European rounds are getting bigger, but fewer companies are closing them, according to Sifted analysis. The conventions around standard funding round sizes are blurring, particularly at earlier stages.

Data shows a decline in the number of rounds closed, with a 66% drop in certain categories, while average round sizes increase. For example, Series A rounds averaged €95.6m, up 42% from €61m. However, total deal count fell 20% to 7,778.

The trend suggests a polarization where fewer companies raise larger amounts. Late-stage rounds like €675m and €84m deals highlight this concentration. Investors are more selective, focusing on proven winners amid economic uncertainty.