Crunchbase Data: Active VC Deal Pace Held or Rose in Q3 Despite Lower Total Funding
Top venture firms increased deal counts in Q3 even as total funding fell due to the absence of new AI mega-rounds.
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In the third quarter of 2026, active venture investors maintained or increased their dealmaking pace even as total funding declined due to the absence of new record-breaking AI mega-rounds.
According to Crunchbase data, major firms including Andreessen Horowitz, Insight Partners, and Sequoia Capital participated in more known venture rounds than in the prior quarter. Y Combinator topped post-seed rankings with 45 deals, typically driven by follow-on investments in its incubated startups. On the seed side, Y Combinator participated in at least 221 rounds, with Antler second at 31.
Among lead investors, Valor Equity Partners and Atreides Management tied for the top spot with $7.7 billion each in led or co-led deals, surpassing Andreessen Horowitz at $6.5 billion and Nvidia at $6.3 billion. Valor and Atreides co-led at least six rounds together, including Crusoe's $3.9 billion Series F and Positron's $375 million Series C.
Crunchbase notes its data covers publicly disclosed rounds only; multi-investor rounds rarely break out each backer's share, so lead investor contributions are estimated.