Venture capital looked strong in May 2026, at least on the surface. Funding volumes climbed globally, AI continued attracting enormous rounds, and Australian startup activity remained more resilient than many expected earlier in the year. But once you move beyond the headline numbers, the market starts looking much narrower underneath.
Capital is still flowing. It is just flowing selectively.
The companies attracting serious money right now tend to share the same traits, scale, infrastructure relevance, defensibility, and business models investors believe will remain valuable even as AI reshapes entire industries. That distinction matters because this no longer feels like a. . .
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