73% of venture capital went to 5 deals

Last week, PitchBook and NVCA released their Q1 2026 Venture Monitor report. The numbers were staggering (although, unfortunately, not surprising):

Five deals captured 73% of all venture deal value

Six firms captured 76% of all LP capital

Established managers raised 91% of everything raised, the highest share ever recorded

All-female founding teams received 0.6% of total deal value

While you’ll likely see headlines saying that companies with at least one female founder captured 62% of Q1 deal value, that number is almost entirely attributed to two companies: OpenAI and Anthropic. Remove those outliers and women founders become nearly invisible in the capital flows again.

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