Explore the latest insights from DCA Asset Management’s Q2 2026 deal pipeline, offering a comprehensive overview of the firm’s investment data. DCA screens each quarter’s deal flow through a data-driven process that guides its investment decisions and points clients toward promising opportunities. The figures below are drawn from the 585+ deals sourced in Q2.

Active Deal Pipeline

Q2’26 Deal Spotlight

DCA sourced more than 585 deals in Q2’26, a decrease of 75 deals (11.5% QoQ). Of those, 100+ met the firm’s initial investment benchmarks and were screened for further review.

Investment Vehicles: SAFEs Settle In as the Default

SAFE notes accounted for more than 66% of Q2’26 deal flow, roughly flat against Q1’26. The more useful signal is the arc over the past year: SAFE share sat at 58% in Q2’25, when Convertible Notes were drawing off some early-stage volume, before climbing back and holding near two-thirds for two straight quarters. The SAFE has gone from a moving target to the instrument founders reach for by default.

A big reason SAFEs have stuck even at larger check sizes is the spread of side letters. MFN clauses, pro rata rights, and similar terms now ride along with many rounds, giving investors enough protection to write bigger checks against a document that, on its own, grants none. That is also the part worth watching: a SAFE still carries no investor rights heading into a priced round, no governance, and a cap table that gets harder to read as rounds stack at different valuations.

Geography: Coast-Heavy, Globally Diverse

California (21%) and New York (12%) accounted for roughly a third of Q2’26 deal flow, followed by Texas (5%), Arizona (3%), and Colorado (2%). Beyond the top five, Q2’26 deal flow reached founders across more than 30 states and 18 countries, the kind of range the firm’s geography-agnostic approach and co-investor network are built to cover.

Funding Stages: Weighted Toward the Earliest Rounds

Nearly nine in ten Q2’26 deals sat at Pre-Seed or Seed. Seed and Seed Extension rounds led at 51%, Pre-Seed accounted for another 36%, and just 13% came in at Series A or later. The concentration at the front of the curve tracks DCA’s preference for Seed, where it likes to get involved early, while the firm stays opportunistic across the rest of the early-stage range.

Verticals: AI Leads a Widening Field

AI (11%) and FinTech (5%) were the two largest vertical segments in Q2’26, followed by HealthTech (4%) and SaaS (3%). No single vertical dominated the mix this quarter: DCA’s pipeline spanned more than 40 different verticals, with a core focus on the firm’s target sectors of AI, Vertical SaaS, Digital Health, FinTech, and Space & Defense.

Valuation: Steady Median, Slight Multiple Uptick

The median valuation across all Q2’26 sourced deals was $11.8M (-2% QoQ), with a median 33x EV/Rev multiple (+16% QoQ). The slight increase in multiple metrics QoQ was driven by an increased number of AI deals.

How DCA Uses This Data

DCA runs on data at every stage, from sourcing through the decision to invest, and Q2’26 is one more read on how that plays out. The pipeline stays pointed at early-stage founders with room to scale, and these numbers are how the firm keeps that focus sharp from one quarter to the next.

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