Fewer but more concentrated early-stage bets so far in 1H26

Seed and series A activity in 1H26 is on pace to trail prior first halves, with fewer disclosed rounds and lower total dollars raised so far. But median round size continues to climb, suggesting VCs are concentrating capital in fewer, larger early-stage bets.

As of Tuesday, biotech had announced at least 105 seed and series A rounds with disclosed amounts raised this year, raising a total of about $3 billion. Although 1H26 is not yet over, the half is tracking below prior first halves by both number of rounds and total dollars raised...