There's an Interesting Shift Happening Beneath the Headline Numbers
I found this PitchBook report on what’s happening in early-stage VC, and there’s an interesting shift happening beneath the headline numbers.
Early-stage dealmaking is having a strong year, but the capital isn’t necessarily flowing the way it has historically. Multistage funds—investors that can participate from early-stage rounds through much later stages—are becoming a much bigger presence in Series A deals.
PitchBook reports that multistage funds participated in 17.3% of Series A deals in 2026 YTD, compared with 9% in 2016. By deal value, their participation has reached 37.8%.
For founders, that matters. Here’s why:
A larger check can mean more capital to build the company, but it can also change the dynamics around valuation, dilution, investor rights, future financing, and negotiating leverage. And when a relatively small group of companies is attracting a significant share of the available capital, understanding the terms of the financing becomes even more important.
The fundraising environment isn’t just about how much money is available. It’s also about who controls it and what comes with it.
PitchBook goes much deeper into the numbers and what this shift means for founders, investors, and the broader VC market. If you’re involved in early-stage fundraising, it’s worth a read.
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