Cybersecurity Index | Q1 2026
Cybersecurity Index Q1 2026 - Key Insights
Axeleo Capital (AXC) publishes the fifteenth edition of its Cybersecurity Index, a quarterly analysis of the European cybersecurity ecosystem, tracking investment dynamics, market structure, and emerging trends across the continent.
Quantitative Insights
The European cybersecurity sector raised €330M across 38 deals in Q1 2026, compared to €195M across 32 deals in Q1 2025, marking a strong increase in total capital deployed year-over-year.
This growth is partly driven by a limited number of larger rounds, rather than a broad-based expansion in deal activity.
Key Highlights for Q1 2026
- Top Deals of the Quarter
- Aikido Security (BE) – €56M Series B : Developer-first security platform helping teams identify and fix vulnerabilities across the software lifecycle.
- Qevlar AI (FR) – €28M Series A: AI-native threat detection platform leveraging autonomous agents to investigate and respond to security events.
- ThreatAware (UK) – €23M Series A: Cyber asset management platform providing real-time visibility across IT environments.
- Evervault (IE) – €23M Series B: Data security infrastructure enabling developers to encrypt and process sensitive data securely.
- Stoïk (FR) – €21M Series C: Cyber insurance platform combining risk prevention and coverage for SMEs.
- Geographical breakdown: France leading in value, UK remains active in volume
France clearly stands out this quarter, with 6 deals totaling €93M, driven by rounds such as Qevlar AI, Stoïk and Escape. This positions France as the leading market in terms of capital deployed in Q1 2026.
The United Kingdom remains the most active ecosystem in terms of deal volume, with multiple transactions across stages (ThreatAware, Tracebit, Aisy.ai, Geordie AI…), although without a single standout round driving total funding.
Germany also shows strong activity with several early and mid-stage deals, while other ecosystems (Italy, Spain, Nordics, Eastern Europe) contribute to a broadly distributed landscape.
- Continued fragmentation across categories
Top funded categories in Q1 2026 include:
- Application Security (~16%)
- AI/ML Security & Compliance (~16%)
- Threat & Actor Intelligence (~14% of deals)
- Data Security (~11%)
- Growth in Later-Stage Deals
Q1 2026 shows a relatively balanced distribution across stages.
While early-stage remains active, the quarter is largely driven by mid-sized rounds, with several Series A and B deals in the €10–30M range (Qevlar AI, ThreatAware, Tracebit, Escape, heyData).
Aikido Security (€56M) stands out as the only clear outlier above this range.
Exit Activity
Q1 2026 recorded 8 exits, marking a moderate rebound in M&A activity compared to Q4.
The quarter reflects a continued consolidation dynamic, with acquisitions spread across different segments, including threat modeling, data security and risk management.
Geographically, most acquirers remain US-based or large European players, confirming their role as primary consolidators of the European cybersecurity ecosystem.
Notable transactions include:
- IriusRisk (ES), acquired by ThreatModeler (US)
- Seald (FR), acquired by OVHcloud (FR)
- 3rdRisk (UK), acquired by Diligent (US)
- Diversity Improves, but Remains Uneven
In Q1 2026, 8 deals involved at least one female founder, representing around 20% of total transactions.
Congrats to the founders behind:
- Secfix, with Fabiola Munguia as co-founder and CEO
- ThreatAware, with Sarah Jane Thomson as co-founder and Director
- Geordie AI, with Hanah-Marie Darley as co-founder and Chief AI Officer
- IdentiGate, Mairi Kutberg as co-founder
- Ziggiz, with Aurelia von Pentz as co-founder & head of Engineering
- Noru, with Therese Ruth as co-founder
- PENEMUE, with Sara Egetemeyr as co-founder & COO
Methodology:
The Cybersecurity Index is based on data from Axeleo Capital's analysis as well as databases, such as Crunchbase in particular. These data sources mainly gather information on deals and rounds that have been publicly disclosed - many other raises are taking place, but without announcements or communications on amounts (thus difficult to track). The analysis is limited to companies headquartered in Europe, and with a value proposition focused on Cybersecurity. As far as recorded fundraising is concerned, this refers to equity venture capital fundraising only (i.e. excluding debt fundraising, subsidies and aid other than equity).
About Axeleo Capital:
Axeleo Capital 2 is a €70 million venture capital fund dedicated to B2B Tech start-ups, including cybersecurity, across Europe. Axeleo Capital is a venture capital firm active on the European technology scene and backed by a large pool of entrepreneur-investors. The fund offers startup founders a unique support framework that combines equity investment, operational and strategic coaching and an active ecosystem of over 100 high-level partners and mentors. Its Cybersecurity investments include Seedata, Trustpair, Citalid, Mantra, Yogosha (exit) and Alsid (exit).
