, CHF 30M
Herbert Ventures is a Swiss-based micro-fund investing in early-stage technology companies across Switzerland and the broader DACH region. It focuses on B2B SaaS and deep tech.
9. Eka Ventures, £80M
A London-based venture capital firm focused on mission-driven consumer and enterprise technology businesses across Europe. Eka Ventures backs founders addressing meaningful societal challenges at the early stage.
10. Empirical Ventures, £10M
A UK-based micro-fund focused on early-stage technology companies. Operating at the seed and pre-seed stage with a lean model designed for high-conviction, relationship-driven investing.
11. Corazon Capital, $100M
Corazon Capital is a growth-stage fund focused on consumer and enterprise technology, backing companies with strong network-effect businesses and proven product-market fit.
12. Newfund (HEKA), €60M
Newfund is a transatlantic early-stage fund with offices in Paris and New York. The HEKA vehicle focuses on science-backed startups bridging Europe and North America — particularly in biotech, deep tech, and AI.
13. Passion Capital, €46M
One of London's longest-running early-stage venture funds, Passion Capital has backed companies including GoCardless, Monzo (early), and Adzuna since its founding in 2011. The new fund continues its focus on pre-seed and seed investments in the UK and European tech ecosystem.
14. Raisewell Ventures , $50M
Raisewell Ventures is an emerging-market-focused fund targeting early-stage startups in Southeast Asia and MENA, two of the fastest-growing startup ecosystems globally.
15. TCP, $63M
The Cannon Project is a venture fund focused on technology companies in underserved geographies, with a particular focus on Eastern Europe and Central Asia.
16. Firstpoint VC, €50M
An Israeli and European-focused early-stage venture fund backing technology companies with global ambitions. Firstpoint VC focuses on B2B software and enterprise AI.
17. Homegrown Ventures, $22.8M
Homegrown Ventures is a small fund investing in early-stage startups, with a focus on supporting founders outside traditional venture hubs.
18. Background Capital, $10.85M
A micro-fund targeting pre-seed and seed-stage companies. Background Capital is known for its operator-first approach and community-driven deal sourcing.
19. Mighty Capital,. $91M
A growth-stage fund focused on enterprise software and AI-driven companies. Mighty Capital is known for its operational support model and close relationships with founders navigating scaling challenges.
20. Iron Nation Fund, $60M
Iron Nation is an Israeli sector-focused fund investing in technology companies with a strong community and network-driven thesis.
21. Kurma Partners, €215M
A Paris-based life sciences venture capital firm focused on healthcare innovation across Europe. Kurma invests in both biotech and medtech, backing early-stage companies developing breakthrough therapies and medical devices.
22. Oncology Ventures, $62M
Oncology Ventures is a specialist healthcare VC focused exclusively on oncology, backing companies developing novel cancer therapies across both drug development and diagnostics.
23. Gateway Capital, $25M
Gateway Capital is an early-stage fund focused on emerging technology sectors, backing founders at the earliest stages of company formation.
24. Unconventional Ventures, $59M
A European fund with an explicit focus on backing underrepresented founders and nontraditional tech markets. The fund operates with the belief that the next generation of breakout companies will come from places the mainstream VC ecosystem consistently overlooks.
25. KOMPAS VC, €160M
KOMPAS VC has closed its second fund with backing from existing and new investors, aiming to support early-stage companies developing technologies that improve productivity, resilience, and decarbonisation across industrial sectors. The fund represents a growing category of European investors focused on the intersection of climate, industrials, and AI.
26. BMW i Ventures, $300M
The corporate venture arm of BMW Group, BMW i Ventures has operated since 2011 and backs early and growth-stage companies whose technologies are relevant to the future of mobility, energy, and manufacturing. The new $300M fund is focused on agentic AI, physical AI, industrial software, advanced materials, and manufacturing and supply chain technologies. Portfolio companies have included ChargePoint, Lilium, and Nauto.
27. Eclipse Ventures, $1.3B
Founded in 2015 by Lior Susan and based in Palo Alto, Eclipse Ventures manages approximately $10 billion in AUM and has built a differentiated position by focusing on "physical AI", where hardware, manufacturing, and real-world systems intersect with software and AI. The $1.3B raise is split between a $591M early-stage incubation fund and a growth-stage vehicle. Eclipse doesn't just write checks — it incubates companies from scratch. Portfolio includes Cerebras, Redwood Materials, Wayve, and Bedrock Robotics. See full breakdown above.
28. Illuminate Financial, $135M
A London-based specialist fintech venture fund investing in early and growth-stage companies transforming financial services infrastructure. Illuminate backs B2B fintech companies globally, with a particular focus on capital markets, risk, and compliance technology.
29. 137 Ventures, $700M
Founded by Justin Fishner-Wolfson, 137 Ventures is a specialist in late-stage and secondary investments in high-growth private companies. The firm closed $700M across two new growth-stage funds, bringing AUM to $15B. SpaceX, Anduril, Cognition, and Hadrian anchor its expanding portfolio. The firm has now raised nine institutional funds and deployed more than $1.7 billion over the last 12 months alone.
30. Ridgeline (Fund II), $180M
Ridgeline's second fund focuses on growth-stage companies in technology and healthcare. The fund continues the firm's thesis of backing companies at the inflection point between early traction and scale.
What This All Means for Founders
If you're a founder raising in 2026, April's activity gives you a useful map of where capital is concentrating, and where gaps still exist.
The mega-funds are not for you (yet). Sequoia's $7B and Accel's $5B are late-stage vehicles. They're writing $50M–$200M checks into companies that already have revenue, product-market fit, and demonstrable AI exposure. If you're pre-seed or seed, these raises are more relevant to your exit environment than your fundraising options.
The mid-market is active. Funds in the $60M–$215M range, Earlybird, KOMPAS, Kurma, Illuminate, Ridgeline, Collide, are the vehicles actually writing the checks that move early-to-growth-stage companies forward. This is where most funded startups will find their investors.
Specialist funds are your best bet for competitive advantage. If you're building in oncology, industrial AI, physical systems, European biotech, or underserved founder communities, there are now well-capitalized, deeply specialized funds in your lane. JEITO, Kurma, Oncology Ventures, KOMPAS, Collide, and Eclipse all represent investors who can offer not just capital, but genuine domain expertise.
AI integration is now table stakes. Across every fund and every sector represented in April's closes, AI is either the explicit thesis or the assumed foundation. If your startup doesn't have a coherent answer to how AI fits into your product or business model, that conversation is coming whether you're ready or not.
Final Thought
April was a quieter month, but the shape of the market it reveals is anything but quiet.
The venture capital industry is in the middle of a structural bifurcation: massive funds consolidating power at the top of the market while a long tail of specialist vehicles fills in the gaps below. In between, the median $60M–$80M fund is fighting for relevance and differentiation in a world where founders have more options than ever.
And running through all of it, regardless of geography, stage, or sector, is AI. Not as a category. As a layer.
That's the story of April 2026. The same story, in different forms, will keep repeating.
