Fundraising Unlocked · February 2026
How they
actually
raised
HUMANS& RICURSIVE KOI SECURITY MANUS PROFOUND HUMANS& RICURSIVE KOI SECURITY MANUS PROFOUND
$189B
Raised in February 2026 · The biggest VC month ever

83% went to just 3 companies. The rest are fighting for scraps. Here's what the winners understood that everyone else missed.

↓ SCROLL
01 / 13
Record
money.
Fewer
winners.
3Companies took 83% of all capital
90%Of $189B went to AI

Seed-stage deal volume keeps falling while mega-rounds explode. Capital is concentrating into fewer, better-prepared founders. The bar didn't just go up, it moved to a different building. If you're raising below Series C, everything about how you run your process matters more than ever.

↓ SCROLL
02 / 13
Raise · Feb 2025
OpenAI
$110B
LARGESTPrivate round ever
MSFTLead backer
YEARSOf deep integration first
The Insider Take

This wasn't a fundraise, it was a confirmation. The Microsoft relationship was built through years of deep product integration before a dollar was discussed. At the highest level, the round is a formality. The conviction was built long before the cheque was written. For every founder: your round closes in the relationships you build before you ever say "I'm raising."

03 / 13
Seed · Jan 2026 · 3 months old
HUMANS&
$480M
$4.48BValuation
ZERORevenue
3 MOSOld at raise
NVIDIA · BEZOS · GV · SV ANGEL
The Insider Take

Investors backed the founders before the company existed. Google, Anthropic, xAI, Meta alumni. The raise took weeks. The trust took entire careers. This is the ultimate proof of what I teach: at pre-seed and seed, investors are betting on you, not your spreadsheet. Your narrative, your conviction, your unique insight, your "why me", is the product.

04 / 13
Series A · Jan 2026
RICURSIVE
$300M
$4BValuation
3 WKSTo close
2 WKSBatched meetings
The Insider Take

Closed in 3 weeks because meetings were compressed into 2. This is the Process pillar in action. When 8 investors move simultaneously, each one feels the pressure of the others. That urgency isn't luck, it's what happens when you activate 100+ warm intros at the same time instead of dripping them out over months. Manufactured competition. Real FOMO.

05 / 13
The reality
You're
not
OpenAI

At $110B, the round is a formality. Traction speaks for itself.
But if you're raising $500K–$10M? Nobody knows who you are yet.
Your round closes on 3 things: warm network, tight narrative, compressed process.

↓ SCROLL
06 / 13
Seed · Deep Tech · Feb 2026
BEYONDMATH
$18.5M
CAMBRIDGEUK deep tech
CIC LEDCambridge Innovation Capital
NVIDIA+ AWS partnerships
The Insider Take

Generative physics AI, 1,000x faster than supercomputing. Closed $18.5M in seed because they had proof, not promises. A €16M Honeywell contract, NVIDIA and AWS partnerships, and a team from the intersection of AI and hard physics. The Narrative pillar: they didn't sell "AI for engineering", they sold "the end of the simulation bottleneck." Specificity wins rounds.

07 / 13
Seed · AI Infra · Feb 2026
RAPIDATA
$8.5M
ZURICHSwiss HQ, US investors
CANAAN+ IA Ventures co-led
1000xFaster human feedback
The Insider Take

Zurich-based startup, US-led round. That doesn't happen by accident. Rapidata solves the human feedback bottleneck in AI training, weeks compressed to hours. Canaan Partners ($6.8B AUM) and IA Ventures co-led. A European founder closing US institutional money means the Network pillar was airtight. Warm introductions across the Atlantic. No cold outreach gets you Canaan.

08 / 13
Seed · Security · Feb 2026
OVERMIND
£2M
EX-MI5Founder background
LONDONAI agent security
STEALTHExited stealth at close
The Insider Take

£2M seed. Ex-MI5 founder. Emerged from stealth with the round already done. This is what a compressed process looks like at the earliest stage. Tyler Edwards spent 8 years building AI systems for British intelligence, that's the Narrative pillar. Your unfair insight, backed by a career that makes you the only person who should be building this. He didn't pitch "AI security." He pitched "I supervised AI agents for MI5. Now I'm doing it for everyone."

09 / 13
$189B
is a
lie
83%Went to just 3 companies
↓11%Seed funding YoY

Everyone's calling this the biggest month in VC history. It is, if you're OpenAI, Humans&, or Ricursive. Strip out the mega-rounds and the seed market is actually shrinking. Fewer rounds closing. Capital concentrating into fewer founders. The headline number is masking what's really happening to everyone else.

10 / 13
What this
actually
means
01

The money isn't gone, it's concentrating. 90% of all capital went to AI. 40%+ of seed and Series A funding went to $100M+ rounds. If you're raising $1–10M, the pool you're fishing in is smaller than the headlines suggest.

02

Fewer rounds are closing, period. Seed deal volume is down 11% year-over-year. That means more founders competing for fewer cheques. The investors who are deploying are being pickier than ever, they can afford to wait.

03

The bar moved, and it's not coming back. Median round sizes are up for the third year running. That's not because investors are being generous. It's because only the best-prepared founders are getting through. Everyone else is getting ghosted after the first meeting.

04

If you're not in the top tier, you're invisible. The founders who closed in February didn't close because the market was good. They closed because their process was airtight, warm intros, compressed timelines, manufactured urgency. The market rewarded preparation, not optimism.

11 / 13
Stop
looking
at the
big
rounds

The mega-rounds are irrelevant to your raise. OpenAI's $110B doesn't help you close your $3M seed. If anything, it hurts, because every founder sees the headlines and thinks the market is hot. It's not. Not for you.

The founders who are raising right now need to be better prepared than at any point in the last 5 years. Your deck won't save you. Your traction won't save you. The only thing that closes a round in this market is a tight network, a compelling narrative, and a process that creates urgency.

12 / 13
The one
pattern

Every founder who closed a seed round in February, from $2M to $18.5M, did these 5 things. Not some of them. All of them.

01

90%+ warm intros. Connectors given value first, then activated months before launch.

02

Round built 3–6 months before launch. 80–100+ investors mapped before a single intro was sent.

03

Narrative tight before pitch one. The Three I's: debatable insight, story-driven influence, constant iteration.

04

Meetings batched, not dripped. Compressed windows. Manufactured FOMO. Real urgency.

05

Every communication was deliberate. Emails, updates, off-the-cuff comments, all coached in real-time.

Which of these 3 pillars is your biggest gap? Find out in 2 minutes.

Get Your Raise Ready Score →

Gian Seehra · Ex-Octopus Ventures · Fundraising Unlocked

13 / 13

Work with me

I coach founders through the whole raise, from building the investor network to closing the round. 120+ founders so far, with $250M+ raised between them.

See how the coaching works