We maintain a database of over 1,100 investor profiles at Pitchkit, covering VCs, angel networks, corporate VCs, accelerators, and family offices across Europe. Each profile includes check size ranges, fund sizes, stage focus, and sector preferences.
Here is what the data tells us about check sizes heading into 2026.
Check sizes by stage
The most useful way to think about check sizes is by stage, because that is how investors think about them.
Angel and pre-seed. The typical check at this stage ranges from 25K to 250K. The median sits around 75K to 100K. Angel networks tend to cluster at the lower end, with individual tickets of 25K to 50K that combine into syndicated rounds of 200K to 500K. Solo angels writing 100K or more are less common but they exist, particularly those with successful exits behind them.
Pre-seed institutional investors, a category that barely existed five years ago, write checks between 100K and 500K. These are the micro-VCs and pre-seed specialists who fill the gap between friends-and-family and traditional seed rounds.
Seed. Seed check sizes show the widest range in our data. The spread runs from 200K to 2M, with a median around 500K to 750K. This range reflects how "seed" now covers everything from a first institutional round to what used to be called Series A.
The upper end of seed, checks above 1M, typically comes from larger funds doing seed as part of a multi-stage strategy. These investors often want pro-rata rights and board seats, which makes them more like traditional Series A investors in practice.
Series A. Series A checks in our database range from 2M to 15M, with a median around 5M. This is where the check sizes start to thin out in the European market. There are fewer Series A investors than seed investors, and they are more concentrated in specific hubs like London, Berlin, Paris, and Stockholm.
Check sizes by investor type
Different investor categories operate at different scales, and understanding this helps you avoid approaching the wrong type of investor for your round.
VC firms account for the largest check sizes in our data. The median VC check across all stages is around 500K, but this number obscures a bimodal distribution. Early-stage specialist VCs write 200K to 1M. Growth-oriented VCs write 5M and up. Very few sit in the middle.
Angel networks operate at the smaller end: 25K to 200K per deal. They often co-invest alongside institutional investors, filling out rounds rather than leading them. Their value is often in the network and mentorship rather than the capital amount.
Corporate VCs are an interesting case. Their check sizes tend to be larger than stage-matched independent VCs, with a median around 750K to 1.5M. However, corporate VCs often come with strategic strings attached. The larger check may come with partnership expectations, exclusivity discussions, or preferred access to technology.
Accelerators write the smallest checks: typically 25K to 150K in exchange for equity, often as part of a program rather than a standalone investment. The top accelerators have moved toward larger checks in recent years. Some now invest up to 500K, reflecting the rising cost of starting a company and the competition for top cohort companies.
Family offices show the most inconsistent check sizes. Some write 50K tickets as angel-style investments. Others deploy 5M or more as direct investments. The median is hard to pin down because family offices vary enormously in size, strategy, and appetite for venture risk.
Geographic patterns
European check sizes vary significantly by geography, and our data surfaces some clear patterns.
Nordics. Check sizes in the Nordics tend to be moderate at early stages (100K to 500K at seed) but the ecosystem punches above its weight relative to market size. There is strong government co-investment support in several Nordic countries, which effectively increases the available capital per deal without requiring larger individual checks.
UK and Ireland. London anchors the largest check sizes in Europe. Seed rounds in the UK frequently include checks of 500K to 1.5M from a single investor. This reflects both the depth of the London VC market and the higher cost structure of building a company there.
DACH region. Germany, Austria, and Switzerland show a growing seed market with check sizes that have increased notably over the past two years. The median seed check in our DACH data is around 400K to 600K, up from 250K to 400K historically. Corporate VCs are particularly active in this region.
Southern and Eastern Europe. Check sizes are smaller on average, with seed checks typically ranging from 100K to 400K. However, the gap is narrowing. Several new funds have launched focused on these markets, and the cost advantages of building in these regions mean that smaller checks go further.
What this means for founders raising now
Three takeaways from the data.
First, match your round size to available capital. If you are raising 500K pre-seed, you need investors who write 50K to 250K checks. That means angel networks, micro-VCs, and pre-seed specialists. Approaching a fund that writes 5M checks is a waste of both parties' time.
Second, expect to need 3 to 6 investors for most early-stage rounds. The math is straightforward. If you are raising 750K and the average check in your stage and geography is 150K to 250K, you need roughly 3 to 5 investors. Build your outreach list accordingly. You need enough prospects to fill those slots, accounting for the reality that most conversations will not convert to commitments.
Third, geography still matters for check sizes, even in a remote-friendly world. A London-based VC writing a 500K seed check is operating within local norms. The same check from a Nordic investor is at the top of their range. Understanding these norms helps you calibrate your ask and avoid looking out of touch with the market.
A note on data quality
These numbers come from Pitchkit's investor database, which we maintain and update as funds raise new vehicles, shift strategies, or adjust their focus. The data represents stated investment preferences and historical activity. Actual check sizes in any specific deal depend on factors like round dynamics, co-investors, and the specific opportunity.
We publish this analysis because founders making fundraising decisions deserve data, not guesswork. If you are building your investor shortlist, you can filter by check size, stage, sector, and geography directly in Pitchkit's investor database to find investors that match your specific round.
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