Accel last raised capital for European investments in 2024, collecting $650 million for its eighth vehicle in the region. Accel's haul underscores the growing presence of US investors in European VC dealflow. Overall, European VC deal count is on track to sit 18.5% lower than last year. According to PitchBook data, capital raised has already surpassed 2025's total, reaching €16.1 billion (about $18.6 billion). However, as with startups, capital is increasingly sitting in the hands of a smaller pool of managers.