EVSI
European Venture Sentiment Index
In a europe-wide, quarterly survey, we assess the current sentiment of venture capital investors and business angels, as well as their current outlook for the coming quarter.
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European Venture Sentiment Index Reports
In Q3 2026, European VC sentiment improved, although the broader market remained shaped by tighter financing conditions, geopolitical uncertainty, and a challenging exit environment.
The index moved back above the neutral line, while capital deployment remained well above year-earlier levels. However, the recovery remains uneven. Capital is increasingly flowing toward strategically important areas such as AI, defence, and DeepTech, while the wider early-stage market remains more selective.
At the same time, investors are placing greater emphasis on commercial proof, including sustainable demand, customer traction, and credible paths to profitability. This is also reflected in the growing share of late-stage funding, as investors continue to favour companies with proven product-market fit and defensible growth. Going into Q4, expectations are more balanced, but selectivity is likely to remain a defining feature of the market.